Daily Harvest
Daily Harvest raised $77M in new funding to scale up its plant-based, frozen food operation.
Lone Pine Capital led the round, which also saw participation from existing investor Lightspeed Venture Partners. With the new funding, the company is now valued at $1.1B.
Previously valued at $380M, Daily Harvest is backed by a host of athlete and celebrity investors, including Serena Williams, Shaun White, Gwyneth Paltrow, and Bobby Flay.
Health x Convenience
From smoothies to veggie bowls, Daily Harvest ships frozen, plant-based meals and snacks directly to consumers.
Offering a menu of more than 100 items free of refined sugars or additives, the company has found success by tapping consumer preferences in health and convenience. As Daily Harvest CEO Rachel Drori put it:
“Eating fruits and vegetables shouldn’t be hard, but it’s the hardest thing.”
Founded in 2015, the subscription-based company says it has been “nearly profitable” since day one. Fast-forward to 2020, as demand for delivery increased during the pandemic, Daily Harvest topped $250M in revenue.
Flush with cash, Drori laid out next steps, including:
- Opening the brand’s first brick-and-mortar “tasting room”
- Launching ready-to-bake meals and side dishes called “Harvest Bakes”
- Prioritize sustainability efforts, like regenerative agriculture, to combat climate change
Looking ahead, Drori didn’t rule out a public offering, telling Bloomberg it was a “viable option.”
