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Print Edition StoriesTuesday, August 11, 2009
MyWebGrocer bags $13M funding
By Mass High Tech staff
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MyWebGrocer LLC, a maker of online shopping software for grocery chains, has raised $13 million in equity financing from Stripes Group, a New York-based private investment firm.
As part of the funding deal, Dan Marriott, managing partner of Stripes Group, will take a position on the board of directors for MyWebGrocer.
The e-commerce company, based in Colchester, Vt. and founded in 1999, offers its digital services to regional and national grocery store chains. According to a company release, MyWebGrocer has more than 4 million monthly shoppers in its network. Last year, the company named its first operations executive when it appointed General Electric Healthcare information technology executive Tim Kenney as its first chief operating officer.
The investment company, Stripes Group, concentrates both its minority and majority financings on profitable firms in the fields of the Internet, software as a service and technology-enabled services.
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