in October 2019. But the coronavirus presents another opportunity for Uber to move into grocery delivery, said Greycroft cofounder and partner Ian Sigalow.
Sigalow helps manage a $1.5 billion portfolio at the New York-based firm and has led several investments in the grocery category including same-day delivery service Shipt that Target bought for $550 million, and meal-kit brand Plated, which grocery chain Albertsons purchased for an estimated $200 million. He also runs a $50 million joint venture fund between Greycroft and Albertsons on the future of food shopping.
"Like most VC funds, we have a lot of dry powder and are still investing," he said. "We're trying to convince companies we've met with in the past to reopen rounds from 12 or 18 months ago." "Prior to COVID, consumer purchasing in grocery stores — not mass-market grocery stores like Albertson's and Kroger but prime butchers, fishmongers, and cheese shops — was 1% e-commerce and 99% in-store. And today, it's 50-80% e-commerce, which is incredible," he said.