Plant-powered food company raises funding to expand

Farmstand has raised $3m (approximately £2.33m) in a Series A funding round led by Kindred Capital.

The London-based, plant-powered food company plans to expand its offline and online business to 100 locations across the capital in the next four years.

Farmstand was founded by Steven Novick (pictured above) in 2016 and claims to source every ingredient from UK-based ethical suppliers.

“Eating a plant-powered diet increases your chances of living a happy, active life,” said Steven.

“And despite the fact that food has never been easier to find, order or have delivered, most people simply don’t have access to convenient, legitimately healthy food.

“We’re changing that.”

Farmstand freshly prepares its meals in a central kitchen hub and then distributes it to over 20 Farmstands in London, including its flagship restaurant in Covent Garden.

“We have a restaurant, but essentially we’re a food business,” added Steven.

“We’re aspiring to grow our online sales from 30% to 50% of total revenue by investing in our technology and converting more offline customers into online buyers.

“We will open more physical locations because we know that our message will travel faster and farther when delivered in person.”

Russell Buckley, general partner at Kindred Capital, who has joined the Farmstand board, added: “We’re delighted to be investing in a business whose values are so closely aligned with our own.

“Steven is a man on a mission.

“We think Farmstand is uniquely placed to solve a real-world problem by partnering with businesses and using physical locations and technology to get millions more people eating a plant-based diet.”

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