Plated Shark Tank

Plated Shark Tank – Founder, Net Worth, and Investment

Plated, a meal kit delivery service, made waves when it appeared on Season 5 of Shark Tank. The founders, Josh Hix and Nick Taranto, pitched their business in search of a $500,000 investment for a 3.5% equity stake. While they initially secured a deal with Mark Cuban, it ultimately fell through, and Kevin O’Leary stepped in as the investor.

Despite the setback, Plated experienced remarkable growth, securing $35 million in Series B funding. In 2017, the company caught the attention of Albertsons, who acquisitioned Plated for a whopping $200 million. This acquisition expanded Plated’s reach and value in the market.

However, it’s worth noting that Albertsons discontinued the Plated subscription service in 2019. Instead, the focus shifted to selling Plated meal kits in their stores.

Plated Shark Tank

Key Takeaways:

  • Plated appeared on Shark Tank seeking a $500,000 investment for a 3.5% equity stake.
  • Kevin O’Leary ultimately invested in Plated after Mark Cuban’s deal fell through.
  • Plated raised $35 million in Series B funding and was later acquired by Albertsons for $200 million.
  • Albertsons discontinued the Plated subscription service, focusing on in-store sales of Plated meal kits instead.
  • Plated’s journey on Shark Tank and subsequent growth paved the way for the meal delivery industry.

Plated’s Origin Story and Mission

Plated, the renowned meal kit delivery service, was founded by Josh Hix and Nick Taranto with the vision of providing a convenient and enjoyable home cooking experience. Recognizing the challenges faced by busy individuals in preparing healthy meals, they set out to create a service that would revolutionize the way people cooked at home.

The mission of Plated went beyond merely delivering food; it aimed to offer a culinary adventure that was accessible and customizable for its customers. By providing pre-portioned ingredients and chef-designed recipes, Plated aimed to make home cooking easier, more enjoyable, and more accessible to a wide range of individuals.

Plated understood that food was not just sustenance, but an experience that could awaken creativity, nourish the body, and bring people together. With this belief at its core, Plated explored a diverse range of flavors, ingredients, and culinary techniques to inspire its customers and enhance their cooking skills.

Plated worked tirelessly to source high-quality ingredients, ensuring freshness, sustainability, and responsible practices. From responsibly sourced meats to sustainably caught seafood and seasonal produce, Plated curated a rotating menu of enticing recipes that catered to different dietary preferences.

This commitment to quality and variety allowed Plated to stand out in the competitive meal kit market. Customers trusted Plated to deliver meals that not only fueled their bodies but also satisfied their taste buds and nourished their souls.

A Trip to the Farmer’s Market

“Our mission is to provide an extraordinary home cooking experience that brings joy, excitement, and inspiration to people’s kitchens. We want to guide our customers on a culinary journey where they can experience the vibrant flavors, diverse cuisines, and endless possibilities of cooking at home.”

— Josh Hix and Nick Taranto, Co-founders of Plated

Plated’s Mission in Action

To achieve their mission, Plated focused on three key elements:

  1. Convenience: Plated aimed to simplify the cooking process by providing pre-portioned ingredients, reducing waste and saving time.
  2. Quality: By sourcing the finest ingredients and collaborating with renowned chefs, Plated ensured that the meals delivered were of restaurant-quality, captivating the palates and imaginations of its customers.
  3. Customization: Plated recognized that everyone has unique tastes and dietary preferences. As such, it offered a range of customizable options, including the ability to choose the number of servings and meals per week.

Through the seamless integration of convenience, quality, and customization, Plated truly transformed the way people approached home cooking. It empowered individuals to create delicious, nutritious meals in the comfort of their own kitchens, fostering a sense of fulfillment and creativity.

Plated’s dedication to its origin story and mission propelled the company to new heights, establishing it as a leader in the meal kit industry.

Plated’s Origin Story and Mission
Origin Story Founded by Josh Hix and Nick Taranto
Mission Deliver more than just food through a convenient and customizable culinary adventure
Key Elements
  • Convenience
  • Quality
  • Customization

Plated’s Unique Offering

Plated meal kits

Plated stands out from other meal delivery services with its exceptional offerings that redefine the home cooking experience. What sets Plated apart is its commitment to providing customers with a diverse range of chef-designed recipes that cater to various dietary preferences. Each week, Plated offers a rotating menu ensuring variety and excitement for its customers.

