Farmer’s Fridge Closes $30 Million Investment Round

Posted On: 9/13/2018

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CHICAGO -- Farmer’s Fridge, which operates a growing network of nearly 200 vending machines stocked with chef-curated, restaurant-quality meals and snacks, said it has closed on $30 million in a round of financing led by Innovation Endeavors.
 
“Farmer’s Fridge is committed to making restaurant-quality, fresh, healthy food as accessible as a candy bar,” said Farmer’s Fridge founder and chief executive Luke Saunders. “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.”
 
Innovation Endeavors is headquartered in three major regions of innovation: Silicon Valley; Tel Aviv; and New York City. The funding included participation from Cleveland Avenue, GreatPoint Ventures, DNS Capital, ag investment pioneer Finistere Ventures, Danone Manifesto Ventures, DOM Capital and Hyde Park Angels.
 
Founded in 2013, Farmer’s Fridge operates machines in 186 locations in Chicago and Milwaukee, serving breakfast, lunch, dinner and snack options to thousands of daily customers in hospitals, universities, airports, retail stores and office buildings. The Fridge’s simple touchscreen technology and the accompanying mobile application provide easy access to menu information, a seamless ordering experience and rewards through its loyalty program.
 
The company has built a proprietary software platform with an in-house team of engineers 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 fully optimize demand and minimize waste.
 
Farmer’s Fridge prepares its food daily in the company’s Chicago kitchen, where it makes dressings from scratch and hand-cut vegetables, while using local and seasonal ingredients whenever possible.
 
Served in recyclable jars that can be returned to every Fridge, the dishes are delivered Monday through Friday at every machine 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 for community members in need.