Albertsons Companies and Greycroft Announce $50
Million Fund to Invest in and Grow New Companies in the Grocery Sector
Posted on: August 2, 2018
New York and Boise, Idaho, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Albertsons Companies and venture capital firm Greycroft today announced the creation of a fund, up to $50 million over time, that will invest in and aim to help grow emerging companies and technologies in the grocery sector.
The fund will utilize Greycroft’s investment expertise and connections into the early-stage technology industry and Albertsons Companies’ grocery expertise and coast to coast footprint, including its leading presence in e-commerce home delivery in 8 of the top 10 MSA’s in the United States. As such, Albertsons Companies investment in the fund is part of its broader technology strategy, aiming to provide insights and opportunities to partner with new and emerging technologies impacting 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, Chief Marketing & Merchandising Officer. “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.”
In 2018, annual online retail sales of food and beverages in the US are expected to exceed $20 billion, according to Coresight Research. Since 2013, investment in the food and beverage sector has more than tripled, as the industry continues to be disrupted by start-ups and incubators. Together, Albertsons Companies and Greycroft intend to take a leading role in investing in and developing new and innovative companies.
“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.”
About Albertsons Companies
Albertsons Companies, Inc. is one of the largest food and drug retailers in the United States, with both a strong local presence and national scale. Albertsons Cos. operates stores across 35 states and the District of Columbia under 20 well-known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs, as well as meal kit company Plated based in New York City. Albertsons Cos. is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. In 2017 alone, along with the Albertsons Companies Foundation, the company gave nearly $300 million in food and financial support. These efforts helped millions of people in the areas of hunger relief, education, cancer research and treatment, programs for people with disabilities and veterans outreach.
Greycroft is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, bring their products to market, and build successful businesses. Greycroft manages in excess of $1 billion and has made over 150 investments since inception in leading companies including Acorns, App Annie, Boxed, Braintree, Buddy Media, Everything But The House, Extreme Reach, Huffington Post, Icertis, JW Player, Maker Studios, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, WideOrbit, and Yeahka. For more information please visit http://www.greycroft.com.