- Companies
- Farmer's Fridge
Farmer's Fridge Valuation, Funding & Investors
Farmer's Fridge is valued at $210M as of March 2019.
Last Farmer's Fridge valuation
$210M
Secondary · Mar 2019
Last Farmer's Fridge funding round
$20M
Series E · Sep 2022
Cumulative funding Farmer's Fridge raised
$121M
across 8 funding rounds
Key investors in Farmer's Fridge
Cleveland Avenue
Dom Capital Group
Innovation Endeavors
HPA (Hyde Park Angels)
GreatPoint Ventures
Eric Schmidt
About Farmer's Fridge
Farmer's Fridge is a Chicago-based company, founded in 2013, that operates automated smart fridges dispensing fresh, chef-made salads, sandwiches, wraps, and other grab-and-go meals in offices, airports, hospitals, and college campuses. Meals are prepared daily in a central kitchen using local ingredients, and proprietary software uses predictive algorithms to optimize inventory at each machine based on sales patterns. The company has deployed hundreds of machines across multiple Midwestern cities.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$210M (Mar 2019)
Farmer's Fridge Valuation
Farmer's Fridge is currently valued at $210M, based on its secondary sale in March 2019.
The $100K round included Cleveland Avenue.
Farmer's Fridge valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2019 | Secondary | $210M |
Farmer's Fridge Funding History
Farmer's Fridge has raised a total of $121M across 8 funding rounds, plus 1 secondary share sale.
Farmer's Fridge's first fundraising round was a $2M seed round in May 2015. The most recent completed round was a $20M Series E in September 2022.
Farmer's Fridge funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Series E | Cleveland Avenue | $20M | - | - |
| Aug 2021 | Series D | Cleveland Avenue | $18M | - | - |
| May 2020 | Series D | Cleveland Avenue | $21M | - | Farmer's Fridge operates automated smart fridges offering fresh, chef-made salads, sandwiches, wraps, and healthy meals in locations like offices, airports, hospitals, and campuses. Founded in 2013 in Chicago, the company focuses on convenient, vegetable-forward grab-and-go food via self-serve kiosks. Cleveland Avenue participated in funding, including a Series C round and the specified May 2020 Series D where $20.82M was raised. Other investors include Innovation Endeavors, DNS Capital, Dom Capital, Hyde Park Angels, Danone Manifesto Ventures, GreatPoint Ventures, PowerPlant Ventures. Total funding across rounds exceeds $62.7M to $87.4M from 6-7 rounds, with plans to expand kiosks in Midwestern cities. A $30M Series C supported growth to 400-500 more fridges by end-2019, targeting Chicago, Milwaukee, Cincinnati, St. Louis, Detroit, and Indianapolis. Later rounds include $17.5M Series D in Aug 2021 and $20M Series E in Sep 2022. |
| May 2019 | Series A | Cleveland Avenue (lead) | $11M | - | Farmer's Fridge raised an $11.32 million convertible note in May 2019. Cleveland Avenue participated as an investor in Farmer's Fridge funding, alongside others including Danone Manifesto Ventures, DNS Capital, and Dom Capital. The company operates self-serve kiosks offering fresh salads, sandwiches, and wraps in office buildings and co-working spaces. |
| Mar 2019 | Secondary | Cleveland Avenue | $100K | $210M | Farmer's Fridge operates smart vending machines that dispense fresh salads, wraps, bowls, and other healthy prepared foods in high-traffic locations including hospitals, airports, pharmacies, and office buildings. The company had deployed approximately 185 machines across Chicago and Milwaukee by early 2019, selling roughly 15,000 meals per day across its locations. In 2018, Farmer's Fridge closed a $30 million Series C funding round led by Innovation Endeavors (co-founded by former Google CEO Eric Schmidt) with participation from Cleveland Avenue, DNS Capital, Dom Capital, Hyde Park Angels, GreatPoint Ventures, Finistere Ventures, and Danone Manifesto Ventures. The Series C valuation reached $210 million post-money. Following this round, the company planned to expand from 185 machines to 400–500 units across Midwest cities including Indianapolis, Detroit, Cincinnati, and St. Louis by the end of 2019, and to grow its headcount from 130 to approximately 200 employees. The funding was deployed to accelerate geographic expansion, establish new production facilities, and build out engineering and product teams. Prior to the Series C, Farmer's Fridge had raised $10 million in Series B funding. |
| Nov 2018 | Series A | Semillero Partners (lead); Cleveland Avenue | $9M | - | Farmer's Fridge raised $8.6 million in a convertible note round in 2018 from Semillero Partners. The company operates automated smart fridges offering fresh salads, bowls, and snacks in high-traffic locations like airports and offices. It uses technology for real-time demand monitoring to minimize waste and donates unsold items to food pantries. |