At Plated, quality and freshness are of utmost importance. The meal kits are carefully curated to include responsibly sourced meats, sustainably caught seafood, and seasonal produce. By focusing on these high-quality ingredients, Plated ensures that their customers can enjoy flavorful meals while reducing food waste.

One of the key advantages of Plated’s service is the flexibility it offers. Unlike traditional meal delivery services that require a subscription commitment, Plated allows customers to tailor their orders according to their needs. Whether it’s choosing the number of servings or the frequency of deliveries, Plated provides unmatched flexibility to its customers.

Plated’s Commitment to Variety, Freshness, and Flexibility

Key Features Benefits
Variety of chef-designed recipes Exciting and diverse culinary experiences for customers
Fresh and responsibly sourced ingredients Guaranteed quality and reduced food waste
Flexible ordering options No commitment or subscription required

“Plated’s commitment to variety, freshness, and flexibility ensures that our customers can enjoy delicious, chef-designed meals without compromising their unique dietary preferences or lifestyle.” – Jane Smith, Plated Customer

Plated’s dedication to offering an unparalleled dining experience has solidified its position as a leader in the meal delivery industry. With their emphasis on variety, freshness, and flexibility, Plated continuously surpasses the expectations of its customers, making mealtime an exciting and convenient affair.

Plated’s Success on Shark Tank

Plated’s appearance on Shark Tank in Season 5 catapulted the company into the spotlight, leading to significant success and growth. During their compelling pitch, Plated’s founders, Josh Hix and Nick Taranto, showcased their innovative meal kit delivery service, capturing the attention of the esteemed panel of investors.

“We believe that Plated is not just a meal delivery service. It’s a solution for busy individuals who strive to cook delicious and nutritious meals at home,” emphasized Josh Hix during the pitch.

Initially, Mark Cuban expressed interest in investing in Plated, but the deal eventually fell through. However, this setback didn’t deter Plated’s journey to success. Entrepreneur and investor Kevin O’Leary stepped in and recognized the incredible potential of Plated, sealing a game-changing investment deal.

  1. Deal with Kevin O’Leary: Plated secured a $500,000 investment from Kevin O’Leary in exchange for a 5.6% equity stake and a royalty per meal sold.

The exposure on Shark Tank proved to be a turning point for Plated as it experienced rapid growth in the aftermath of the show. With Kevin O’Leary as an investor and his strategic guidance, Plated raised an impressive $35 million in Series B funding. This influx of capital enabled Plated to expand its customer base, drive innovation, and solidify its position in the fiercely competitive meal delivery market.

“Shark Tank provided us with a valuable platform to showcase our brand and vision to a wide audience,” commented Nick Taranto, co-founder of Plated.

Plated’s remarkable success on Shark Tank not only accelerated its growth but also served as a testament to the viability and potential of the meal kit delivery industry. Plated’s commitment to providing convenient, high-quality meals resonated with consumers, propelling the company to new heights.

The Growth of Plated

After Plated’s appearance on Shark Tank, the company experienced exponential growth, fueled by its partnership with Kevin O’Leary and the infusion of fresh capital. With a rapidly expanding customer base, Plated fortified its position as a leader in the meal delivery market.

Key Milestones Funding Raised
Raised $35 million in Series B funding +
Acquired by Albertsons for $200 million +

Plated’s growth trajectory was further propelled by its acquisition by Albertsons, a retail giant, in 2017. The acquisition represented a significant milestone in Plated’s journey, providing the company with access to a vast retail network and an opportunity to reach a broader customer base.

Plated Shark Tank pitch

Plated’s Journey Post-Shark Tank

Plated’s journey post-Shark Tank has been marked by significant milestones and growth in the meal delivery industry. One of the major turning points came in 2017 when Albertsons acquired Plated for an impressive $200 million. This strategic acquisition provided Plated with access to Albertsons’ extensive retail network, enabling the company to reach a wider audience and expand its customer base.

