Springdale-based online grocery startup EasyBins announced Friday (April 29) a $400,000 matching investment from the Arkansas Venture Capital Development Fund (AVCDF) of the Arkansas Venture Capital Investment Trust (AVCIT).
The Arkansas Development Finance Authority (ADFA) administers the fund and the trust. The investment follows EasyBins’ now oversubscribed $2 million late-stage seed round.
EasyBins’ online marketplace offers consumers access to in-stock groceries at multiple local stores in their area. Workers consolidate the order at a nearby micro-fulfillment center, and then a single driver delivers it in a temperature-controlled bin.
“It’s an honor to have the opportunity to innovate and build brand new business models right here in the heartland where our most cherished customers live and work every day,” EasyBins CEO and founder James Farmer said in a statement. “While Arkansas is our home, EasyBins is growing quickly, thanks to identifying an untapped market need and the support of visionary investors and institutions like the ADFA. Homegrown investments in companies like ours speak to the unique strengths of Arkansas’ entrepreneurial ecosystem.”
Founded in 2017, EasyBins operates in seven markets in the South and Midwest. The company is on track to triple the number of markets it serves over the next six months.
“EasyBins’ aggressive, high growth model shows how real industry innovation is born right here in Arkansas and then spreading out to the rest of the country,” ADFA President and AVCIT Trustee Mark Conine said in a statement. “Their story, what they’ve accomplished so far and where they’re headed tomorrow is a great example of how the entrepreneurial ecosystem promotes economic growth in the Natural State.”
EasyBins also recently hired Thomas Ganey as its new chief operating officer. He was previously senior vice president of operations for SimpleTire.
“EasyBins developed an innovative model in this competitive space. I look forward to building the frameworks that will allow EasyBins to serve more and more communities in 2022 and beyond,” Ganey said. “As more customers gain access to EasyBins delivery, we’ll make sure we continue to provide the high-quality experience that our customers enjoy and rely on today.”