Topsort secures investment from W23 Global for retail media infrastructure

Topsort announced on November 24, 2025, an investment from W23 Global, a grocery retail venture capital fund backed by five major international retailers. The deal positions Topsort's auction-based advertising infrastructure within a network that includes Tesco, Ahold Delhaize, Woolworths Group, Empire Company Limited/Sobeys Inc., and Shoprite Group, according to the Palo Alto-based company.

W23 Global operates across the United States, Canada, United Kingdom, Europe, Australia, New Zealand, Indonesia, and Africa through its retail partners. The fund invests in technology companies addressing grocery retail transformation and sustainability challenges, according to the announcement.

"Topsort addresses a key opportunity in the rapidly growing retail media landscape: simplifying advertising to unlock the potential of the vast long-tail advertiser segment," said Ingrid Maes, CEO and CIO of W23 Global. "Their innovative bidless auction technology empowers retailers to expand their media networks, while offering more sellers the chance to effectively reach relevant customers."

The investment arrives as retail media spending approaches unprecedented levels, with industry projections indicating the sector will exceed $300 billion globally by 2030. Retailers have accelerated efforts to monetize customer data and digital properties, seeking revenue diversification beyond traditional commerce operations.

Topsort's infrastructure enables retailers and marketplaces to deploy auction-based advertising formats including sponsored listings, banners, and offsite media without substantial engineering resources. The company operates with clients across 40+ countries, working with platforms such as Poshmark, Doordash, JustEatTakeaway, Cencosud, and LG, according to company materials.

The platform differs from traditional retail media technology through what the company terms bidless auction mechanisms. This approach allows retailers to expand advertising programs while providing sellers access to relevant customer audiences. The technology aims to democratize advertising infrastructure historically concentrated among Silicon Valley's largest platforms.

Topsort expanded beyond supply-side infrastructure during 2025 into comprehensive retail media solutions spanning both supply and demand. The company launched three products this year: Toppie, a programmatic retail media network enabling advertisers to access inventory across multiple retail partners; Instore Journey, which digitizes in-store shopper signals and connects them to digital campaigns through privacy-preserving methods; and Toptimize, an AI-powered optimization engine for established retail media programs.

"Retail media is entering its AI and scale era, where retailers, marketplaces, brands, and agencies can finally operate in one standardized, transparent, and AI-powered ecosystem," said Regina Ye, Co-Founder and CEO of Topsort. She noted that backing from W23 Global's grocery retail consortium strengthens the company's mission to accelerate unified retail media infrastructure across the sector.

The programmatic capabilities address fragmentation that has characterized retail media growth. Advertisers typically manage separate campaigns across multiple retail networks, each with distinct interfaces and measurement methodologies. Standardization efforts have gained momentum as platforms seek to attract advertising budgets concentrated among dominant retailers.

Pentaleap and Teads announced in July 2025 the first real-time bidding solution for retail Sponsored Product Ads across multiple networks. That partnership addressed speed limitations preventing programmatic implementations, with millisecond response requirements critical for user experience in retail environments. European retail media spending grew 22.1% in 2024 compared to 6.1% for the broader advertising market, establishing retail media as strategic infrastructure rather than experimental tactics.

W23 Global's investment thesis centers on technology deployment that transforms grocery retail operations. The fund seeks companies addressing both commercial efficiency and environmental sustainability across its retail partners' footprints spanning multiple continents.

Ingrid Maes leads W23 Global as CEO and Chief Investment Officer, bringing 25+ years of experience across retail, data, customer loyalty, digital transformation, innovation, and investment strategies, according to fund materials. The leadership background reflects grocery retail's increasing convergence with technology infrastructure and data analytics.

Topsort's positioning emphasizes privacy-first advertising architecture. The company markets its infrastructure as treating product information rather than user data as the foundation for advertising relevance. This approach aligns with regulatory environments including GDPR in Europe and evolving privacy frameworks across global markets where W23 Global's retail partners operate.

The retail media infrastructure category has attracted significant investment as platforms compete for advertiser budgets. Mastercard launched its commerce media network in October 2025, leveraging permissioned transaction data from 160 billion annual payments. Payment networks have emerged as participants alongside traditional retailers in the expanding commerce media landscape.

Measurement standardization remains a persistent challenge despite sector growth. According to previous IAB Europe research, 53% of retail media stakeholders cited lack of standardization as a significant barrier. Criteo achieved Media Rating Council accreditation for its retail media measurement systems, validating display impressions and clicks across desktop, mobile web, and in-app environments.

Artificial intelligence integration has accelerated across retail media platforms during 2025. Major advertising platforms have deployed AI agents for automated campaign management, with Amazon introducing unified Campaign Manager capabilities and natural language processing for media plan interpretation. These developments reflect broader industry movement toward reducing technical barriers for advertisers lacking specialized programmatic expertise.