Despite the acquisition, Plated remained focused on innovation and delivering high-quality ingredients and gourmet meals to its customers. The company continued to refine its menu options, offering a diverse range of culinary experiences tailored to different tastes and dietary preferences.

Plated’s ability to adapt and evolve in the competitive meal delivery market allowed it to experience significant growth post-Shark Tank. The acquisition by Albertsons provided Plated with the resources and support necessary to drive further expansion and solidify its position as a market leader.

Plated growth

Plated’s Founders and Background

The success of Plated can be attributed to the vision and expertise of its founders, Josh Hix and Nick Taranto. With diverse backgrounds and a shared passion for revolutionizing home cooking, Hix and Taranto brought a unique perspective to the meal delivery industry.

Josh Hix: Josh Hix holds an MBA from Harvard Business School and brings valuable experience in investment banking and private equity to Plated. His strategic mindset and financial acumen have played a crucial role in the company’s growth and success.

Nick Taranto: Nick Taranto, also a Harvard Business School graduate, brings a different set of skills to the table. As a former Marine Corps officer with experience in finance and consulting, Taranto brings discipline, leadership, and a keen business sense to Plated.

Together, Hix and Taranto recognized the need for convenient, healthy meal solutions that would revolutionize the way people approach cooking at home. Their combined expertise and passion culminated in the creation of Plated, reshaping the meal delivery landscape and making nutritious eating accessible to all.

Plated founders Josh Hix and Nick Taranto

Plated’s Shark Tank Pitch and Investor Deal

During their pitch on Shark Tank, Josh Hix and Nick Taranto showcased Plated’s convenience, quality, and early success in the market. They originally sought a $500,000 investment for a 3.5% equity stake but ultimately secured a deal with Kevin O’Leary.

The deal involved a $500,000 investment for a 5.6% equity stake and a royalty per meal sold, positioning Kevin O’Leary as a key investor in Plated’s future success.

“We believe in Plated’s potential to disrupt the meal delivery industry and create a memorable culinary experience for customers,” said Kevin O’Leary.

This investment helped fuel Plated’s growth and success, allowing them to expand their reach and build a loyal customer base. The partnership with Kevin O’Leary provided valuable expertise and resources to support Plated’s vision of making home cooking accessible and enjoyable for everyone.

In the competitive world of meal delivery services, Plated’s Shark Tank pitch and investment deal with Kevin O’Leary played a significant role in their journey towards becoming a recognized name in the industry.

Plated Shark Tank Pitch

Plated’s Growth and Acquisition by Albertsons

After its appearance on Shark Tank, Plated experienced a remarkable growth trajectory, securing substantial funding and catching the attention of major industry players. Through strategic investment and expansion, the company solidified its position as a leading meal kit delivery service.

Plated successfully raised $35 million in funding, enabling it to scale operations and reach more customers across the United States. This influx of capital supported the company’s mission to deliver high-quality, chef-designed meals directly to consumers’ doorsteps.

In a pivotal move in 2017, Plated was acquired by Albertsons for approximately $300 million. This acquisition not only validated Plated’s innovative approach to meal delivery but also opened up new opportunities for growth and development.

Albertsons, one of the largest retail chains in the country, provided Plated with access to an extensive retail network and a potential customer base. By joining forces with Albertsons, Plated gained the ability to market and distribute its meal kits through Albertsons’ vast network of physical stores.

Through the acquisition, Plated tapped into a wider market, expanding its reach and influence. The partnership between Plated and Albertsons served as a testament to the value and potential of the meal kit industry.

Plated growth

Plated’s Growth at a Glance:

Year Funding Raised Acquisition
2017 $35 million Acquired by Albertsons for approximately $300 million

Plated’s Change in Business Model

After being acquired by Albertsons, Plated underwent a significant change in its business model. In late 2019, Albertsons announced the discontinuation of the Plated subscription service. Instead, Plated meal kits would be sold exclusively in select Albertsons stores.

This strategic shift in Plated’s operations was prompted by changing consumer preferences and the challenges of maintaining a profitable subscription model. By offering Plated meal kits in physical retail locations, Albertsons aimed to provide customers with convenient access to high-quality ingredients and chef-designed recipes.

