Farmer’s Fridge Secures $30 Million For Expansion

Farmer's Fridge MachineFarmer’s Fridge, which operates 186 automated, smart “Fridges” stocked with restaurant quality meals and snacks, 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 Luke Saunders, founder and CEO of Farmer’s Fridge. “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.”

The company has created its own a proprietary software which uses a predictive algorithm to plan inventory for each location. Based on customer sales patterns, the software ensures each location is stocked to optimize demand and minimize waste.

Food is prepared daily in the company’s Chicago kitchen, making dressings from scratch and hand-cut vegetables, using local and seasonal ingredients whenever possible. Served in recyclable jars that can be returned to every Fridge, the orders are 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. Surplus food is donated to local food depositories, providing fresh, healthy options for community members in need.

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.

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