Plant-based meal kit delivery service, Purple Carrot, has received a $4 million equity investment from global fruit and vegetable producer Fresh Del Monte Produce Inc. According to the press release, the investment will allow the vegan company to improve its supply chain, gain access to the developing retail channel, and pursue “unique opportunities” for category expansion.
“Securing this strategic investment from Fresh Del Monte is a huge validation of our business model, and an important step forward for our company,” said Andy Levitt, Founder and CEO of Purple Carrot.
“Helping people eat more plant-based foods represents our differentiated, purpose-driven commitment to making the planet and the people who live on it healthier. This investment by Fresh Del Monte will strengthen our ability to create meaningful and lasting change, improve our core product, and open up a world of possibilities for brand expansion. I couldn’t be happier.”
Last year, a report by data analytics platform Second Measure revealed Purple Carrot maintained positive growth throughout the year. Researchers noted that this is an anomaly compared to other meal kit delivery services that have populated the market in recent years such as Blue Apron, HelloFresh, and Sun Basket, whose sales started off strong in the first quarter of the year, then sharply declined.
According to Bloomberg, Purple Carrot is set to post an annual revenue of $50 million while AdWeek reports that the company is on track to ship more than eight million meals in 2018.
Speaking about the Del Monte investment, Levitt said, “We see this as a real strategic advantage over time. It’s a very good fit.”
Originally launched in 2014 out of founder Levitt’s garage, the vegan meal kit delivery service has gone on to attract celebrity partnerships. Last year, Purple Carrot and Tom Brady teamed up to launch “TB12 Performance Meals.” The campaign featured vegan, high-protein, and gluten-free meals based off of the Patriots quarterback’s mostly plant-based diet.
While Purple Carrot is yet to disclose exact details on its intentions for the Del Monte investment, it may be looking to break into the retail market as other meal kit companies have.
Image Credit: Purple Carrot
