7.15.2020
FreshFry, a Louisville, Kentucky-based food technology company focused on developing solutions designed to increased profitability for restaurants and other establishments operating in the food service and hospitality industries, secured a $3.25 million equity round of financing from the Open Prairie Rural Opportunities Fund, a private equity fund licensed by the US Department of Agriculture, and Lightship Capital.
The FreshFry Pod is an all-natural, plant-based, sustainable product that cleans and extends the life of frying oil used by restaurants and other facilities that utilize commercial deep fryers for preparing many of their menu items. FreshFry has a national distribution agreement with Sysco and was the recipient of the 2019 Sysco Supplier Excellence Award as a Gold-Level Supplier in the Corporate Social Responsibility category.
“As the food service industry looks to reinvent itself and optimize every aspect of operations and as establishments seek to rebound from the COVID-19 pandemic, FreshFry is poised to capitalize on the opportunity to deliver reliable, environmentally-conscious products that generate cost savings through longer oil life and reduced labor and maintenance,” said Jim Schultz, Founder and Managing Partner with Open Prairie, in a press statement.
With the funding from Open Prairie and Lightship Capital, FreshFry will bolster its sales, marketing, and operations teams and will seek to cultivate strategic partnerships. FreshFry will also use the funding to accelerate research and development activities to broaden the portfolio of products and services for its growing customer base.
“The FreshFry Pod is a safe and easier way to replenish and extend the life of your frying oil,” notes the website. “The Pod works overnight by capturing and removing the impurities that make your oil smoke, look dark, and taste bitter.”
FreshFry is Lightship Capital’s first investment from their debut $50 million dollar fund for underrepresented entrepreneurs. “When starting a new fund, you want to select a first investment that signals the quality of your future selections to your investors,” said Lightship Capital General Partner Candice Matthews Brackeen.
