Farmstead bags Series A funding and plans US expansion
US online grocer Farmstead has announced a $7.9 million Series A round of funding as it looks to accelerate its national expansion and recruiting.
This brings its total funding to date to $14.5 million.
“In order to fix grocery delivery and make it profitable, Farmstead took the bold approach of breaking the traditional model and starting completely from scratch, while opening up its Grocery OS solution to other retailers,” says Tim Reynders of Aidenlair Capital.
“There is an inevitable path to growing an impactful and powerful company, and we see that potential with Farmstead. We’re excited to work with team to grow the company nationwide.”
Also of interest: Grocery delivery veteran Sara Custer joins Farmstead
“Our team worked hard in 2020 to perfect the dark store model and the underlying proprietary technology that makes Farmstead so incredibly efficient,” says Pradeep Elankumaran, Co-founder and CEO, Farmstead.
“We are laser focused on expanding Farmstead’s national brand, and adding more partnerships with grocery chains, helping them increase their daily delivery capacity while driving long sought-after profitability with each order.”
“This industry has been stagnant for long enough - customers demand change and we are building the foundation for sustained e-commerce growth in grocery while exceeding their expectations,” he concludes.