Farmer’s Fridge secures $30M in funding
Farmer's Fridge, a rapidly growing network of automated smart fridges stocked with fresh, chef-curated meals and snacks, has closed on $30 million in a round of financing led by Innovation Endeavors, according to a press release.
"Farmer's Fridge is committed to making restaurant-quality, fresh, healthy food as accessible as a candy bar," Luke Saunders, founder and CEO of Farmer's Fridge, said in the press release. "We are excited to partner with visionary companies, including Innovation Endeavors, to grow and scale our business to the point where we can positively impact public health. Leveraging data and technology is central to Farmer's Fridge and the future of our company. The current round of funding validates our efforts over the past five years and enables us to pursue our global ambitions."
Currently Farmer's Fridge has 186 locations in Chicago and Milwaukee, and serves thousands of customers daily in venues that include hospitals, universities, airports, retail stores and office buildings.
The company's in-house team of engineers has built a proprietary software platform that leverages a predictive algorithm to plan inventory at each fridge. Based on customer sales patterns, Farmer's Fridge ensures each location is stocked to meet demand and minimize waste. The investment in technology also ensures a seamless digital customer experience across the network.
Farmer's Fridge prepares food fresh from scratch daily in its Chicago kitchen, using local and seasonal ingredients whenever possible. Food is served in recyclable jars that can be returned at the fridge. Food is delivered Monday through Friday at every location and seven days a week at select locations, including O'Hare airport. The cold chain is monitored end to end to ensure peak product freshness. Any surplus food is donated to local food depositories, providing fresh, healthy options for community members in need.
Participants in this latest round of financing include Cleveland Avenue, GreatPoint Ventures, DNS Capital, ag investment pioneer Finistere Ventures, Danone Manifesto Ventures, DOM Capital and Hyde Park Angels, the release said.