Grocer aims to serve customers ‘wherever and however they like to shop’ as online baskets grow.
August 14, 2018
With e-commerce rapidly becoming a pillar of the supermarket business, Albertsons Cos. has partnered with venture capital firm Greycroft to help grow emerging companies and technology in the grocery sector.
To that end, Albertsons and Greycroft have created a fund—expected to reach up to $50 million over time—to invest in and develop grocery-related tech innovators, the Boise, Idaho-based retailer said earlier this month.
The fund will leverage Greycroft’s investment expertise and connections with the early-stage tech industry and Albertsons’ grocery know-how and coast-to-coast footprint, the companies said. They noted that Albertsons already has a leading online grocery delivery presence in eight of the top 10 U.S. metropolitan statistical areas.
For Albertsons, the fund is expected to further a wider tech strategy that will identify potential partners and opportunities to help the company capitalize on innovation in retail grocery. The goal is to serve customers “wherever and however they like to shop,” according to Shane Sampson, chief marketing and merchandising officer.