Topsort's expansion into programmatic solutions positions the company within competitive dynamics involving established demand-side platforms and emerging retail media technology providers. Google integrated Criteo as its first onsite retail media partner through Search Ads 360 in September 2025, enabling advertisers to access Criteo's network of 200+ retailers through unified interfaces.

The grocery sector represents particularly valuable retail media territory given transaction frequency and basket composition data. Grocery retailers process high-volume transactions across diverse product categories, creating advertising opportunities for both endemic brands selling through retail channels and non-endemic advertisers targeting shopper demographics.

W23 Global's portfolio strategy reflects grocery retail's infrastructure requirements. The fund's investment approach combines capital deployment with strategic access to retail operations across multiple geographic markets. Portfolio companies gain pathways to pilot programs, scaling opportunities, and operational feedback from retailers managing billions in annual revenue.

Topsort operates with teams distributed across 13 countries, reflecting the global nature of retail media infrastructure requirements. The company's client base spans North America, Europe, Latin America, and Asia-Pacific regions. This geographic distribution aligns with retail media's transition from North American concentration toward worldwide adoption.

Connected television and retail media convergence has emerged as a significant trend, with retail media advertising spend on CTV projected to grow three times faster than retail media search. IAB Europe analysis identified omnichannel attribution, performance-driven CTV, and interactive ad formats as critical integration themes. These developments expand retail media beyond traditional onsite placements into broader media ecosystems.

The transaction follows patterns in advertising technology consolidation, where specialized infrastructure providers gain backing from strategic investors aligned with specific verticals. Retail media's projected growth to capture 20% of global advertising revenue by 2030 has attracted capital from venture funds, strategic corporate investors, and private equity firms seeking exposure to digital advertising's fastest-growing segment.

Topsort maintains carbon neutral certification, according to company materials. Environmental considerations factor into W23 Global's investment criteria alongside commercial performance metrics. The fund's sustainability focus reflects grocery retail's exposure to supply chain, packaging, and operational efficiency challenges.

The investment announcement provided no financial terms or valuation details. W23 Global's structure as a fund backed by operating retailers distinguishes it from traditional venture capital firms. Portfolio companies access not only capital but also potential distribution channels, pilot opportunities, and operational insights from retailers managing complex global operations.

Timeline

• November 24, 2025: Topsort announces W23 Global investment
• November 2025: Retail media and CTV converge as shopping shifts to streaming platforms
• November 2025: Kantar forecasts retail media network expansion among 2026 marketing trends
• October 2025: Mastercard launches commerce media network targeting $100B market
• October 2025: LiveRamp enables retail media networks to measure Meta campaign performance
• September 2025: MediaMarktSaturn launches offsite retail media program with Unlimitail
• September 2025: Criteo becomes first onsite retail media partner for Google Search Ads 360
• September 2025: Retail media projected to capture 20% of global ad revenue by 2030
• July 2025: Retail media networks embrace RTB for sponsored products
• July 2025: Innovid unveils retail media tools for onsite and offsite campaigns
• 2025: Topsort launches Toppie programmatic network, Instore Journey solution, and Toptimize AI engine

Summary

Who: Topsort, an AI and auction-based retail media infrastructure company based in Palo Alto with teams across 13 countries, received investment from W23 Global, a grocery retail venture capital fund backed by Tesco, Ahold Delhaize, Woolworths Group, Empire Company Limited/Sobeys Inc., and Shoprite Group. Ingrid Maes serves as CEO and CIO of W23 Global, while Regina Ye co-founded and leads Topsort as CEO.

What: The investment provides Topsort with capital and strategic access to five major grocery retailers operating across multiple continents. Topsort offers AI-powered retail media infrastructure including bidless auction technology, programmatic advertising networks, privacy-first in-store measurement, and optimization engines. The company launched three major products during 2025: Toppie for programmatic inventory access, Instore Journey for connecting physical and digital shopping signals, and Toptimize for mature retail media program optimization.

When: Topsort announced the W23 Global investment on November 24, 2025, following its 2025 product expansion into full-stack retail media solutions beyond original supply-side infrastructure focus.

Where: The partnership spans W23 Global's retail network operating across the United States, Canada, United Kingdom, Republic of Ireland, Europe, Australia, New Zealand, Indonesia, and Africa. Topsort maintains operations across 13 countries with customers in 40+ markets globally, including major retailers and marketplaces such as Poshmark, Doordash, JustEatTakeaway, Cencosud, and LG.

Why: The investment addresses retail media's rapid growth trajectory toward $300 billion globally by 2030, representing approximately 20% of total advertising revenue. W23 Global identified Topsort's ability to simplify advertising for long-tail advertisers and bidless auction technology as key opportunities in the expanding retail media landscape. The partnership aims to accelerate unified, transparent retail media infrastructure across the grocery sector while addressing fragmentation challenges that have limited smaller retailers' ability to compete for advertising budgets concentrated among dominant platforms.