Boise, Idaho-based Albertsons Cos. said it is collaborating with New York-based venture capital firm Greycroft Partners LLP to create an investment fund to help grow emerging companies and technologies within the grocery sector.
The fund, which Albertsons said will total up to $50 million over time, will combine Greycroft’s investment knowledge and connections in the early-stage technology industry with Albertsons’ grocery experience, coast-to-coast footprint, scale and presence in e-commerce home delivery.
“Albertsons Cos. 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 Albertsons’ Chief Marketing and Merchandising Officer Shane Sampson in a press release. As we saw with our recent acquisition of Plated, Albertsons Cos. 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.”
Albertsons is already a presence in e-commerce home delivery in eight of the top 10 metropolitan regions in the U.S., according to the press release.
“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 Cos. 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 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.”