Plated (meal kits)

Last updated

Plated
Company type Subsidiary
Industry Meal kit
Founded2012;12 years ago (2012)
FounderNick Taranto [1] [2]
Josh Hix [1] [2]
DefunctNovember 2019;5 years ago (2019-11)
FateClosed by Albertsons
Headquarters
New York City   OOjs UI icon edit-ltr-progressive.svg
Area served
 United States
Parent Albertsons (2017–2019)
Website plated.com

Plated was an American ingredient-and-recipe meal kit service that has been acquired by Albertsons. The company was founded in 2012 and became well known through its participation in Techstars in 2013, Shark Tank in 2014 and Beyond the Tank in 2015. Plated's founders, Nick Taranto and Josh Hix, earned a deal on Shark Tank that fell through, but negotiated a deal with a different Shark Tank investor after the show was filmed. The company accepted several rounds of venture capital investments and remained private until it was acquired by Albertsons in September 2017.

Contents

History

Plated delivered meals in the form of weekly boxes that contained ingredients and recipes to be cooked by the customer. Founded by Harvard Business School classmates Nick Taranto and Josh Hix in 2012 and launched that November, [1] [2] the company was selected to be in the Spring 2013 Techstars NY class. [3] It raised $1.4 million in seed round financing in May 2013 led by ff Venture Capital with angel investors that included TechStars, Manischewitz Company CEO Alain Bankier, Facebook's Andrew McCollom, and Paige Craig. [2] The company surpassed 100,000 meals delivered in the northeast and midwest regions of the United States by July 2013 and sought series A financing to begin nationwide service. [2]

That month, [4] [5] Plated appeared on episode 22 of the fifth season of Shark Tank, which aired on April 4, 2014; [6] on the show, Plated struck a deal with Mark Cuban of $500,000 for 6% of the company. However, the deal never closed because Taranto and Hix, who had initially asked for a $500,000/4% deal on the show, wanted to renegotiate the deal based on growth after the show. Four months after the deal with Cuban fell through, the Plated founders made a deal with Shark Tank's Kevin O'Leary for an undisclosed sum. [1]

In January 2014, Plated earned $5 million of Series A venture capital funding. [7] The company raised an additional $15 million in funding in August 2014 of what was called new Series A funding from Venture Capital Dispatch. [8] In the company's first three years, the company moved into sequentially larger fulfillment centers 14 times due to growth. [1]

The company was featured in the second episode of the first season of Beyond the Tank, which aired on May 8, 2015. [9] By the following month, the company was expected to surpass $100 million in revenue for the year. [10] In July 2015, Plated raised $35 million in Series B funding. [11] It extended its series B funding by $20 million in the third quarter of 2016. [12]

On September 20, 2017, Plated was acquired by Albertsons for $300 million. [13] [14] In April 2018, Albertsons began selling Plated meal kits in some of its stores. [15] In November 2019, Albertsons announced it was ending Plated's subscription service [16] with the last delivery date being November 27, 2019.

Related Research Articles

<span class="mw-page-title-main">Y Combinator</span> American startup accelerator

Y Combinator, LLC (YC) is an American technology startup accelerator and venture capital firm launched in March 2005 which has been used to launch more than 4,000 companies. The accelerator program started in Boston and Mountain View, expanded to San Francisco in 2019, and was entirely online during the COVID-19 pandemic. Companies started via Y Combinator include Airbnb, Coinbase, Cruise, DoorDash, Dropbox, Instacart, Reddit, Stripe, and Twitch.

<span class="mw-page-title-main">TechCrunch</span> American technology news website

TechCrunch is an American global online newspaper focusing on topics regarding high-tech and startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare.

<span class="mw-page-title-main">Techstars</span> U.S. startup accelerator

Techstars is a global startup accelerator and venture capital firm founded in 2006 and headquartered in New York City. The accelerator provides capital, mentorship, and other support for early-stage entrepreneurs.

