Venture Capital: Meals Provider FreshRealm Raises $200M
The company delivers fresh ready to cook, ready to heat and low-prep meal kits nationally.
FreshRealm announced its raise of $200 million led by a premier global cornerstone institutional investor. The funds will enable the company to further drive its growth in the meal industry, which it estimates as a $30 billion market opportunity with retail partners. (CISION PR Newswire)
Investors are aligned with the demand for fresh meals that can be conveniently procured and prepared, says FreshRealm, hence this solid raise at a time of record inflation and economic uncertainty, which are forcing consumers to spend less on dining out and more on home cooking.
FreshRealm partners with retailers to create Fresh Meals destinations that provide convenient meal solutions.
“We’ve built the most sophisticated platform for fresh meals nationwide in partnership with retailers that represent about 10,000 retail locations across the country and over a million DTC consumers over the last year,” said FreshRealm Founder and CEO, Michael Lippold. “As the retail fresh meals category continues to demonstrate compelling growth, this funding will allow FreshRealm to bolster our existing end-to-end platform that supports elevated private label and branded meal assortments and fresh meals destinations.”
FreshRealm: Use of funds
The capital will be used to accelerate the company’s growth through the expansion of existing facilities, innovation, strengthening its supply chain, investing in new technologies and boosting accessibility through retail channels.
It last raised $32 million in July 2021 to scale capabilities for producing ready-to-heat, ready-to-cook and meal kit offerings in facilities around the country to create a regional just-in-time production and delivery system.
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