November 14, 2007
Innovative Grocery Store Web Services Provider Expands Nationally With Pathmark and Giant Foods
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'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.
Grocery Shopping Network
CONTACT: Curt Lund, Chief Marketing Officer of Grocery Shopping Network,+1-612-238-4947, [email protected]; or Tracy Carlson of Padilla SpeerBeardsley, +1-612-455-1717, [email protected], for Grocery Shopping Network
Web site: http://www.groceryshopping.net/