Birmingham-based Coca-Cola Bottling Co. United is one of nine partners – including the Coca-Cola Co. – in a $137.7 million venture capital fund which will focus on sustainability investments.

Greycroft, a seed-to-growth venture capital firm with offices in New York and Los Angeles, will manage the Greycroft Coca-Cola System Sustainability Fund.

The fund is described as the first of its kind for Greycroft, which invests in enterprise and consumer solutions across several industries.

Coca-Cola Bottling Co. United, founded in 1902, is the second largest privately-held Coca-Cola bottler in North America, and the third largest bottler of Coca-Cola products in the U.S. Coca-Cola United is putting $15 million into the effort.

The fund will focus on several issues, including packaging, heating and cooling, facility decarbonization, distribution and supply chain.

John Murphy, president and CFF of The Coca-Cola Co., said the company expects “to benefit from getting access to emerging technology and science for sustainability and carbon reduction.”

The fund will seek to invest in companies at the point of commercialization.

“The market for sustainable supply chain and manufacturing technology has continued to grow as consumer brands rise to meet the demands of environmentally conscious customers,” Dana Settle, Greycroft co-founder and managing partner said. “Greycroft has an ‘invest anywhere’ approach that we believe allows us to identify promising startups with climate tech solutions ready to scale.”

Also participating in the fund are Arca Continental, Coca-Cola Consolidated, Coca-Cola Europacific Partners, Coca-Cola FEMSA, Coca-Cola HBC, Reyes Coca-Cola Bottling and Swire Coca-Cola. The bottlers represent nearly half of Coca-Cola system volume around the world.