Fresh Direct Raises $189m For Private Brand Manufacturing & Expansion

fresh-directEast Coast online grocer Fresh Direct has secured $189 million in additional funding. The round was led by J.P. Morgan Asset Management, along with W Capital and AARP Innovation Fund investing.

FreshDirect will use the new capital to build private brand manufacturing capacity and open new geographies, according to co-founder and CEO Jason Ackerman.

When asked whether he was concerned about the expansion of AmazonFresh, Ackerman quipped, “we’ve been competing with Amazon for a while now…and we’ve continued our growth rates all the way through.” He added that there is room for multiple players in what he believes is a trillion-dollar industry.

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Christopher Durham is the president of My Private Brand and the co-founder of The Vertex Awards. He is a strategist, author, consultant and retailer who built brands at Delhaize-owned Food Lion, and lead strategy and brand development for Lowe’s Home Improvement. He has consulted with retailers around the world on their private brand portfolios including: Family Dollar, Petco, Staples, Office Depot, Best Buy, Metro (Canada), TLW (Taiwan) and Hola (Taiwan). Durham has published five definitive books on private brands, including his first book, Fifty2: The My Private Brand Project. In 2017, he will debut his newest book, Vanguard: Vintage Originals, a visual tour of innovation and disruption in private brand going back to the mid-1800’s. Dynamic in his presentation while down to earth and frank in his opinions, he has presented at numerous conferences, including FUSE, The Dieline Conference, Packaging that Sells, Omnishopper and PLMA’a annual trade show in Chicago. Durham lives in Charlotte, NC with his wife, Laraine, and two daughters, Olivia and Sarah.