Fridge No More

History

2021: Attracting $15.4 million investment

In mid-March 2021, Fridge No More, a Russian-based food delivery service in New York, attracted $15.4 million. The company plans to use the funds received to attract additional staff and expand operations in New York and the East Coast.

The funding round was led by Insight Partners and former investor Altair Capital. Earlier, Fridge No More raised $1.5 million to build the very first institutions in Brooklyn. The concept of the company was introduced several years ago and formalized in March 2020. In October 2020, Fridge No More began its first deliveries.

We believe that the new approach will ultimately change the very culture of buying products, "said Anton Gladkoborodov, co-founder of the company. - This idea seems pretty crazy, and many buyers don't feel the need for such changes, but we believe that soon customers will move from one order per week to several.

The delivery service of products with Russian roots Fridge No More attracted $15.4 million

According to the company's second co-founder, Pavel Danilov, Fridge No More has warehouses with more than 2,000 items and offers its customers free instant delivery without a minimum order price and prices comparable to those in the supermarket. The founders of Fridge No More also created their own data platform for inventory and order management, which is optimized depending on the demand of customers in a particular store.

The new funding will be used to expand the engineering and operations team, as well as to market and create new offices. Fridge No More has already opened four delivery points and is ready to create another 40 in Brooklyn, Manhattan and Queens.

Since October 2020, when the company delivered the first order, by March 2021 it had more than 2,000 customers, and on average it performs 200 orders per day with an average order size of $40.^[1]

2020: Attracting $1.5 million of investments

In early October 2020, a startup with Russian roots Fridge No More, which is based in Brooklyn, attracted $1.5 million. The following were invested in the product delivery service: AltaIR Capital, AltaClub, the Bratte fund of Yevgeny Nevgenya and Sergey Gonchar, Natalya Vodyanova, Evgeny Fuksman and several angel investors.

The Fridge No More service allows users to order food at home or in the office. Delivery is carried out by couriers using electric bicycles. Representatives of the startup promise to deliver the order within 15 minutes. To achieve this goal, the startup opened several local stores - in Williamsburg and Park Slope. Later they will appear in New York, in particular in Manhattan.

Product delivery service in New York with Russian roots attracted $1.5 million

According to Fridge No More, they do not have a minimum order value. Food is delivered by couriers for free, even if the customer "orders only one apple." The cost of products is comparable to the cost of goods in local stores.

According to Takeoff Technologies, for customers who decide whether they should use the online delivery service at all, the variety of grocery brands is less important than the speed of delivery, which is a positive sign for Fridge No More. As of early October 2020, Fridge No More provides users with access to 800 items. The management of the startup, Pavel Danilov and Anton Gladkoborodov, intends to expand the list of proposed products to 3000 in the future. Danilov explained that the relatively limited supply of goods in the app is intentional because they "want customers to have a choice, but they don't feel overwhelmed." Representatives of the startup did not say what the funds raised would be spent on.^[2]

Notes