Fresh Direct Holdings, LLC

Fresh Direct Holdings, LLC is privately held specialty online retailer based in New York. Founded in 1999 by Joe Fedele and Jason Ackerman. Fresh Direct Holdings operates its business through its subsidiary FreshDirect, Inc., and does business as FreshDirect. FreshDirect is an online grocery provider known for its convenient home delivery service and the manufacturing of fresh food products and service. Fresh Direct Holdings, Inc. began their first deliveries to Manhattan in New York City in September 2002 with an emphases on a higher-end customer with a large average order size (which as of 2011 exceeded $100, a high amount for the grocery sector). Fresh Direct Holdings, Inc's fiscal year continues to run from September through August. Because of its high average order size, Fresh Direct Holdings, Inc. is profitable despite its delivery operating costs (see PrivCo's Fresh Direct Holdings, Inc. Financial Table for Fresh Direct Holdings, Inc.'s financials). The majority of FreshDirect's revenues are generated from the greater New York City area. FreshDirect has also expanded to serve parts of Long Island, Connecticut, New Jersey, and Westchester County as well as to the Stamford, Connecticut area (a business suburb of New York City). Fresh Direct, Inc. raised $31 million in venture capital from private investors in 2003 from venture capital and private equity investors led by AIG Private Equity and including several other venture capital and private equity firms including CIBC Capital Canyon Partners . With a significant equity investment in 2011 of an additional $50 million by United Kingdom based grocery retailing chain WM Morrison Supermarket, Fresh Direct is expanding beyond its New York City base (see PrivCo Funding Table for Fresh Direct Inc. for the transaction details on all of Fresh Direct, Inc.'s Funding Rounds).