Hassebrook announced his pick Monday at the capitol.
Raybould, who was born and raised in Lincoln, was first elected to the County Board of Commissioners in 2010.
Additionally, she serves as vice president for operations at B&R Stores, an employee–owned grocery store company that includes Russ's Market, Super Saver and Apple Market stores.
"I could not ask for a better running mate than Jane. She is a respected businesswoman, small business owner, and job creator," Hassebrook said Monday. "As an elected official, she has stepped up to address tough budget issues by implementing cost cutting measures that have allowed Lancaster County to serve its citizens effectively."
Hassebrook is running against Republican Pete Ricketts, who has selected current Lieutenant Governor Lavon Heidemann as his running mate.