Everytable, the health-focused concept that prices its ready-to-eat meals by the neighborhood, has raised another $55 million to continue its expansion throughout California and New York City, the company said on Thursday.
The Series C funding round was led by a trio of investment firms, Creadev, Desert Bloom Food Ventures and Gullspång Re:food, each of which is focused on investing in healthier and sustainable food systems.
Venture firm Kaiser Permanente Ventures, the investor Kimbal Musk along with investment groups The Beacon Fund, Brener International Group and Lerer Hippeau Ventures were also involved, as was the Libra Foundation, a nonprofit that supports communities of color. Many of these groups had previously provided funding to the company.
The funding will be used to support Everytable’s unique model, which is expanding a business that serves healthy, convenient meals in a variety of formats, including SmartFridges, e-commerce, subscription services and storefronts. But it is also focused on supporting lower-income and underserved communities.
“We believe access to affordable and nutritious food is a human right,” Sam Polk, the former Wall Street financier who founded the company, said in a statement. “With the support of new and existing investors, we can continue transforming America’s food system and creating a more just and equitable society by providing access to fresh food to everyone.”
Meals are made in a central commissary kitchen and are priced based on a zip code’s median income. The idea is to make its wide-ranging menu of bowls, salads, wraps and other items as cheap as McDonald’s or Wendy’s.
The company currently has 32 storefronts, 20 of which opened this year. It is on track to finish the year with 54 locations. It operates these storefronts in the Los Angeles area, Orange County and San Diego County in California and in the spring launched a delivery service in the Bay Area. It also opened the first of three locations in New York. It plans to open more in that city next year, along with the Bay Area.
Many of the locations are targeted at underserved communities. “Their growth incentivizes a healthier and more nutritious food supply chain, while the combination of commissaries, meal delivery and streamlined ready-to-eat storefronts challenge the traditionally high costs of operating in the restaurant industry,” Gustaf Brandberg, general partner with Gullspång Re:food, said in a statement.
The company also aims to support marginalized communities through a unique franchise program, providing financial support and training to women and people of color to become operators. That program has $6 million in support from a wide range of foundations and nonprofit groups. It aims to franchise 60 locations over the next three years.
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