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Farmwise Raises $4.5M

BOSTON, MA, Farmwise announces closing a $4.5 million financing round led by Cleveland Avenue.
Farmwise based in Boston, Massachusetts makers of Veggie Fries, Veggie Tots and Veggie Rings announces closing a $4.5 million financing round led by Cleveland Avenue, the venture capital firm founded by Don Thompson, former President and CEO of McDonald's Corporation.

Farmwise has been providing a fresh take on America's favorite frozen foods since 2014, when, with families and fries in mind, Boston-based couple Dave and Cristina Peters and their three children created the first batches of Veggie Fries in their home kitchen. Using a blend of farm-grown vegetables and beans, the Peters developed a patent-pending process to provide consumers a healthier alternative to America's beloved fry. Farmwise continues to deliver break-through innovation with the launch of three varieties of Veggie Tots (Broccoli, Cauliflower and Beets) and two varieties of Veggie Rings (Cauliflower and Butternut Squash).

"Our Cleveland Avenue investment philosophy is to search for emerging companies that have potential for mainstream success across multiple channels," said Thompson. "What Dave and Cristina have achieved in just four short years is impressive, and we look forward to helping Farmwise further accelerate their growth."

"As parents of three daughters, we're focused on creating healthy products that we're proud to serve our own family. Veggie Fries, Tots and Rings are a parent's dream - crispy, fluffy and delicious with an exceptional nutritional profile," said Cristina Peters.

"We're so excited to be partnering with the Cleveland Avenue team to bring our products to every family in America. Don and his wife Liz are also strong believers in "family first" and giving back to the community, and we are proud to be a part of their extended Cleveland Avenue family," said Dave Peters.

Joining Cleveland Avenue is Home Market Foods, Inc., a leading protein company with the number one brand of frozen meatballs (Cooked Perfect) and one of the fastest growing brands in the frozen chicken category (Fire Grilled).

Based in Boston, Massachusetts, Farmwise LLC is a privately held company with a mission of developing healthier alternatives to some of America's favorite foods without compromising on taste. All Farmwise products are made from real, farm-grown vegetables and beans, are Non-GMO Project Verified, Free of the Top 8 Allergens, Vegan Friendly, provide a Good Source of Fiber, 3+ grams of Protein and an Excellent or Good Source of Vitamin A, C and/or K. Farmwise products are found in over 8,000 supermarkets in the USA.

Cleveland Avenue, LLC is a privately-held venture capital firm which accelerates and strategically invests in innovative restaurant, food and beverage concepts and emerging brands including Beyond Meat, Drink Maple, Bhakti, Farmer's Fridge and SomruS.
*Cleveland Avenue is the General Partner of the Cleveland Avenue Food and Beverage Fund I
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