Former Kiddicare chief executive Scott Weavers-Wright has launched an investment vehicle for retail technology start-ups.

Weavers-Wright has launched with an initial pot of £5m to invest in existing businesses or new ideas, Retail Week can reveal.

As part of the project, Weavers-Wright has invested £1.5m to build The Hub, an “incubation centre” for new businesses to create a Silicon Valley-style centre in Stamford, Lincolnshire.

The Hub will house more than 100 digital entrepreneurs as they build their businesses.

Weavers-Wright is eyeing opportunities to invest in single-customer view firms as well as those focusing on loyalty and user interface design.

He told Retail Week: “I have a strong background in digital technology and am looking to invest in new and existing businesses forming in the space. There are a lot of interesting businesses out there, particularly in single-view technology, that need help.”

Weavers-Wright sold Kiddicare to Morrisons for £70m in 2011 before joining the grocer in March as online chief architect. However, he has stepped back from the role and is expected to formally leave in January. He is also considering a number of non-executive positions.

His wife, Elaine Weavers-Wright, part of the Kiddicare founding family, stood down from the Kiddicare board in July and will drive Haatch’s brand, products and customer experience. Their daughter Sophie Weavers-Wright will also be part of the new business.