NEW YORK, March 16, 2021 /PRNewswire/ — Fridge No More, an instant grocery delivery service in the U.S., announces the closing of a $15.4 million Series A funding round. This will both enable the "cloud grocer" to expand operations across New York City and the East Coast, and to establish its leadership position in the instant delivery market. Fridge No More plans to grow their engineering and operations teams while rapidly scaling their network of cloud stores.
This investment round is led by New York based leading venture capital and private equity firm, Insight Partners. Existing investors including Altair Capital (amongst others) have participated in the round as well.
Fridge No More is a 15-minute grocery delivery service currently offered on iOS and Android. With free instant delivery, no minimum order and supermarket prices, large weekly grocery hauls become a relic of the past; that's why the brand is called Fridge No More! By developing a network of fully managed "cloud stores," Fridge No More offers grocery delivery at extraordinary speeds. The company has also created a proprietary, data-rich platform for inventory and order management that is iteratively optimized based on store-specific customer demand.
"We have been extremely successful with our current network of cloud stores and, now with support from Insight and other investors, we are well positioned to become the leader in the instant grocery delivery market in the U.S," said Pavel Danilov and Anton Gladkoborodov, Fridge No More Founders.
The Series A investment builds on an exceptional start in 2021 for Fridge No More, who has quickly experienced expansive growth and rapid customer acquisition in the four New York City neighborhoods they currently service.
"Proudly headquartered in New York City, Insight is thrilled to partner with NYC based Fridge No More – a high-growth consumer-facing business disrupting the online grocery delivery market," said Jeff Lieberman, Managing Director at Insight Partners. "Utilizing our ScaleUp resources and operations team, Onsite, we look forward to supporting Pavel, Anton, and the Fridge No More team in expanding their operations into additional New York City neighborhoods and along the East Coast as the next phase of their ScaleUp journey."
About Fridge No More
Fridge No More is a 15-minute grocery delivery service. With free instant delivery, no minimum order and supermarket prices, large weekly grocery hauls become a relic of the past; that's why the brand is called Fridge No More! Currently offered on iOS and Android. By developing their own proprietary network of "cloud stores," Fridge No More is able to offer grocery delivery at extraordinary speed, within a 1-mile distance of each of their locations. The company has created a data-rich inventory backend that is always improving based on both the customer and the operational needs. Fridge No More solves all of the common pain points of the online grocery, and offers free delivery, no minimums, and no costly or unexpected replacements.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.