BROOKLYN — Fridge No More, an instant grocery delivery service that promises deliveries in 15 minutes or less, has closed a $15.4 million Series A funding round. This will help the “cloud grocer” to expand operations across New York City and the East Coast. 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 venture capital and private equity firm, Insight Partners. Existing investors including Altair Capital and others participated in the round as well.
Fridge No More is a 15-minute grocery delivery service currently offered on iOS and Android apps. 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! The company has a network of fully managed “cloud stores” that offers grocery delivery in a one-mile radius 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 a strong start in 2021 for Fridge No More, which has quickly experienced expansive growth and rapid customer acquisition in the four New York City neighborhoods they currently service in Williamsburg, Gowanus and Park Slope.
“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.”