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September 7, 2018

Automated food dispenser business Farmer’s Fridge raises $30m from investors

Farmer's Fridge, the US-based automated smart refrigerator business, has closed on a US$30m round of financing led by Innovation Endeavors and including dairy giant Danone's investment arm.

Farmer’s Fridge, the US-based automated smart refrigerator business, has closed on a US$30m round of financing led by Innovation Endeavors and including dairy giant Danone’s investment arm.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

Innovation Endeavors is led by former Google CEO Eric Schmidt while another investor, Cleveland Avenue, is led by former McDonald’s CEO Don Thompson.

Founded in 2013, the Chicago firm concentrates on the nutritious meals to go market and operates 186 automated ‘smart’ fridges in its home state and Milwaukee which act like vending machines and contain “chef-curated, restaurant quality meals” and snacks.

The company has built a proprietary software platform with an in-house team of engineers, which leverages a predictive algorithm to plan inventory at each fridge. Based on customer sales patterns, Farmer’s Fridge can ensure each location is stocked to fully optimise demand and minimise waste.

Its venues for the fridges include hospitals, universities, airports, retail stores and office buildings.  

Any surplus food is donated to local food depositories.

Commenting on the latest investment round, Luke Saunders, founder and CEO of Farmer’s Fridge, said: “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 funding also included participation from GreatPoint Ventures, DNS Capital, Finistere Ventures, DOM Capital and Hyde Park Angels, as well as the aforementioned Danone Manifesto Ventures.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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