FreshDirect closes $189m investment led by J.P. Morgan
Online food retailer FreshDirect has closed a $189m investment round led by J.P. Morgan Asset Management. Jason Ackerman, FreshDirect’s Co-Founder and CEO, said: “The funding will fuel expansion into new markets, increase capacity with new manufacturing and distribution facilities, and launch new businesses that meet today’s consumers’ needs as their preferences and buying habits evolve.”
FreshDirect currently generates annual revenues of more than $600m, primarily through its business in the New York and Philadelphia metro areas.
Earlier this year, FreshDirect launched FoodKick, an on-demand, mobile-first delivery business. FoodKick launched in Brooklyn and Queens and FreshDirect said it will soon expand service to Manhattan.