The Fresh Factory Welcomes Illinois State Treasurer Michael Frerichs for On-Site Visit

CAROL STREAM, IL / ACCESSWIRE / April 17, 2024 / The Fresh Factory B.C. Ltd. (TSXV:FRSH)(FRA:Q4Z) ("The Fresh Factory" or the "Company"), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, welcomed Illinois State Treasurer Michael Frerichs last week, underscoring the direct impact of state investments through the Illinois Growth and Innovation Fund ("ILGIF"). The visit showcased how the ILGIF's strategic investments are fostering growth, innovation, and job creation within Illinois.

Launched in 2016, ILGIF is an initiative led by Treasurer Frerichs' office to invest up to 5% of the state of Illinois' investment portfolio into venture-capital firms dedicated to supporting Illinois technology companies. With an evergreen fund size of $1.5 billion, ILGIF targets venture-capital managers who demonstrate a track record of nurturing technology-driven enterprises within the state.

The Fresh Factory has flourished, with corporate and production facilities based in Carol Stream, Illinois, and additional locations across the Chicagoland area. Founded in 2017 by Bill Besenhofer and Nate Laurell, The Fresh Factory serves direct-to-consumers and businesses and currently employs 110 people.

During the visit, Treasurer Frerichs met with key members of The Fresh Factory leadership team, including Bill Besenhofer, its Co-Founder and CEO; Carl Purnell, SVP of Operations; Siva Rangaswamy, Manager of Research and Development and Commercialization; Colin Gleeson, Director of Supply Chain; and Sam Mackintosh, Production Manager. The visit gave insight into the Company's operations and its role in driving economic growth within Illinois.

Speaking about the visit, Treasurer Frerichs emphasized, "The Fresh Factory exemplifies the positive outcomes of strategic investments made through ILGIF. By supporting companies like The Fresh Factory, we create jobs; we bolster our local, regional, and state economies; and we foster innovation and sustainability right here in Illinois."

"We've evolved from a team of just four employees operating a single press to a workforce of 110 individuals, occupying a sprawling space here in Carol Stream," Besenhofer explained. "Our journey has been marked by continuous investment in cutting-edge technology and machinery, all aimed at ensuring top-notch quality, fostering the professional development of our team, and expanding our capacity to serve an ever-growing clientele of both businesses and consumers."