Braintree, MA — Green Rabbit, a leading ecommerce cold chain logistic provider for the food industry, has received a $31 million minority investment from equity firm Guidepost Growth Equity. This is the first institutional capital infusion for Green Rabbit and strengthens its position in the $20 billion ecommerce food and delivery market, according to the logistics company.
“Green Rabbit is hyper-focused on becoming the industry leader in perishable fulfillment and powering the future of online grocery,” says Greg Balestrieri, co-founder and CEO of Green Rabbit. “With this investment, we’ll be able to accelerate growth and scale the development of our proprietary platform to ensure that the fulfillment processes protect perishables and help our customers grow their ecommerce food service initiatives.”
Initially founded as Candy.com, which focused primarily on temperature-sensitive confectionery products, the company has dramatically expanded its abilities and now ships millions of orders per year for more than 5,000 items across 150 brands, according to Green Rabbit.
The company’s proprietary supply chain technology automates the entire distribution, fulfillment and delivery process, and its algorithms ensures all orders are managed and packed appropriately. With a 99.9 percent delivery success rate, Green Rabbit works with six of the 10 largest retailers in the U.S. and four of the 10 largest global food and beverage manufacturers, the company reports.
“As online grocery and perishable food sales represent one of the fastest-growing segments in ecommerce, major retailers and CPGs are looking to maximize their digital growth strategies,” says Won Park, principal of Guidepost Growth Equity. “We’re excited to partner with Green Rabbit to help them become the cold chain logistics standard that powers the future of digital food service initiatives.”
As part of the investment, Park and Doug Kingsley, Guidepost managing partner, are joining the Green Rabbit board of directors.