The culinary world has seen its fair share of innovative startups, but few have captured the essence of home cooking like Plated. This meal kit delivery service made waves on the popular reality TV show Shark Tank, securing a significant investment from one of the show’s most prominent sharks. In this article, we will delve into the details of Plated’s appearance on Shark Tank, the events that transpired, and the aftermath of their investment.
Introduction to Plated
Plated was founded in 2012 by Josh Rosenbaum and Nick Taranto, two Harvard Business School graduates with a passion for cooking. The company’s mission was to provide home cooks with a convenient and accessible way to prepare high-quality meals using fresh, sustainable ingredients. Plated’s meal kits included pre-portioned ingredients, along with a recipe card that guided users through the cooking process. This innovative approach to home cooking quickly gained popularity, and Plated became one of the leading meal kit delivery services in the United States.
Appearance on Shark Tank
In 2014, Plated’s founders appeared on Season 5 of Shark Tank, seeking an investment of $500,000 in exchange for 5% equity. The sharks were impressed by the company’s growth, with $1 million in revenue in the previous year and a projected $10 million in revenue for the current year. However, the founders were looking for more than just an investment; they wanted a strategic partner who could help them expand their business and increase their market share.
During the pitch, the founders highlighted Plated’s unique selling points, including its focus on sustainability, the quality of its ingredients, and the ease of use of its meal kits. They also emphasized the company’s strong customer retention rates, with 75% of customers returning to purchase additional meal kits. The sharks were impressed by the founders’ passion and the company’s potential for growth, and a bidding war ensued.
The Investment
After a heated negotiation, Plated’s founders accepted an offer from Mark Cuban, who invested $500,000 in exchange for 5% equity. Cuban’s investment was strategic, as he saw an opportunity to help Plated expand its customer base and increase its revenue through his network of contacts in the food industry. The investment was a significant milestone for Plated, as it provided the company with the necessary funds to scale its operations and compete with other meal kit delivery services.
Aftermath of the Investment
Following the investment, Plated experienced rapid growth, with revenue increasing to $100 million in 2016. The company expanded its operations, hiring more staff and increasing its marketing efforts. Plated also partnered with major food brands, such as Williams-Sonoma and Sur La Table, to offer its meal kits in their stores. This partnership helped to increase Plated’s visibility and reach a wider audience.
However, the meal kit delivery market was highly competitive, and Plated faced challenges from other startups, such as Blue Apron and HelloFresh. Despite these challenges, Plated continued to innovate, expanding its product offerings to include desserts, snacks, and other specialty items. The company also invested in technology, developing a mobile app that allowed customers to order meal kits and track their deliveries.
Acquisition by Albertsons
In 2017, Plated was acquired by Albertsons, a leading grocery store chain, for $200 million. The acquisition was a strategic move by Albertsons, as it sought to expand its online presence and offer its customers a convenient meal kit delivery service. The acquisition provided Plated with the necessary resources to scale its operations and compete with other meal kit delivery services.
Under Albertsons’ ownership, Plated continued to operate as a separate entity, with its founders remaining at the helm. The company expanded its distribution channels, offering its meal kits in Albertsons’ stores and online. Plated also invested in marketing, launching a series of advertising campaigns to increase brand awareness and attract new customers.
Current Status
Today, Plated is a leading meal kit delivery service, with a strong presence in the United States. The company continues to innovate, offering new and exciting recipes and expanding its product offerings to include specialty items, such as vegan and gluten-free meal kits. Plated’s acquisition by Albertsons has provided the company with the necessary resources to compete with other meal kit delivery services, and its founders remain committed to their mission of making home cooking accessible and convenient for everyone.
In conclusion, Plated’s appearance on Shark Tank was a pivotal moment in the company’s history, securing a significant investment from Mark Cuban and providing the necessary funds to scale its operations. The company’s acquisition by Albertsons has further strengthened its position in the market, and Plated continues to innovate and expand its product offerings. As the meal kit delivery market continues to evolve, Plated is well-positioned to remain a leading player, thanks to its commitment to quality, sustainability, and customer satisfaction.
| Year | Revenue | Investment |
|---|---|---|
| 2013 | $1 million | $500,000 from Mark Cuban |
| 2016 | $100 million | Partnership with Williams-Sonoma and Sur La Table |
| 2017 | $200 million | Acquisition by Albertsons |
The story of Plated is a testament to the power of innovation and entrepreneurship, and the company’s success is a reminder that with hard work and determination, anything is possible. As the meal kit delivery market continues to grow and evolve, Plated is well-positioned to remain a leading player, thanks to its commitment to quality, sustainability, and customer satisfaction.
What is Plated and how does it work?
Plated is a meal kit delivery service that provides its customers with pre-portioned ingredients and recipes to cook healthy and delicious meals at home. The company was founded in 2012 by Nick Taranto and Josh Rosenwald, and it quickly gained popularity due to its unique approach to meal planning and grocery shopping. Plated allows customers to choose from a variety of recipes each week, and the ingredients are then delivered to their doorstep. The service aims to make cooking easy and accessible, even for those with limited culinary experience.
