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.