Leading Meal-Kit Delivery Company to Use Capital to Grow Canadian Supplier Network
TORONTO, Dec. 14, 2016 /CNW/ - Today, Chefs Plate announces the close of a second tranche of Series B funding from InvestEco Sustainable Food Fund II – a Toronto-based fund managed by InvestEco Capital which solely focuses on companies that support food waste reduction and sustainability. Canadian owned and operated Chefs Plate is the country's leader in the meal kit delivery space and will use the new capital to further enhance its Canadian supplier network nationally. InvestEco joins existing investors, Acton Capital Partners, Emil Capital and BrandProject in an over-subscribed Series B financing.
"Changing the food supply chain is a major hurdle to helping reduce the annual $31 billon food waste problem in Canada," said Charles Holt, Vice-President, InvestEco Capital. "Chefs Plate is committed to building a better food system that puts Canadian suppliers and growers first. This helps eliminate wasteful steps in the food chain which is why they were the right investment for us."
Chefs Plate prioritizes the purchase of Canadian grown and farmed produce, dry goods, meats, seafoods and specialty foods. Food goes directly from supplier to consumer in three days or less. Chefs Plate's perfectly portioned meal kits ensure consumers only receive the exact amount of ingredients required to create a delicious restaurant-worthy recipe at home.
Chefs Plate also donates surplus fresh food to Second Harvest a not-for-profit that picks up food which would otherwise go to waste and delivers it to community agencies. The company is also a proud partner of Ocean Wise, an organization that promotes sustainable fishing practices.
"We're excited to use the new capital to invest in our growing network of Canadian farms and suppliers and the infrastructure necessary to build these direct relationships," said Jamie Shea, Co-Founder, Chefs Plate. "The InvestEco funding is recognition of our continued commitment to eliminating waste in the food supply chain and our focus on a farm-to-table approach."
The InvestEco investment marks the latest in a series of milestones for Chefs Plate. In June 2016, the company announced delivery of 100,000 meal-kits monthly, a new family plan, and extension of delivery outside of Ontario to B.C., Alberta and Manitoba.
About Chefs Plate
Chefs Plate, Canada's leader in the meal-kit delivery market, delivers pre-portioned, locally-sourced farm fresh ingredients and easy-to-follow recipes in refrigerated kits right to its customers' homes, all at $10.95 per plate or less. It's cooking made easy. As a food-tech company, its innovative business model connects people to local farmers and purveyors, re-investing in Canada's farm-to-table platform. The company was founded in Toronto in 2014 and has grown to 125 employees. For more information, please visit www.chefsplate.com, or connect via social media on Facebook, Twitter or Instagram.
About InvestEco Capital Corp.:
InvestEco Capital Corp. is a Toronto-based venture capital investment firm focused on high-growth sustainable companies across North America. Since its inception in 2002, InvestEco has invested in 18 private companies. These range from companies that are developing renewable energy, water technologies, resource productivity technologies and efficient transportation solutions, to companies that promote health and sustainability in the food and agriculture sector. Today, InvestEco is primarily focused on sustainable food and agriculture, funding many leading food and agriculture brands across North America.
SOURCE Chefs Plate
For further information: For more information or to request an interview with Jamie Shea or Charles Holt, please contact: Victoria Kirk, V & Co. PR, 416.558.4507, [email protected]