VantagePoint Venture Partners Provides Expansion Funding; Early DoubleClick
Founder and Former Chairman of MySpace's Parent Intermix Media David
Carlick Joins the Board
MINNEAPOLIS, Nov. 14 /PRNewswire/ -- Grocery Shopping Network (GSN), a
leading provider of proprietary software to grocery store retailers,
announced that it will expand its unique Web-based program to all Pathmark
and Giant Foods stores. GSN software supports grocers' Web sites, enabling
them to provide their customers with innovative, online time and
money-saving features such as the ability to view circular ads and in-store
promotions; build, print and save grocery lists; retrieve and print
manufacturer and store coupons; and browse more than 64,000 recipes and 160
cooking videos.
GSN has successfully implemented its program with several regional
grocers, including California-based Save Mart, Virginia-based Ukrop's and
Wisconsin-based Festival Foods. In each case, retailers have reported high
levels of customer participation and significant increases in sales. With
the addition of all Pathmark stores and Giant Foods, GSN-supported Web
sites will serve more than 1,000 stores across the country and have the
potential of reaching more than 10 million consumers/households.
"Grocery Shopping Network is simplifying the shopping experience for
customers and transforming the way grocery retailers and consumer packaged
goods companies interact with their customers," said Tom Wilkolak, CEO,
Grocery Shopping Network. "Consumers no longer need to fumble with clipping
coupons or keep track of handwritten shopping lists. Product promotions and
discounts are relevant to a customer's shopping history, and as a result,
they are more loyal to their store and more likely to try new products and
services."
"Grocery Shopping Network's services have helped us increase sales and
build greater customer loyalty," said Dick Rinehart, owner, Dick's Fresh
Markets. "As the grocery industry grows increasingly competitive, the GSN
system is allowing us to gain greater basket share while providing a more
enjoyable shopping experience for the customer." Rinehart has more than 25
years of experience in the grocery industry, and serves as an independent
store advisor to SuperValu.
To help fund the expansion and develop new services and applications,
VantagePoint Venture Partners has provided $7 million in equity financing.
VantagePoint is a leading venture capital firm focused on investments in
bold, entrepreneurial companies with ideas that will transform their
industries. Additionally, David Carlick, managing director of VantagePoint,
has joined GSN's board of directors. Carlick, a widely recognized leader in
online media and marketing, was an early co-founder of DoubleClick and
former chairman of MySpace.com's parent company, Intermix Media.
"When I saw what GSN offers to consumers, their grocers and food
companies, I could say after years of investing, I have finally found the
best thing since sliced bread," said Carlick. "For the growing number of
consumers who shop first by using their computer, GSN brings grocery
shopping to their screens in a way that is almost magical."
Chicago-based investment banking firm Houlihan Smith & Company served
as financial advisor.
In addition, GSN has six patents published.
About Grocery Shopping Network
Privately held Grocery Shopping Network (GSN), based in Minneapolis,
Minn. is the leading provider of proprietary software to grocery store
retailers. GSN's advertising and data solutions allow packaged goods
companies to identify ideal customers and deliver real-time personalized
advertising and promotions, and allows retailers to offer customers a fast,
fun and easy online shopping experience.
GSN was founded in 1995 by software developer Andy Robinson because of
his frustrations with the grocery shopping experience. He rarely found
discounts and coupons that were relevant to his needs and grew dissatisfied
that the store he shopped at for more than a decade did not know him.
Robinson had the idea to launch an online service that would integrate the
customer experience, offering personalized promotions and coupons, a
digital shopping list organized by store layout and thousands of recipes
and relevant product information targeted to the customer's needs. Shoppers
save time and money, retailers build loyalty and simplify the shopping
experience and CPGs communicate directly with interested consumers while
increasing sales. For more information visit
http://www.groceryshopping.net.
About VantagePoint Venture Partners
VantagePoint Venture Partners provides creative growth strategies and
capital to companies transforming global markets. With more than $4 billion
in capital under management, the firm invests in entrepreneurial companies
at all stages of development in the clean tech, digital media/internet,
health care, semiconductor and wireless sectors. VantagePoint partners with
talented entrepreneurs who are seeking to build companies that are
world-scale in both size and substance.
SOURCE Grocery Shopping Network
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Related links:
http://www.groceryshopping.net
CONTACT:
Curt Lund, Chief Marketing Officer of Grocery
Shopping Network, +1-612-238-4947, clund@groceryshopping.net; or
Tracy Carlson of Padilla Speer Beardsley, +1-612-455-1717,
tcarlson@psbpr.com, for Grocery Shopping Network
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