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

Farmer's Fridge Overview

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

United StatesUnited States

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

Farmer's Fridge valuation by funding round
DateStageValuation
Mar 2019Secondary$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

Farmer's Fridge funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Series ECleveland Avenue$20M--
Aug 2021Series DCleveland Avenue$18M--
May 2020Series DCleveland 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 2019Series ACleveland 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 2019SecondaryCleveland Avenue$100K$210MFarmer'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 2018Series ASemillero 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 2018Series CCleveland 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 2017Series BGroundForce Capital (lead); Cleveland Avenue; Dom Capital Group$11M--
May 2015Seed-$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

Investors in Farmer's Fridge by funding rounds participated
InvestorHQRoundsRoleFirst check
Cleveland AvenueUnited StatesChicago, IL8LeadMay 2017
Dom Capital GroupUnited StatesChicago, IL2ParticipantMay 2017
DNS CapitalUnited StatesChicago, IL1ParticipantSep 2018
GreatPoint VenturesUnited StatesNew Haven, CT1ParticipantSep 2018
HPA (Hyde Park Angels)United StatesChicago, IL1ParticipantSep 2018
Innovation EndeavorsUnited StatesSan Francisco, CA1LeadSep 2018
Eric SchmidtUnited StatesNew York City, NY1ParticipantSep 2018
Danone Manifesto VentureUnited StatesUnited States1ParticipantSep 2018
GroundForce CapitalUnited StatesLos Angeles, CA1LeadMay 2017

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Farmer'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.

Public and private companies comparable to Farmer's Fridge
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ZUS CoffeeMalaysiaPetaling JayaPrivate$45M-$220M4.9x
RightHand RoboticsUnited StatesBoston, MAPrivate--$240M-
The Belgian Waffle Co.IndiaIndiaPrivate$48M$7M$182M3.8x
Blue Tokai Coffee RoastersIndiaDelhiPrivate$23M-$180M7.8x
Systems EngineeringJapanJapanPublicly listed$72M$14M$205M2.2x
Beyond MeatUnited StatesUnited StatesPublicly listed$275M$266M$201M1.7x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cabio Biotech (Wuhan) Co$84M$33M2.2x-5.5x-
Vilkyskiu pienine$330M$19M1.0x-16.3x-
Systems Engineering$72M$14M2.3x2.2x12.3x-
LASCO Manufacturing$81M$22M1.9x-7.0x-
Suja Life$327M$10M1.4x1.3x44.0x7.3x
Kras, prehrambena$222M$19M1.0x-12.1x-
Unimer$114M$8M2.2x-30.7x-
Easy Holdings Co$2.5B$163M0.5x-7.2x-

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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.

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