Albertsons Companies Announces New Partnership and $50 Million Fund to Invest in and Grow New Grocery Companies
NEW YORK, NY and BOISE, ID - Albertsons Companies is partnering with venture capital firm Greycroft to create a $50 million fund, the aim of which is to help grow emerging companies and technologies in the grocery sector.
“Albertsons Companies is committed to meeting customers wherever and however they like to shop, and part of that is being at the forefront of the tremendous innovation our industry has seen over the last five years,” said Shane Sampson, Albertsons’ Chief Marketing & Merchandising Officer, in a press release. “As we saw with our recent acquisition of Plated, Albertsons Companies has the capital, scale, and expertise to power future growth of the most promising emerging businesses and technologies across the food and grocery space. We are thrilled to be partnering with Greycroft, whose investment acumen and relationships are positioned to be key drivers of our success.”
Using Greycroft’s investment expertise and connections into the early-stage technology industry and Albertsons Companies’ grocery savvy and coast-to-coast footprint, the fund will help Albertsons execute a broader technology strategy and provide insights and opportunities to partner with new and emerging technologies impacting the grocery sector.
According to the companies’ press release, Albertsons is already a leading presence in e-commerce home delivery in 8 of the top 10 MSA’s in the United States.
“As our eCommerce companies scale, they often incorporate a brick-and-mortar strategy to reach the entire US market. This partnership with Albertsons Companies will enable our companies to tap into their 34 million weekly customers, across a wide range of industries including consumer products, healthcare, wellness, pharmaceuticals, and grocery,” said Ian Sigalow, Co-Founder and Partner of Greycroft. “We believe that consumers should be able to get access to these high quality products and services whenever they want, wherever they want, and that requires a coast-to-coast footprint.”
For more breaking news in fresh produce, keep reading AndNowUKnow.
