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At approximately 2pm on Monday 15 January a cash in transit worker attended M&S Simply Food at Cleveland Retail Park, Skippers Lane, to make a delivery.
While in the process of transferring the money an unknown man, with his face covered, snatched two bags of cash from a trolley.
The man then fled the scene in the direction of Wallis Road, before dropping one of them which was recovered by the driver.
A pedal bike believed to belong to the offender was located at the scene and recovered by police.
PC Daniel Scott said: “I am appealing to anyone who was in the area at the time and may have seen the theft take place or a man acting suspiciously at around the time it occurred.
“I’d encourage anyone who has dash cam footage that could assist the investigation, to get in touch.”
Information can be provided by calling Cleveland Police on 101 or by contacting Crimestoppers anonymously on 0800 555 111.