In a move designed to disrupt the grocery industry, Albertsons Companies is teaming up with Greycroft to introduce a $50 million fund that will 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.”
Greycroft brings its expertise and connections with investing into early-stage technology, while Albertsons Companies offers grocery savvy and a coast-to-coast footprint. Together, the companies will fund Albertsons’ efforts to create a broader technology strategy and provide insights and opportunities to partner with new and emerging technologies influencing the grocery industry.
A company press release noted that Albertsons is already a leader in the e-commerce home delivery scene in eight out of the top 10 MSA’s in the U.S.
“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.”
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