London-based Farmstand, a plant-powered food company has secured $3 million in Series A funding. Kindred Capital led the round.
Farmstand, a London-based, plant-powered food company, today announced it has raised $3 million in a Series A financing, led by London-based Kindred Capital.
● Plans to expand its unique offline and online business model to 100 locations in London over the next four years.
● By partnering with businesses and using physical locations and technology it acquires online customers on a profitable basis. Physical locations create an offline experience to build the brand and also provide free advertising and distribution.
‘Eating a plant-powered diet increases your chances of living a happy, active life,’ explains Farmstand founder Steven Novick. ‘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.’
Steven founded the business in 2016 after surviving cancer and summiting Mount Everest. ‘I made three clear goals to myself before I was given the all clear: to become closer to family and friends, to finish climbing the Seven Summits and to build a business that made healthy, sustainable food accessible to everyone, not just the wealthy.’
‘Putting together the first Farmstand menu involved extensive research. 80% of the menu is vegan, 5% sustainable fish and 15% ethical meat. Every dish is made by the Farmstand team and is also free from dairy, added sugar and artificial ingredients. And I believe it was vital to returning me to full health after being diagnosed with cancer.’
Farmstand sources every ingredient from UK-based ethical suppliers and, to control quality and the entire supply chain, meals are freshly prepared in a central kitchen hub, then distributed to over 20 Farmstands in London including its flagship restaurant in Covent Garden and those operating inside corporates.
‘We have a restaurant, but essentially we’re a food business. Restaurants don’t change lives, but food absolutely does. This ties in with our mission to get plant-powered food on every desk and in every home,’ continues 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. Human connection will never be a commodity.’
Farmstand’s values extend beyond the kitchen.‘The best selling item at every fast casual food and coffee business is single-use plastic water bottles yet everyone is talking about plastic straws – it’s the ultimate head-fake,’ says Steven, ‘Farmstand has never sold single-use plastic water bottles and never will. Every team member also owns equity in the business, we operate a gender-balanced Board and team and the highest paid person is paid just 2.5 times the lowest paid person.’
‘We’re delighted to be investing in a business whose values are so closely aligned with our own,’ says Kindred Capital general partner Russell Buckley, who has also joined the Farmstand Board. ‘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.’
Founded in January 2016 in London by e-commerce entrepreneur, cancer-survivor and Milwaukee-native, Steven Novick, Farmstand is a values-led, plant-powered food company with sustainability at its roots.
Farmstand offers breakfast, lunch, dinner, snacks, juice, coffee, beer, wine and always free filtered water.
Food is either build your own or ready to go. Farmstand has over 20 locations in London and can be found at our Covent Garden restaurant, in corporate cafes and online.
Farmstand has been profiled in over 20 publications including: the first page of Vogue, The Guardian, The Telegraph, Evening Standard and Elle. Farmstand has won numerous food and sustainability awards, including being named a Top 20 sustainable food service business in 2017 by the Sustainable Restaurant Association, alongside the likes of Daylesford and Petersham Nurseries, finishing 2nd out of over 600.
Farmstand operates with gender parity across its Board and team, with at least 50% of both being made up of women. Board of Directors includes Laura Gutowski, Head of Strategy at Pret, and Mark Wood, former CTO of graze.com. Board of Advisors includes Nick Candler, former COO of Pret, Nick Green, former head of sales at Deliveroo, Kate Whitelock, former head of commercial marketing at ASOS.com and Rebecca Williams, former head of social media at Converse.
About Kindred Capital
Kindred Capital is an £80m seed and early stage venture capital investor, focusing on European technology companies. Based in London, Kindred invests in entrepreneurs building globally ambitious businesses. Kindred’s portfolio includes Kalo, Paddle, Five.ai, Qriously and Verve. Kindred’s unique Equitable Venture structure shares carry with the founders they invest in and has led to 45 founders co-owning carry in the fund.
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