| Sep 2018 | Series C | Cleveland Avenue (lead); Innovation Endeavors (lead); DNS Capital; GreatPoint Ventures; HPA (Hyde Park Angels); Eric Schmidt; Danone Manifesto Venture; Dom Capital Group; Finistere Ventures | $30M | - | Farmer's Fridge, a Chicago-based company founded in 2013, operates automated smart refrigerators stocked with fresh, restaurant-quality salads, sandwiches, wraps, and snacks made daily in a central kitchen using local ingredients. The fridges, equipped with proprietary software using predictive algorithms to optimize inventory based on sales patterns, are placed in office buildings, hospitals, universities, airports, retail stores, and co-working spaces. At the time of the funding, the company had approximately 185-186 machines in Chicago and Milwaukee, with plans to add 225 more by year-end and 400-500 across Midwestern cities like Cincinnati, St. Louis, Detroit, and Indianapolis by end of 2019. In May 2018, Farmer's Fridge raised $30 million in a Series C funding round co-led by Innovation Endeavors (founded by former Google CEO Eric Schmidt) and Cleveland Avenue (led by former McDonald's CEO Don Thompson). Other investors included Danone Manifesto Ventures, DNS Capital, Finistere Ventures, GreatPoint Ventures, DOM Capital Group, and Hyde Park Angels. The funds were intended to expand the workforce in Chicago, scale the number of fridges, and pursue broader ambitions including global growth, while leveraging data, machine learning, and automation for agile development. The company's technology provides a competitive edge in the vending industry, where less than 5% of machines track inventory, enabling efficient supply chain management, minimal waste, and donation of surplus food to local pantries. It targets locations needing healthy food options without restaurant overhead, positioning against traditional vending and fast food with a focus on convenience, nutrition, and tech-driven operations. |
| May 2017 | Series B | GroundForce Capital (lead); Cleveland Avenue; Dom Capital Group | $11M | - | - |
| May 2015 | Seed | - | $2M | - | - |
Who has invested in Farmer's Fridge?
11 investors have backed Farmer's Fridge across its funding rounds, including Cleveland Avenue, Dom Capital Group, Innovation Endeavors, HPA (Hyde Park Angels), GreatPoint Ventures and Eric Schmidt.
Lead investors include Cleveland Avenue, Semillero Partners, Innovation Endeavors and GroundForce Capital.
Farmer's Fridge Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 8 | Lead | May 2017 | ||
| 2 | Participant | May 2017 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Lead | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Participant | Sep 2018 | ||
| 1 | Lead | May 2017 | ||
This data is available for Pro users. Sign up to see all 11 Farmer's Fridge investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFarmer's Fridge Competitors
Farmer's Fridge competitors include listed companies like Systems Engineering and Beyond Meat, and private ones like ZUS Coffee, RightHand Robotics, The Belgian Waffle Co. and Blue Tokai Coffee Roasters.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $45M | - | $220M | 4.9x | ||
| Private | - | - | $240M | - | ||
| Private | $48M | $7M | $182M | 3.8x | ||
| Private | $23M | - | $180M | 7.8x | ||
| Publicly listed | $72M | $14M | $205M | 2.2x | ||
| Publicly listed | $275M | $266M | $201M | 1.7x |
Farmer's Fridge Public Comps
Farmer's Fridge is still privately-owned, but its public comps include Cabio Biotech (Wuhan) Co, Vilkyskiu pienine, Systems Engineering, LASCO Manufacturing, Suja Life, Kras, prehrambena, Unimer, Easy Holdings Co, RCI Hospitality Holdings and Daesang Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $84M | $33M | 2.2x | - | 5.5x | - | |||
| $330M | $19M | 1.0x | - | 16.3x | - | |||
| $72M | $14M | 2.3x | 2.2x | 12.3x | - | |||
| $81M | $22M | 1.9x | - | 7.0x | - | |||
| $327M | $10M | 1.4x | 1.3x | 44.0x | 7.3x | |||
| $222M | $19M | 1.0x | - | 12.1x | - | |||
| $114M | $8M | 2.2x | - | 30.7x | - | |||
| $2.5B | $163M | 0.5x | - | 7.2x | - | |||
This data is available for Pro users. Sign up to see all Farmer's Fridge competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Farmer's Fridge
| When was Farmer's Fridge founded? | Farmer's Fridge was founded in 2013. |
| Where is Farmer's Fridge headquartered? | Farmer's Fridge is headquartered in United States. |
| Is Farmer's Fridge publicly listed? | No, Farmer's Fridge is a private, VC-backed company. |
| What is Farmer's Fridge's valuation? | Farmer's Fridge was last valued at $210M in its secondary sale in March 2019. |
| How much funding has Farmer's Fridge raised? | Farmer's Fridge has raised $121M across 8 funding rounds. |
| What was Farmer's Fridge's last funding round? | Farmer's Fridge's last funding round was a $20M Series E in September 2022. |
| Who are Farmer's Fridge's investors? | Farmer's Fridge's investors include Cleveland Avenue, Dom Capital Group, DNS Capital, GreatPoint Ventures, HPA (Hyde Park Angels), Innovation Endeavors, Eric Schmidt, Danone Manifesto Venture, GroundForce Capital, Semillero Partners and 1 other. |
| Which companies are comparable to Farmer's Fridge? | Companies comparable to Farmer's Fridge include ZUS Coffee, RightHand Robotics, The Belgian Waffle Co., Blue Tokai Coffee Roasters, Systems Engineering and Beyond Meat. |
See companies similar to Farmer's Fridge
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




