The Home Depot Inc. announced a $150 million venture capital fund, dubbed Home Depot Ventures, earlier this week. The fund will target and see partnerships with early-stage companies to accelerate emerging technologies and foster innovation.

According to a company news release, the fund will invest in companies that advance Home Depot’s ability to provide a seamless, interconnected shopping experience for customers and develop new capabilities.

“With Home Depot Ventures, we’re lending our support and expertise to enable rapid scale of innovation,” says Richard McPhail, executive vice president and chief financial officer. “This is an exciting opportunity to find and scale the next big ideas in technology and retail.”

According to the release, the fund will consider investment opportunities in businesses at various stages of development. Emphasis will be placed on early- and growth-stage companies solving challenges for the company’s customers with potential to scale.

“Home Depot Ventures will serve as a valuable partner by providing growing companies with direct access to the expertise and expansive footprint of the broader enterprise,” the release continues.

Home Depot anticipates the move will allow for increased customer service by simplifying the ways people invest in their homes. The release also notes that professional customers will save time and money as ways to manage and grow businesses evolve.

The company expects the fund will improve conditions for Home Depot associates through increased collaboration, which will, in turn, help it meet customers’ expectations. Lastly, the fund will help Home Depot deliver “operational excellence,” through platform innovation, data science application and delivery, asset and network optimization.

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