The way Plated works is simple: customers sign up for the service and choose their preferred meal plan, which can range from 2 to 4 meals per week. They then select the recipes they want to cook, and the ingredients are shipped to their home in a refrigerated box. The ingredients are pre-portioned, and the recipes come with step-by-step instructions, making it easy for customers to follow along and cook their meals. Plated also offers a variety of dietary options, including vegetarian, gluten-free, and low-carb, to cater to different tastes and preferences. Overall, Plated provides a convenient and flexible way for people to cook healthy meals at home, without the hassle of meal planning and grocery shopping.
How did Plated perform on Shark Tank?
Plated appeared on Season 5 of Shark Tank in 2014, seeking an investment of $500,000 in exchange for 5% equity. The founders, Nick Taranto and Josh Rosenwald, presented their business to the Sharks, highlighting their unique approach to meal kit delivery and their impressive sales growth. The Sharks were impressed with the company’s traction and the founders’ passion, and several of them expressed interest in investing. However, the founders ultimately accepted an offer from Mark Cuban, who invested $500,000 in exchange for 5% equity.
The appearance on Shark Tank was a significant turning point for Plated, as it helped to increase the company’s visibility and attract new customers. The investment from Mark Cuban also provided the company with the necessary funds to scale its operations and expand its marketing efforts. After the show, Plated experienced rapid growth, and its sales increased significantly. The company’s success on Shark Tank also helped to establish it as a major player in the meal kit delivery market, and it paved the way for future investments and partnerships. Overall, Plated’s appearance on Shark Tank was a resounding success, and it helped to propel the company to new heights.
What happened to Plated after Shark Tank?
After appearing on Shark Tank, Plated continued to experience rapid growth and expansion. The company increased its marketing efforts and expanded its operations to meet the growing demand for its meal kits. Plated also introduced new features and services, such as a mobile app and a wine pairing program, to enhance the customer experience. In 2016, Plated was acquired by Albertsons Companies, a leading grocery retailer, for $200 million. The acquisition provided Plated with the resources and support it needed to continue growing and expanding its services.
The acquisition by Albertsons Companies marked a significant milestone for Plated, as it provided the company with access to a large network of grocery stores and distribution channels. Plated was able to leverage Albertsons’ resources to expand its reach and offer its meal kits to a wider audience. The company continued to operate independently, with its founders remaining at the helm, and it maintained its focus on providing high-quality meal kits and excellent customer service. Today, Plated is one of the leading meal kit delivery services in the United States, and it continues to innovate and expand its offerings to meet the evolving needs of its customers.
How did the acquisition by Albertsons Companies affect Plated?
The acquisition by Albertsons Companies had a significant impact on Plated, as it provided the company with the resources and support it needed to continue growing and expanding its services. With access to Albertsons’ large network of grocery stores and distribution channels, Plated was able to increase its reach and offer its meal kits to a wider audience. The acquisition also provided Plated with the opportunity to leverage Albertsons’ expertise in grocery retailing and logistics, which helped to improve the company’s operations and efficiency.
The acquisition by Albertsons Companies also helped to enhance Plated’s competitive position in the meal kit delivery market. With the support of a large and established retailer, Plated was able to invest in new technologies and marketing initiatives, which helped to drive growth and attract new customers. The company was also able to expand its product offerings and introduce new services, such as a line of prepared meals and a partnership with a leading food delivery service. Overall, the acquisition by Albertsons Companies was a strategic move that helped to propel Plated to new heights and establish it as a leading player in the meal kit delivery market.
What are the benefits of using Plated?
Using Plated offers several benefits, including convenience, flexibility, and access to healthy and delicious meals. With Plated, customers can choose from a variety of recipes each week and have the ingredients delivered to their doorstep, eliminating the need for meal planning and grocery shopping. The service also provides customers with the opportunity to try new recipes and ingredients, which can help to expand their culinary horizons and improve their cooking skills. Additionally, Plated’s meal kits are designed to be easy to follow and require minimal cooking experience, making it accessible to customers of all skill levels.
Another benefit of using Plated is the quality and freshness of the ingredients. The company sources its ingredients from local farmers and suppliers, ensuring that they are fresh and of high quality. Plated also offers a variety of dietary options, including vegetarian, gluten-free, and low-carb, to cater to different tastes and preferences. The service also provides customers with the option to skip weeks or cancel their subscription at any time, making it a flexible and convenient option for busy lifestyles. Overall, Plated offers a unique and convenient way for people to cook healthy and delicious meals at home, without the hassle of meal planning and grocery shopping.
How does Plated compare to other meal kit delivery services?
Plated is one of several meal kit delivery services available in the market, and it competes with other popular services such as Blue Apron, HelloFresh, and Home Chef. While each service has its own unique features and offerings, Plated stands out for its high-quality ingredients, flexible meal plans, and easy-to-follow recipes. Plated also offers a wider range of dietary options and a more extensive menu selection, which can be appealing to customers with specific dietary needs or preferences.
In terms of pricing, Plated is competitive with other meal kit delivery services, with prices starting at around $10 per serving. The company also offers a variety of promotions and discounts, which can help to reduce the cost of the service. Overall, Plated is a solid option for customers looking for a convenient and flexible meal kit delivery service that offers high-quality ingredients and a wide range of menu options. While it may not be the cheapest option available, Plated’s unique features and offerings make it a compelling choice for customers who value quality and convenience.