Farmigo, a farmers’ market online has raised $16 million in Series B funding led by Formation 8 Partners along with existing investors Benchmark Capital and Sherbrooke Capital. The company has raised total funding of $26 million.
Started in 2012 by Benzi Ronen, Farmigo is an online service that connects consumers to farmers market food products. It is fast-growing online farmers market on a big mission to empower people to create a better way to eat by offering farm-to-neighborhood access to fresh food benefiting local farmers and bypassing supermarkets. The company claims to have doubled its business since early 2015, and it is now selling more than 15,000 families and is working with 150 producers, adding 2000 families every month.
CEO Ronen said, “Through technology, we’re able to reconnect people to their food, to their local farmers and food makers, and to their communities. The food we’re able to source is the highest quality, since we collapse the long distribution chain of supermarkets and provide food straight from the producers’ harvests. This enables us to champion small independent farms and food makers and give them a larger cut.
With the fresh funds, the company plans to expand its business to other part of the USA apart from ts current places that includes New York, New Jersey and Northern California. It plans to expand its unique technology platform to make it usable to people living in other parts of the USA.
“Farmigo’s technology and community-driven distribution model allows it to reach more people in a way that’s affordable for consumers and sustainable from a business perspective. This is an extraordinary advantage over door-to-door delivery models that will be critical to win in the rapidly changing food landscape,” said Formation 8 Founding Partner, Joe Lonsdale.
Farmigo functions with the aim to replace antiquated supermarket model. It currently works with 150 producers to serve 15,000 customers per month in more than 350 neighborhoods. It plans to add another 2000 customers and 20 producers every month.