Albertsons and venture capital firm Greycroft have created an investment fund, of up to $50 million over time, that will invest in and aim to help grow emerging companies and technologies in the grocery channel.
The fund will utilize Greycroft’s investment expertise and connections into the early-stage technology industry with Albertsons’ grocery expertise and coast to coast footprint, the companies said. The investment in the fund is part of Albertsons’ broader technology strategy, which aims to provide insights and opportunities to partner with new and emerging technologies impacting the grocery channel.
“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 and 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.”
“As our e-commerce companies scale, they often incorporate a brick-and-mortar strategy to reach the entire U.S. market. This partnership with Albertsons Companies will enable our companies to tap into their customers, across a wide range of industries including consumer products, health care, wellness, pharmaceuticals, and grocery,” said Ian Sigalow, co-founder and partner of Greycroft.