Greycroft LP is an American venture capital firm. It manages over $2 billion in capital with investments in companies such as Bird, Bumble, HuffPost, Goop, Scopely, The RealReal, and Venmo. Greycroft was founded in 2006 by Alan Patricof, Dana Settle, and Ian Sigalow. The firm is headquartered in New York City, Los Angeles, and the San Francisco Bay Area.

<span class="mw-page-title-main">SendGrid</span> Email delivery service

SendGrid is a Denver, Colorado-based customer communication platform for transactional and marketing email. The company was founded by Isaac Saldana, Jose Lopez, and Tim Jenkins in 2009, and incubated through the Techstars accelerator program. As of 2017, SendGrid has raised over $81 million and has offices in Denver, Colorado; Boulder, Colorado; Irvine, California; Redwood City, California; and London.

AngelPad is an American seed-stage startup incubator, launched in September 2010 by Thomas Korte and Carine Magescas with six other former Google employees as mentors. AngelPad provides mentorship, seed money, and networking at two 10-week courses per year.

CircleUp is a financial technology company based in San Francisco that focuses on consumer goods startups. Since its official launch in April 2012, CircleUp has helped several consumer companies raise equity, including Back to the Roots, Halo Top Creamery, Little Duck Organics, Rhythm Superfoods and others. General Mills has an investment fund that is partnered with CircleUp to invest in companies listed on the platform.

<span class="mw-page-title-main">AngelList</span> Website connecting startups, angel investors, and job-seekers

AngelList is an American software company for fundraising and connecting startups, angel investors, and limited partners. Founded in 2010, it started as an online introduction board for tech startups that needed seed funding. Since 2015, the site allows startups to raise money from angel investors free of charge. Created by serial entrepreneur Naval Ravikant and Babak Nivi in 2010, Avlok Kohli has been leading AngelList as its CEO since 2019.

<span class="mw-page-title-main">SendGrid</span> Email delivery service

SendGrid is a Denver, Colorado-based customer communication platform for transactional and marketing email. The company was founded by Isaac Saldana, Jose Lopez, and Tim Jenkins in 2009, and incubated through the Techstars accelerator program. As of 2017, SendGrid has raised over $81 million and has offices in Denver, Colorado; Boulder, Colorado; Irvine, California; Redwood City, California; and London.

<span class="mw-page-title-main">Breathometer</span> Discontinued blood alcohol measurement device

Breathometer was a device that claimed to measure someone's blood alcohol content using their iOS and Android smartphones. However, the app proved unreliable, and was shut down by the Federal Trade Commission.

BrandYourself is a US-based online reputation management company. It provides software and services to help businesses and individuals out-rank search results with new content and websites. It operates on a freemium model, in which certain tools and services are provided without charge, but also offers paid subscriptions and professional services.

<span class="mw-page-title-main">OwnLocal</span> American digital advertising startup

OwnLocal is an Austin, Texas-based digital advertising startup founded in 2010.

<span class="mw-page-title-main">DigitalOcean</span> American cloud infrastructure provider

DigitalOcean Holdings, Inc. is an American multinational technology company and cloud service provider. The company is headquartered in New York City, New York, US, with 15 globally distributed data centers. DigitalOcean provides developers, startups, and SMBs with cloud infrastructure-as-a-service platforms.

<span class="mw-page-title-main">Coffee Meets Bagel</span> Dating app

Coffee Meets Bagel is a San Francisco–based dating and social networking service.

<span class="mw-page-title-main">Aileen Lee</span> American investor

Aileen Lee is a U.S. venture capital angel investor and co-founder of Cowboy Ventures.

<span class="mw-page-title-main">Casper Sleep</span> American mattress company

Casper Sleep Inc. is an e-commerce company that sells sleep products online and in retail locations. Headquartered in New York City, the company has showrooms in New York City, Chicago, and elsewhere. Its mattresses are manufactured in Georgia and Pennsylvania.

