Freshly scores $21 mln Series B led by Insight Venture Partners

Subscription meal delivery service Freshly closed a $21 million Series B financing round led by Insight Venture Partners. Existing investors including Highland Capital Partners and White Star Capital also participated.

PRESS RELEASE

NEW YORK, NY, July 12, 2016 – Leading chef-prepared meal delivery service Freshly has closed a Series B round of financing totaling $21 million. The round was led by New York-based venture capital and private equity firm Insight Venture Partners with participation from existing investors, including Highland Capital Partners and White Star Capital. Freshly plans to use the round to increase hiring efforts and expand distribution to all 50 states.

“We actively invest in food-tech companies that address significant market needs,” said Harley Miller, Vice President of Insight. “We believe that Freshly is in a unique position to provide customers with fresh, healthy meals that require no prep or cooking. We’re excited to partner with Freshly as they grow their organization, and give people across the country access to healthy prepared meals.”

Since its launch in January 2015, Freshly has expanded its delivery area from 9 to 28 states and now ships close to 250,000 meals per month. Freshly plans to expand delivery to the east coast later this year, making meals available to customers nationwide. Freshly has grown its staff from 15 people at launch to over 160 employees to date. The company plans to continue to expand its team to keep up with its rapid growth and expansion, with a specific focus on hiring engineering talent.

“Until now, fresh prepared meal delivery options were only available to customers in major metropolitan cities. At Freshly, we are on a mission to make eating healthy convenient, delicious and affordable for people all across the country,” said Michael Wystrach, Freshly CEO and co-founder. “We’re excited to have the backing of partners that value food-tech and understand how the traditional food model is changing for the better.”

Wystrach published a Medium post on this topic, which may be viewed here.

Moving forward, Freshly will continue to improve its menu options and offer new, chef-prepared meals to customers on a regular basis. Every Freshly meal is always free of refined sugars, gluten, and artificial ingredients and arrives fresh (never frozen) and ready to eat in minutes. All meals are delivered in recyclable packaging and insulated with biodegradable recycled denim to keep meals fresh in transit.

For more information about Freshly, please visit www.freshly.com.

ABOUT FRESHLY
Freshly delivers chef-prepared, healthy meals to customers’ doorsteps through a weekly subscription model. The menu is designed using whole, natural ingredients – every meal is packed with high-quality proteins, heart-healthy fats, and nutrient-dense carbohydrates. Freshly meals NEVER contain gluten, refined sugars, or artificial additives. Freshly’s team of chefs do all the cooking and meals arrive fresh (never frozen) and are ready to eat within 3 minutes. For more information, visitwww.freshly.com.

ABOUT INSIGHT VENTURE PARTNERS
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visithttp://www.insightpartners.com or follow us on Twitter: @insightpartners.