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MyWebGrocer receives $13 million in funds—its first outside investment
MyWebGrocer will use new funding to expand products and develop new products as well as to build its grocery-oriented advertising network with new partnerships and a larger sales force.
MyWebGrocer Inc., which provides e-commerce services to grocery chains and consumer packaged goods manufacturers, has received a $13 million equity investment from Stripes Group.
It is the first outside money that MyWebGrocer, which delivers its services on a software-as-a-service basis, has received. The company reports it will use the funds to expand its existing products and develop new products as well as to build its grocery-oriented advertising network with new partnerships and a larger sales force. Its ad network reaches 4 million monthly shoppers.
Among MyWebGrocer’s customers are ShopRite, Harris Teeter, Lowes Foods, Raleys, A&P; and Food Lion. Its customers represent more than 5,000 grocery stores nationwide. It does business with 60 packaged goods companies.
Dan Marriott, managing partner of Stripes Group, will join the MyWebGrocer board of directors. Stripes Group usually invests in founder-owned and -operated companies that have had no prior institutional investors.