We are delighted to announce that we are investing in Freshly, a company that brings a special approach to capturing part of the US household spend of $1.4 trillion on food and snacks.
The story behind our investment in Freshly reflects how we’ve made several of our investments:
1. We were introduced to Freshly by people we trust. Our partner BrandProject is itself an investor in Freshly and introduced us to the company. When a partner speaks highly of a company, we listen attentively.
2. We are KPI junkies. Freshly’s numbers are increasingly going up-and-to-the-right. Their cohort analysis is outstanding. While we knew that we loved the service, the voice of the customer – expressed through customer spend and customer retention — is a critical influencer in our decision making.
3. The management team, led by Michael Wystrach, is solid and well rounded. They understand their business thoroughly and they have the right kind of diversified and complementary skillset that we look for.
Our own experience with Freshly was outstanding. The food tastes great, is fresh and is nutritionist designed. Moreover the ease of preparation makes for a wonderful fit for busy professionals who don’t have time or the desire to chop vegetables and cook food on a daily basis, 3+ meals per day 7 days per week.
As a result of the above, we invested in Freshly’s Seed round. Then, following continued growth in their numbers, we are excited to be doubling down in this Series A round that was just announced.
If you’re on the West Coast of the US, you can try Freshly now. If you’re elsewhere in the US, you can submit your email address to be notified when Freshly opens its East Coast operations, which is coming soon as a result of this round of financing!