Alphabeet receives 1.15 million euros
In the future, the start-up wants to expand internationally and is changing its name to "Fryd".
The Stuttgart-based garden start-up Alphabeet has successfully completed its seed investment round. The company was able to land 1.15 million euros. Among others, the venture capital company Purpose Ventures and the seed retailer Samenhaus Müller have invested. In addition, several private investors and business angels are also involved. Alphabeet has developed an app to help hobby gardeners grow vegetables organically.
Now the start-up is facing some changes: Among other things, the company wants to use the money to expand internationally. And the name of the company is also changing: Alphabeet will become Fryd from 2022. However, according to the start-up itself, there is one thing it is not aiming for: it is not working towards an exit. Instead, the company says it sees itself as a "purpose company" that should be operated in "responsible ownership". The funding round was therefore implemented with subordinated loans.
Alphabeet initially launched in 2018 under the name Farmee, first in the vertical farming market. In 2019, the company geared itself towards the hobby gardening segment. At the time, it also received funding from the German Federal Foundation for the Environment. The company's app has been on the market since 2020. About 100,000 registered users are already on board.
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