Melbourne’s Farmers Pick, which sells fruits and vegetables deemed not pretty enough for supermarket shelves, has capped off a capital raise to invest in its operations.
The two-year-old startup works with farms to buy fresh produce that wouldn’t make the cut for bigger grocery retailer on aesthetic grounds like size and colour. Think carrots with two legs, cauliflowers with small spots or zucchini with blemishes.
It sells these to environmentally conscious households in New South Wales and Victoria via subscription boxes, with a chef whipping up weekly recipes around what’s in stock.Co-founder Joshua Ball said the money would help Farmers Pick build its team of 30 people, in areas like operations and sales and marketing. It also wants to invest in its plant and machinery as sales grow.Ball’s previously worked in tech companies like Xero, with a focus on marketing and sales.
The duo plan to put a Series A to fund managers down the line, which could be well-received given the business model tees in with global efforts to reduce 40 per cent of the world’s food that is wasted each year and contributes to greenhouse emissions. Farmers Pick says it has saved 700,000 kilograms of fresh-but-ugly produce from hitting the landfills. It also reckons its supply chain is shorter than traditional supermarkets and customers receive fresher fruits and vegetables.
The business did $120,000 million revenue in the 2021 financial year and has grown steadily, as Australian households become more aware of theFarmers Pick’s revenue was $2.75 million in the 2022 financial year, and is travelling at $7 million odd for 2023.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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