With a multi-million dollar Series A, an edtech fundraising fim focused on fruits and vegetables Farmer gives new meaning to the term fresh financing.
The Richmond, Virginia-based company, which was headquartered in Crystal City until early last year, offers a platform designed to give students a new way to raise funds for schools. Instead of traditional methods like selling candy bars and magazines, students can sell items like fresh produce, flowers and wreaths from local vendors. Schools can also sell their own products, such as clothing, and host larger crowdfunding projects on the platform, which is built using Rubies on rails.
FarmRaiser declined to share the exact amount of the increase, but said it was a seven-figure investment, led by Richmond’s 1219 capital. The company has already lifted angels and bridges with DC investors, including Ray grochowski of Latham and Watkins and Jim epstein of EFO Capital.
The cycle follows a period of strong growth. Since the founding of Farmraiser in 2015, CEO Marc Abbott said the company has grossed more than $ 5 million from the site to users. It is also on track to increase sales by 100% from the pre-pandemic period by the end of 2021, largely thanks to fourth quarter growth.
“We wanted to lift enough to give ourselves the very rapid growth that we know we are capable of, and that is what we are seeing now,” Abbott said. Technically.
With the funding, the company will expand its platform and increase its team of 10 employees by 40%. It also allowed the company to promote its management team to co-founder status, making it a majority female-owned company and BIPOC, Abbott said.
FarmRaiser plans to expand its platform with offers for more than schools.
“Our own technology is great for FarmRaiser, but it turns out that building a SaaS platform is something other people might be able to use,” Abbott said. “So we don’t talk about it too much, but we have big plans for next year and new products will be rolled out very soon. “
FarmRaiser’s growth comes in the midst of a huge year for edtech in DMV, with companies like MPOWER financing and Classroom technologies winning huge rounds of venture capital, Blackboard the signing of a merger and the expansion of startups such as Living words. As schools become increasingly digital as the pandemic continues, Abbott believes the industry will only continue to thrive, even with tools like this that go beyond distance learning. ,
“In this edtech space, you will only see more adaptation and more interesting products coming out as a result of [the pandemic]”Abbott said.” And that’s reflected in, and it points to this even before CVOID,… the type of venture capital and private equity investing in the edtech space. “