Chefs Plate closes $10M funding round led by Acton Capital
TORONTO, Nov 29, 2017 – Chefs Plate, Canada’s leader in the booming meal kit delivery market, announces $10M in new funding that includes the close of its Series C round of financing from Acton Capital, Emil Capital, InvestEco Capital and Comerica Bank. Chefs Plate celebrates the milestone of delivering 450,000 meals per month nationally. The company has been securing $20M in total funding since launching in Toronto in November 2014.
Since recently expanding into Quebec and the Maritimes, Chefs Plate is Canada’s only national meal kit delivery service. It also proudly employs nearly 350 workers, marking a 300 per cent increase in its workforce within the last 12 months. The fresh capital is being used to invest in leading edge technology, recruitment of the country’s brightest talent, and automation of the company’s fulfillment centres in Toronto and Vancouver, as well as supporting its supply chain of Canadian farmers and artisanal suppliers.
“We invested in Chefs Plate because of its long-term strategy on making proper investments to scale the business in tandem with demand,” said Hannes Blum, Venture Partner, Acton Capital. “We like the fact that Chefs Plate is creating a strong value proposition through focusing on delicious recipes, quality ingredients, continuous innovation and a convenient service. This strategic approach results in high customer retention and reduces the need for continuous discounting to retain customers.” In addition to Chefs Plate, Acton Capital is currently invested in Canadian companies like LegalTech Clio and Software-as-a-Service company Mobify.
“Canadians love the convenience meal kits offer and we’re proud to be Canada’s number one choice. Our customer numbers have grown over 200 per cent over the past year and this month we’ll deliver three times more meals than we did this time last year,” said Jamie Shea, Co-Founder, Chefs Plate.
“We make cooking easy and look forward to using the newly raised funds to meet the needs of our growing customer base.”
Jamie Shea, Chefs Plate
Innovation is the cornerstone of Chefs Plate’s business that includes ongoing strategic brand and culinary partnerships. Chefs Plate recently worked with Starbucks as well as top chef, Vikram Vij, to develop unique recipes. Additionally, Chefs Plate’s partnership with Stella Artois provided the company the opportunity to work with Patrick Kriss — a Michelin trained chef and owner of Alo, named best restaurant in the country by the 2017 Canada’s 100 Best Restaurant list. Through the partnership, customers enjoyed a special hosting kit, #HostOneToRemember, complete with a Belgian-inspired recipe.
Chefs Plate, Canada’s leader in the meal-kit delivery market, provides pre-portioned, farm fresh ingredients with easy-to-follow recipes in refrigerated kits conveniently delivered right to customers’ homes. 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.