FreshRealm Closes $32 Million Capital Raise
Funding Poised to Strengthen Company's Established Fresh Meals Leadership Position Through Investment in Facilities, Product and Infrastructure
VENTURA, Calif., July 12, 2021 /PRNewswire/ -- FreshRealm, a leading fresh meals solution provider, announced today that it has raised $32 million in funding from accredited institutional investors. The company will utilize the capital to bolster its facilities, product and infrastructure to propel its rollout of national fresh meals destinations in retail grocery.
"This funding allows us to accelerate our growth strategy, which is focused on creating fresh meal destinations in partnership with today's most forward thinking retailers," said FreshRealm Founder & CEO, Michael Lippold. "Essential to this growth is the company's hyper-focused operational model custom-built and optimized for fresh meals, which is able to deliver a complete product set across the United States."
The investment will support the company's newly announced strategic reposition, centered on its vision to "connect people through meals" by delivering elevated meal experiences. The strategy pulls through best-in-class meal assembly, just-in-time logistics and promotion and marketing – all geared to the retailer's unique format, value proposition and positioning.
Key Areas of Investment Include:
- Building Out Facilities for National Coverage: Development of additional facilities and capabilities able to produce ready-to-heat, ready-to-cook, and meal kit offerings. This will allow for strategic national coverage of retail doors, through regional just-in-time production and delivery.
- Expanding Cutting-Edge Product: As the only national fresh meals company, the increased capital will allow FreshRealm to expand the company's product innovation framework and pipeline. The focus will be to consistently bring on-trend fresh meals and evolved product assortments to the market which delivers delicious and high quality meal experiences.
- Strengthening the Supply-Chain: Maximizing its proprietary horizontal supply chain will allow FreshRealm to create proprietary ingredients, build additional supply chain partnerships with both regional and national ingredient experts, and focus on reducing costs by analyzing and mapping each step from farm to FreshRealm's regional facilities.
"Over the past year, the company has set the foundation for FreshRealm's strategic repositioning by achieving key milestones. Among them, was creating a team of global, fresh meal experts." Lippold continued. "This round of investment fully resources our team to achieve the long-term goal of bringing fresh meals to grocery retail across the country. It is an exciting moment for us."
Craig-Hallum acted as exclusive placement agent for this offering.
About FreshRealm
FreshRealm, a leading fresh meals solution provider at retail, partners with retailers to create Fresh Meals destinations that provide vibrant and convenient solutions for a busy and healthier consumer lifestyle.
With a belief that we all connect through meals, FreshRealm's team of culinary experts curate a range of inspired meals using the very best ingredients so that consumers can enjoy delicious, fresh meals with little to no effort. The company is 100% focused on fresh meals to provide a complete retail solution; from product design, sourcing, implementation, meal assembly, logistics, through marketing & promotion.
SOURCE FreshRealm, LLC
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