BOSTON — Farmwise, L.L.C., maker of fries, rings and tots made with vegetables, has closed a $4.5 million financing round led by Cleveland Avenue L.L.C., the venture capital firm founded by former McDonald’s Corp. chief executive officer Don Thompson.
Founded in 2014, Boston-based Farmwise uses a blend of vegetables, legumes and potatoes to produce its Veggie Fries, Veggie Rings and Veggie Tots. The company experimented with more than 300 recipes before arriving at its current offerings. Farmwise products are all gluten-free and Non-GMO Project verified.
“As parents of three daughters, we’re focused on creating healthy products that we’re proud to serve our own family,” said Cristina Peters, co-founder of Farmwise. “Veggie Fries, Tots and Rings are a parent's dream — crispy, fluffy and delicious with an exceptional nutritional profile.”
Veggie Fries come in four varieties: Carrots with potatoes and white beans; broccoli with potatoes and white beans; cauliflower, chickpeas, red peppers and potatoes; and kale with potatoes, white beans and Tuscan herbs. Veggie Rings are available in two varieties: Butternut squash with sweet potatoes and white beans; and cauliflower with white beans and onions. Veggie Tots come in three varieties: Broccoli with sweet potatoes and white beans; cauliflower with potatoes and chickpeas; and beets with potatoes, carrots and white beans.
“Our Cleveland Avenue investment philosophy is to search for emerging companies that have potential for mainstream success across multiple channels,” Mr. Thompson said. “What Dave and Cristina (David and Cristina Peters, company founders) have achieved in just four short years is impressive, and we look forward to helping Farmwise further accelerate their growth.”
Farmwise joins Beyond Meat, Drink Maple, Bhakti, Farmer’s Fridge and SomruS in Cleveland Avenue’s investment portfolio.
Joining Cleveland Avenue in the investment round was Home Market Foods, Inc., a protein company that markets frozen meatballs under the Cooked Perfect brand and frozen chicken under the Fire Grilled brand.