Procter & Gamble buys Ocado stake
Consumer goods giant Procter & Gamble has given online retailer Ocado a boost by acquiring a 1% stake in the business.
Although relatively small, the £5m investment by a successful company like Procter & Gamble (P&G) has been welcomed by other shareholders in the loss-making internet start up, the Financial Times reports.
This is the first time P&G has invested in a retail business, which sells Waitrose goods over the internet.
According to P&G, the company plans to use its involvement with Ocado to gain a better understanding of how people use the internet.
The P&G investment comes in the latest fundraising by Ocado. Ocadohas yet to make a profit after nearly nine years in business.
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