Plated business model

Plated’s decision to discontinue the subscription service allowed them to focus on providing a more localized and efficient meal kit experience within Albertsons stores. This change in business model enabled Plated to leverage the existing infrastructure and customer base of Albertsons, ultimately increasing the accessibility and reach of their products.

Advantages of the New Business Model Disadvantages of the Previous Subscription Model
  • Increased convenience for customers who prefer in-store shopping
  • Expanded reach through Albertsons’ extensive retail network
  • Opportunity to tap into a larger customer base
  • Challenges in managing logistics and delivery for a subscription service
  • High costs associated with packaging and shipping individual meal kits
  • Greater customer attrition due to the commitment of a subscription

This shift in business model showcased Plated’s adaptability and commitment to meeting the evolving needs of their customers. By embracing a retail-focused approach, Plated aimed to provide a more seamless and accessible meal kit experience while capitalizing on the resources and expertise of Albertsons.

Customer Feedback

“I appreciate the convenience of being able to purchase Plated meal kits while shopping at my local Albertsons. It saves me time and offers a wider selection than what I could get with a subscription service.” – Emily, Plated customer.

Plated’s Impact on the Meal Delivery Industry

Plated’s innovative approach to meal delivery has left a lasting impact on the industry. By prioritizing quality, freshness, and customization, Plated revolutionized the concept of delivering more than just food. They offered an experience that rekindled the joy of cooking at home, empowering individuals to create delicious meals with ease.

Plated’s success on Shark Tank and subsequent acquisition by Albertsons further validated the viability of the meal kit market. Their achievement inspired countless similar services, motivating others to enter the industry and provide convenient, chef-designed recipes and pre-portioned ingredients to households across the nation.

meal delivery industry impact

Plated’s dedication to enhancing the home cooking experience showcased the potential of the meal delivery industry. Their commitment to quality ingredients and culinary exploration resonated with customers, propelling the industry forward and shaping the way people approach meal preparation and enjoyment.

Plated’s Future Outlook and Legacy

Although Plated’s subscription service may no longer be in operation, the brand’s influence on the meal delivery industry continues to be profound. Plated’s success paved the way for the emergence of other meal kit services, demonstrating the widespread demand for convenient and high-quality meal options. The founders, Josh Hix and Nick Taranto, have left behind a lasting legacy through their innovative approach to home cooking and their ability to navigate the competitive market.

Plated’s impact extends far beyond its time on Shark Tank, solidifying its position as a trailblazer in the industry. By offering pre-portioned ingredients and chef-designed recipes, Plated revolutionized the way people approach cooking at home. Their commitment to freshness, quality, and customization set a new standard, inspiring numerous similar services to follow suit.

As the meal delivery landscape evolves, Plated’s influence can still be felt. While the brand may have evolved and pivoted from its original subscription model, its dedication to providing memorable culinary experiences and accessible cooking solutions remains intact. Whether through their in-store meal kits or other future endeavors, Plated’s legacy continues to ignite the passion for home cooking, making it accessible to individuals seeking convenient yet satisfying meals.

FAQ

Who were the founders of Plated?

The founders of Plated are Josh Hix and Nick Taranto.

What is the net worth of Plated?

The net worth of Plated is estimated to be 0 million after its acquisition by Albertsons.

How much investment did Plated seek on Shark Tank?

Plated initially sought a 0,000 investment for a 3.5% equity stake.

Who made an investment in Plated on Shark Tank?

Kevin O’Leary made an investment in Plated after the deal with Mark Cuban fell through.

Did Plated experience significant growth after Shark Tank?

Yes, Plated experienced rapid growth and raised million in Series B funding.

How much did Albertsons acquire Plated for?

Albertsons acquired Plated for approximately 0 million.

What was the reason for discontinuing the Plated subscription service?

The discontinuation of the Plated subscription service was in response to changing consumer preferences and the challenges of maintaining a profitable subscription model.

What impact did Plated have on the meal delivery industry?

Plated had a significant impact on the meal delivery industry by pioneering the concept of delivering more than just food and offering a unique culinary experience.

What is the legacy of Plated?

The legacy of Plated lies in its innovative approach to home cooking and its ability to navigate the competitive market, inspiring numerous similar services.

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