The fund will utilize Greycroft’s investment expertise and connections in the early-stage technology industry and Albertsons’ grocery expertise and coast-to-coast footprint. Albertsons’ investment in the fund is part of its broader technology strategy, aiming to gain 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 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.”
In 2018, annual online retail sales of food and beverages in the U.S. 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 and Greycroft say they intend to take a leading role in investing in and developing new and innovative companies.
“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 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.”