FreshDirect plans to expand in D.C., Baltimore - The Packer

FreshDirect plans to expand in D.C., Baltimore

12/27/2010 04:47:17 PM
Bruce Blythe

FreshDirect, an online grocer serving New York City, plans to expand in Washington, D.C., Baltimore and other markets, the company said.

The company “has been experiencing over 20% sales growth and will expand beyond the Tri-state” area, FreshDirect said in an e-mailed statement Dec. 23. “Baltimore and D.C. are among the target expansion markets.”

FreshDirect denied a Bloomberg News report that it plans to raise as much as $200 million and is working with Deutsche Bank AG on raising funds.

“There is no truth to the fund raising information,” FreshDirect said in the statement.

In July, FreshDirect chief executive Rick Braddock told Bloomberg the company may pursue an initial public offering to fund expansion.

Based in Long Island City, FreshDirect provides home or office grocery deliveries to Manhattan, Brooklyn and other nearby areas for $5.49 to $6.79 per order. The company requires a minim order of $30.

In June, FreshDirect said it would more than double its locally grown offerings, to more than 350 during peak season. Fresh foods available include fruit, vegetables, eggs, dairy products and grass-fed beef from more than 30 farmers within 300 miles of New York.

FreshDirect, which says it has filled more than 11.6 million orders since it was founded in 2002, sells “farm-fresh” food at prices as much as 20% below conventional grocery stores, according to a June statement.



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