Plated, the premium cook-at-home meal service, secured $35 million in Series B round of funding led by the existing investors Greycroft Partners and Formation 8.
Founded in 2012, the startup Plated aims to reduce wastage by delivering perfectly portioned ingredients for a recipe for the customer to cook at his pleasure. Users can order one mean to meals for a week and the rates depend on the number of meals ordered from $12 per meal to $30 per meal for expensive food like scallops. Priced more than its competitor Blue Apron, Plated offers more varieties than its competitor and places itself as premium player in the market.
“At Plated we are focused on building our company for who we call the ‘Evolved Eater’- Americans who care about food quality and transparency, and eating better for themselves and their communities,” says Nick Taranto, Plated co-founder and CEO. “We are putting ingredient and environment standards first, offering our customers a greater selection of antibiotic and hormone-free meats, sourced from local farms, fishermen and hand-selected local businesses.”
The company has invested heavily to ensure the food they deliver is sustainably farmed and transported. He asked, “Did you know that 90% of the seafood sold in the United States is imported? It’s usually farmed using a bunch of chemicals and I don’t want to eat that crap and neither do million of other Americans.” Plated outsource the seafood from Sea To Table, which is a premium company that produces 100% sustainable farmed seafood.
Apart from the seafood, the startup has heavily invested in the shipping materials of its products. The products are insulated with 100% recycled liner with which it reduces the carbon emissions by 95%.
Plated plans to use the new funds to extend and widen its leadership position in food sustainability improve the technology on low-waste supply chain. It also intends to invest in new regional fulfillment center that connect customers to get sustainably harvested, locally farmed fresh foods at the reasonable price.
Plated also leads the Food With Thought, an initiative that works to raise the standards of food consumption. “Sustainability is a pillar of our business and we are thinking about our carbon footprint and reducing waster in every aspect on the supply chain,” said Josh Hix, Plated co-founder and co-CEO. “We are piloting a new earth-friendly, 100% recycled and compostable insulation solution called jute, which will perform from a functional perspective and meet our customers’ environmental standards.
The startup has increased its customer base by two in comparison with last year and is growing rapidly. It functions with more than 400 employees and covers 95% of the place around USA.