AI-Driven Online Grocer Farmstead Raises $2.2Million Venture Round, Setting Sights on Nationwide Expansion
Startup Has Cracked the Code on Making Grocery Delivery Profitable; Funding Comes from Artis Labs, Resolute Ventures, Y Combinator and Others
Farmstead, the nation’s first AI-powered digital grocer that sources and delivers fresh, local food from farm to fridge in 60 minutes, announced that it has raised an additional $2.2M venture round from ARTIS Labs, Resolute Ventures, Y Combinator, Red Dog Capital and other investors, bringing the total raised to date to $7.5M. The funding will help Farmstead set the stage for accelerated geographic expansion.
Operating in the Bay Area since 2016, Farmstead’s finely tuned, AI-powered predictive analytics models help it accurately predict demand, supply accordingly, deliver orders of fresher-than-the-usual local products in less than an hour, and minimize food waste. The company’s customer base has been growing swiftly – 20-30 percent month-over-month – with stellar repeat business.
“Farmstead is turning the grocery game on its head, leveraging technology to obtain huge efficiency gains,” said Stuart Peterson, Founder of ARTIS Labs. “The work Farmstead is doing has wide implications not only for consumer-facing grocery buying, but for the whole supply chain. The fact that Farmstead is trending towards positive contribution margin already speaks volumes about the efficiency of their model. We’re really excited to be involved.”
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Mike Hirshland, General Partner at Resolute Ventures, said, “To replace a trip to the grocery store, so many things have to go right, from ordering the right inventory to last-mile delivery. Farmstead has cracked the code on making grocery delivery profitable and rapidly scalable – this could legitimately become a monster company.”
“We went into this business knowing that data would be the key to making our model sustainable,” said Farmstead CEO and co-founder Pradeep Elankumaran. “Our experience in the Bay Area has shown us that it’s possible to locally source and deliver groceries profitably. In the last year we have turned all the tricky operational parts of our business into digital products that abstract away much of the complexity and drive profitability on each order. With our playbook in hand, we’re already laying the groundwork for aggressive geographic expansion in 2019.”
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