Fund Investments

Fair Food Fund has committed more than $2 million in financing to good food entrepreneurs since its 2012 launch. These businesses are catalyzing change that reaches farmers and eaters as we work together build more vibrant local food systems.

Pemaquid Mussel Farm

Investment:
Up to $250,000 Convertible Debt
Enterprise:
Since 2007, Pemaquid Mussel Farms has been growing high-quality, rope-grown mussels on floating rafts off the coast of Maine. Pemaquid uses sustainable and innovative aquaculture techniques to produce its mussels, which it distributes to Maine restaurants and regional wholesalers. Pemaquid is currently expanding its fleet with patent-pending submersible mussel rafts with the goal to produce a million pounds of mussels annually.
Financing Purpose & Date:
August 2017 financing is supporting Pemaquid's plans to grow its fleet up to nine submersible mussel rafts over the coming years.
Update:
In addition to growing production, jobs, and regional seafood sourcing, this investment is also providing Fair Food Fund the opportunity to be part of the world’s fastest growing part of the food system: aquaculture.

DAHlicious

Investment:
Up to $350,000 Royalty Financing
Enterprise:
Founded in 2007, DAHlicious makes lassi—Indian style drinkable yogurt—prepared with milk from Northeastern grass-based dairies. It currently operates a state of the art processing facility in Leominster, Massachusetts.
Financing Purpose & Date:
A June 2015 Fair Food Fund investment supported DAHlicious’ sales, marketing, and working capital needs to expand production in their new facility. A June 2017 follow on investment supported working capital and product development. DAHlicious also received Consulting Corps business assistance to compile historical financial statements.
Update:
With Fair Food Fund support, DAHlicious launched its new state-of-the-art processing facility, rolled out its new branding, and is launching new non-dairy products.
Related News & Resources
FROM THE FIELD BLOG

Fair Food Fund Announces New Loan to DAHlicious

Fresh Food Generation

Investment:
$11,000 Bridge Loan
Enterprise:
Fresh Food Generation operates a catering service, food truck, and community café in Boston. It sources from area growers, providing healthy and delicious food in underserved Boston neighborhoods. Over the next five years, Fresh Food Generation is focused on growing its catering business. Fresh Food Generation was the winner of the 2015 Fair Food Business Boot Camp.
Financing Purpose & Date:
The March 2017 bridge loan is providing working capital in anticipation of a planned expansion of its catering business.
Related News & Resources
FROM THE FIELD BLOG

A Place to Park

The Compost Plant

Investment:
$75,000 Debt Financing
Enterprise:
Rhode Island-based The Compost Plant collects food scraps and other waste products from area restaurants and institutions, turning them into compost and soil mixes available to area growers. Since its 2014 launch, it has diverted nearly 400 tons of food waste from going to the state’s landfill. Next up, The Compost Plant is launching a bagged compost product line in partnership with an area farm that specializes in compost production.
Financing Purpose & Date:
April 2017 financing is helping The Compost Plant purchase equipment and providing working capital to launch its bagged compost product line.

New York Distilling Company

Investment:
$300,000 Debt and Equity Financing
Enterprise:
The New York Distilling Company (NYDC) is one of the nation's premier craft distilleries. Based in Brooklyn, New York, NYDC sources rye from upstate New York farmers with more than half of it organically grown. The results are high quality gins and rye whiskeys that are filling a niche in distilled spirits and supporting growers in the region including a growing organic grain market.
Financing Purpose & Date:
The April 2017 equity investment is providing working capital for sales and marketing of NYDC's rye whiskey. Debt financing is increasing its whiskey inventory through the purchase of additional rye and aging barrels.

Five Acre Farms

Investment:
$350,000 Equity Financing
Enterprise:
Five Acre Farms brings local milk, egg, and apple products to more than 150 retailers and 75 restaurants and coffee shops in New York, New Jersey, and Connecticut. Founded in 2010, its mission is to find sustainable farmers—within a 275-mile radius of its Brooklyn, New York headquarters—pay them fairly and make their products accessible to average Americans. Each product is fully traceable to the land and people that produced it. Five Acre Farms has grown its network of partner farms from two to 25. Since 2014, it has paid a total premium of more than $700,000 above market price back to the farmers that produce its goods.
Financing Purpose & Date:
November 2016 financing is helping Five Acre Farms launch new products and expand its staff.
Update:
This investment will have a ripple effect of benefits: more jobs at Five Acre Farms, increased sales for its growing farmer network, and more healthy, locally grown food for area consumers.