Sunbasket is a subscription meal delivery service that ships members fresh, sometimes organic, and sustainable ingredients and recipes every week, allowing them to cook their own meals. The company is headquartered in San Francisco, and operates two regional distribution centers in Morgan Hill, CA and Westampton, New Jersey. It is part of the meal kit industry.

Doorman was a privately held American technology company specializing in logistics services and products. The company managed and operated fulfillment centers and independent driver fleets in densely-populated urban areas, addressing the last mile gap between online retailers and their customers. It also developed, marketed and operated the Doorman mobile app, which allowed consumers to use their iOS or Android-based smartphone to schedule evening delivery of goods purchased online, or arrange pick up of goods intended to be shipped back to an online retailer.

<span class="mw-page-title-main">Codementor</span> Online platform

Codementor is an online platform that connects coders with mentors and clients for projects on a freelance basis. The company is based in Taipei, Taiwan, and San Francisco, California.

Smartling is a cloud-based translation technology and language services company headquartered in New York City.

References

  1. 1 2 3 4 5 Winfrey, Graham (May 12, 2015). "How Plated Got Served By Mark Cuban and Kevin O'Leary on 'Beyond the Tank'". Inc. Retrieved August 17, 2017.
  2. 1 2 3 4 5 Taylor, Colleen (May 9, 2013). "With 100k Meals Delivered, Plated Will Expand Nationwide By The Fall". TechCrunch . Retrieved August 17, 2017.
  3. ↑ Tischer, Clare (April 3, 2013). "Techstars NYC 2013 Class". Techstars. Archived from the original on March 11, 2016. Retrieved August 17, 2017.
  4. ↑ London, Jay (April 11, 2014). "MIT Alumna's Startup Survives Shark Tank". MIT.edu. Archived from the original on September 12, 2015. Retrieved August 17, 2017.
  5. ↑ "Shark Tank Episode Recap: Plated founders Nick Taranto and Josh Hix". Plated.com. May 2015. Retrieved August 17, 2017.
  6. ↑ "S5 E22 Kodiak Cakes, Monkey Mat, Plated, The Paint Brush Cover". American Broadcasting Company. April 4, 2014. Retrieved August 17, 2017.
  7. ↑ Kolodny, Lora (January 7, 2014). "Plated Raises $5M to Deliver Ingredients, Recipes to Home Chefs". The Wall Street Journal . Retrieved August 17, 2017.
  8. ↑ Kolodny, Lora (August 9, 2014). "Meal-Kit Startup Plated Raises $15M to Make Home Chefs of Us All". The Wall Street Journal . Retrieved August 17, 2017.
  9. ↑ "S1 E02 Episode 2". American Broadcasting Company. May 8, 2015. Retrieved August 17, 2017.
  10. ↑ Winfrey, Graham (June 4, 2015). "How Shark Tank's Plated Broke $100 Million in Revenue in Three Years". Inc. Retrieved August 17, 2017.
  11. ↑ Crook, Jordan (July 16, 2015). "Plated Is Served $35 Million In Series B". TechCrunch . Retrieved August 17, 2017.
  12. ↑ "Meal Kit Dollars And Deals Down From 2015 High". CB Insights. September 19, 2016. Retrieved August 17, 2017.
  13. ↑ "Mr. Wonderful Eats up Mark Cuban and Plates a Deal | Shark Tank: How It Started | CNBC Prime". YouTube . July 14, 2022.
  14. ↑ Buhr, Sarah (September 20, 2017). "Albertsons snaps up meal kit startup Plated for $200 million". TechCrunch . Retrieved September 20, 2017.
  15. ↑ Perez, Sarah (April 6, 2018). "Albertsons will offer Plated's meal kits across hundreds of stores this year". TechCrunch. Retrieved April 7, 2018.
  16. ↑ "Plated meal kits were in Albertsons stores, then disappeared. Now this". Idaho Statesman. November 14, 2019. Retrieved February 29, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.