The pandemic almost devasted the Farmer’s Fridge, which provides vending machines that dispense salads, past bowls and other better-for-you foods. Sales reportedly dove 85% in the first half of 2020.
The company’s 35-year-old chief executive and founder, Luke Saunders, kept Farmer’s Fridge going with a $2.6 million loan from the federal government’s Paycheck Protection Program (and a $40 million funding round).
Funding allowed Farmer’s Fridge to pivot to home delivery in New York, Chicago and Philadelphia – markets in which it already had a strong presence. It is expanding to other markets and is adding new distribution partners, including retailer Target.
See Bloomberg’s interview with Luke Saunders here.