Full Sun Company

Investment:
$200,000 Debt and Equity
Enterprise:
Founded in 2012, Full Sun Company produces extra virgin craft canola and sunflower seed oils with each bottle traceable to the land it came from. As New England's first non-GMO verified oil mill, Full Sun is stimulating sustainable production in the region. It is also selling oilseed meal, the byproduct of production, back to area farmers as a natural fertilizer and non-GMO livestock and poultry feed.
Financing Purpose & Date:
October 2016 financing is helping Full Sun Company purchase a second oil press. Additional working capital is supporting sales and marketing.
Update:
This investment is doubling Full Sun Company’s production capacity.

Radicle Farm Company

Investment:
$226,000 Convertible Debt
Enterprise:
Launched in Newark, New Jersey in 2014, Radicle Farm Company grows and distributes cut salad greens and “living salads” in its New Jersey and upstate New York greenhouses.
Financing Purpose & Date:
A July 2015 investment of $200,000 supported Radicle in purchasing new equipment, building inventory, and marketing its products. Fair Food Fund also assisted Radicle in establishing an advisory board. An additional investment of $26,000 in May 2017 is helping Radicle accelerate its growth.
Update:
With Fair Food Fund financing, Radicle and its greens are growing fast. Radicle has upgraded its processing equipment, infrastructure, and purchased a distribution vehicle to support growing sales to restaurants, meal kit companies, and multi-farm CSAs across New York.
Related News & Resources
FROM THE FIELD BLOG

New Fair Food Fund Investment in Radicle Farm Company

Urban Farm Fermentory

Investment:
$250,000 Convertible Debt
Enterprise:
Launched in 2010, Urban Farm Fermentory (UFF) produces kombucha, hard cider, and meads featuring ingredients sourced from small and mid-size New England farms. UFF distributes its products in Maine, Massachusetts, and Vermont and sells seasonal products at its Portland, Maine tasting room.
Financing Purpose & Date:
Executed in May 2015, this financing assisted UFF in purchasing equipment, increasing marketing and distribution, and building inventory. UFF also received Consulting Corps business assistance to develop a cash flow forecast ahead of financing. Fair Food Fund also assisted UFF in establishing an advisory board.
Update:
UFF launched new branding for its kombuchas and ciders and opened a new, expanded tasting room.
Related News & Resources
FROM THE FIELD BLOG

Creating Change and Locally-Sourced Brews in Portland, Maine

Northern Girl, LLC

Investment:
$230,000 Loan
Enterprise:
Northern Girl, LLC collects and lightly processes surplus root crops from Aroostook County, Maine farmers to sell year-round to consumers and institutions.
Financing Purpose & Date:
In August 2014, Fair Food Fund executed a $230,000 loan which helped Northern Girl boost production by equipping its new processing facility. Prior to financing, Fair Food Network provided cash flow planning support. Following financing, the Fund supported Northern Girl in achieving enhanced food safety certification.
Update:
In March 2017, Northern Girl decided to suspend production and seek a buyer for the business.
Related News & Resources
FROM THE FIELD BLOG

True to Their Roots

Maine’s Own Organic Milk (MOO Milk)

Investment:
$45,000 Loan
Enterprise:
MOO Milk was started in 2010 after Hood, a Massachusetts-based dairy company, dropped contracts for ten organic dairy farmers in Maine that it deemed too distant from its processing plants and markets. At its height, MOO sourced milk from 12 organic dairy farms across northern Maine and sold its products in more than 200 stores across New England. In the spring of 2014, MOO went out of business due to processing equipment issues that ownership deemed insurmountable. Eleven of the 12 MOO farms have since signed contracts to sell their organic milk to either Organic Valley (six farms), Stonyfield (three farms), or Horizon Organic (two farms).
Financing Purpose & Date:
This November 2013 loan was part of MOO’s Buy-A-Cow Loan Program, in which MOO raised debt capital to re-lend to its farms to allow them to purchase more organic dairy cows in order to supply more milk to the company and grow their sales. When MOO went out of business, the outstanding balance of the Fair Food Fund loan was assigned to Tide Mill Organic Farm and Rocky Ledge Farm, both of which purchased cows through the Buy-A-Cow Loan Fund. Both farms are now under contract with Horizon Organic and repaying their loans to Fair Food Fund.
Update:
While MOO Milk has ceased operations, it succeeded in its mission to preserve organic dairy farms in Maine. It also demonstrated that the market demand for local, organic milk is strong and growing, having quadrupled its sales over the last two years of its operation.