FreshDirect Raising $200M to Expand: Report
Online grocer FreshDirect Inc. hopes to raise as much as $200 million to enter the Washington and Baltimore markets, according to a Bloomberg News report, which said that the Long Island City, N.Y.-based company is working Deutsche Bank AG to procure funds. The bank has declined comment, and FreshDirect has denied a partnership with Deutsche Bank.
The grocer now operates in the five boroughs of New York and parts of New Jersey and Connecticut. CEO Richard Braddock told Bloomberg News in July that FreshDirect might pursue an initial public offering to help fund its growth.
“FreshDirect has been experiencing over 20 percent sales growth and will expand beyond the Tri-state” area, the company said in an e-mailed statement to Bloomberg. “Baltimore and D.C. are among the target expansion markets. We do not comment on any fundraising details.”