Chefs Plate secures $10M in new funding

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By Ted Liu

Chefs Plate Inc. has raised $10 million in total new funding that includes equity and debt funding from its Series C round from Acton Capital, Emil Capital, InvestEco Capital and Comerica Bank. The company did not disclose the equity and debt breakdown of the $10 million funding.

Toronto based Chefs Plate is a meal-kit delivery company, providing pre-portioned, farm fresh ingredients with easy-to-follow recipes in refrigerated kits conveniently delivered right to customers’ homes.

Funding will be used to invest in technology, recruitment 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.

Chefs Plate is celebrating the milestone of delivering 450,000 meals per month as well as securing $20 million in total funding since launching in Toronto in November 2014. Chefs Plate investors also include Brand Project.

Since recently expanding into Quebec and the Maritimes, Chefs Plate is Canada’s only national meal kit delivery service. The company employs nearly 350 workers, marking a 300 per cent increase in its workforce within the last 12 months.

“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.”

“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.”

photo credit: Chefs Plate