Plated, a unique meal delivery service, appeared on Season 5 of Shark Tank. It offered a rotating menu of chef-designed recipes, catering to different dietary preferences. The company focused on the freshness and quality of its ingredients, offering responsibly sourced meats and seasonal produce. Plated aimed to deliver more than just food, providing a culinary adventure that was accessible and customizable. Plated was acquired by Albertsons for a net worth of $300 million.
Key Takeaways:
- Plated, a meal delivery service, appeared on Shark Tank and was acquired by Albertsons for $300 million.
- The company focused on offering fresh, high-quality ingredients and provided customizable culinary experiences.
- Plated’s success on Shark Tank led to significant growth and sales surpassing $100 million.
- Despite discontinuing its subscription service, Plated continues to sell meal kits in select Albertsons stores.
- Plated’s founders, Josh Hix and Nick Taranto, showcased their passion for cooking healthy meals on Shark Tank.
The Journey of Plated on Shark Tank
Plated, founded by Josh Hix and Nick Taranto, appeared on the popular reality TV show Shark Tank in a bid to secure an investment for their unique meal delivery service. Seeking $500,000 in exchange for a 4% stake in the company, Plated showcased their innovative business model that offered chef-designed recipes and high-quality ingredients to customers.
The Shark Tank episode attracted the attention of millionaire investors, including Mark Cuban and Kevin O’Leary. While Cuban initially expressed interest in partnering with Plated, it was O’Leary who ultimately struck a deal with the entrepreneurs. This marked a significant milestone for Plated, as the exposure from the show led to explosive growth for the company.
Following their appearance on Shark Tank, Plated’s sales skyrocketed, surpassing $100 million. The financial success of Plated also caught the eye of Albertsons, a leading grocery chain, which eventually acquired the company for a staggering $300 million. This acquisition not only solidified Plated’s position within the meal delivery industry but also served as a testament to the resilience and innovation of the founders.
Table: Plated’s Journey on Shark Tank
Entrepreneur | Investor | Investment Offered | Stake in Company |
---|---|---|---|
Josh Hix and Nick Taranto | Mark Cuban | No deal | No deal |
Josh Hix and Nick Taranto | Kevin O’Leary | $500,000 | 4% |
In summary, Plated’s journey on Shark Tank showcased the ingenuity of its founders and their ability to seize opportunities. The exposure from the show catapulted Plated to financial success, attracting a substantial acquisition offer. This success story serves as inspiration for aspiring entrepreneurs looking to make their mark in the competitive business world.
The Rise and Fall of Plated
Plated, once a rising star in the meal delivery industry, experienced both tremendous success and unexpected challenges. After being acquired by Albertsons for a net worth of $300 million, Plated initially experienced rapid growth, securing $35 million in Series B funding. However, the startup ultimately faced setbacks as consumer preferences shifted and profitability became a concern.
Despite its initial success, Plated struggled to maintain profitability with its subscription-based business model. In November 2019, Albertsons announced the discontinuation of Plated’s subscription service, citing changing consumer preferences. This decision forced Plated to pivot its focus and shift towards selling Plated meal kits in select Albertsons stores.
While the shift in business strategy allowed Plated to continue operating, it marked the beginning of the company’s decline. Plated’s impact on the meal delivery industry remains significant, as it paved the way for future meal kit services. However, its rise and fall serve as a reminder of the challenges that startups face in a constantly evolving market.
Plated’s Founders and Legacy
Plated was founded by Josh Hix and Nick Taranto, two innovative entrepreneurs who shared a vision of revolutionizing the way we cook and enjoy meals at home. Both graduates of Harvard Business School, they brought their diverse backgrounds in finance and consulting to the table, blending their expertise to create a truly unique business.
Driven by their own personal struggles to find the time to cook healthy meals amidst their busy schedules, Hix and Taranto conceived the idea for Plated. They saw an opportunity to simplify the cooking process and make it accessible to everyone, regardless of their culinary skills. Their innovation lay in the creation of a meal delivery service that offered chef-designed recipes and high-quality ingredients, tailored to individual dietary preferences.
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The founders’ passion and dedication shone through when they appeared on Shark Tank, showcasing Plated’s potential to the world. Their pitch attracted the attention of investors, with Kevin O’Leary ultimately striking a deal. This validation of their business model and their ability to secure investment demonstrated their entrepreneurial prowess and set the stage for Plated’s success.
While Plated faced challenges and underwent changes after its acquisition by Albertsons, its legacy in the meal delivery industry remains significant. Plated’s innovative approach to home cooking paved the way for future meal kit services, inspiring others to reimagine how we experience and enjoy food at home. Their entrepreneurial journey is a testament to the power of innovation and the potential for success in the ever-evolving world of business.
FAQ
What is Plated?
Plated is a unique meal delivery service that offers a rotating menu of chef-designed recipes, catering to different dietary preferences.
What makes Plated different from other meal delivery services?
Plated focuses on the freshness and quality of its ingredients, offering responsibly sourced meats and seasonal produce. It aims to deliver more than just food, providing a culinary adventure that is accessible and customizable.
Did Plated appear on Shark Tank?
Yes, Plated appeared on Season 5 of Shark Tank, a popular reality TV show where entrepreneurs pitch their businesses to a panel of investors.
How much did Plated get acquired for?
Plated was acquired by Albertsons for a net worth of $300 million.
Who were the founders of Plated?
Plated was founded by Josh Hix and Nick Taranto, both Harvard Business School graduates with diverse backgrounds in finance and consulting.
What happened to Plated after its acquisition?
After being acquired by Albertsons, Plated experienced rapid growth and success, raising $35 million in Series B funding. However, the subscription service was discontinued due to changing consumer preferences. Plated shifted its focus to selling meal kits in select Albertsons stores.
What impact did Plated have on the meal delivery industry?
Plated’s innovative approach to home cooking paved the way for future meal kit services, leaving a significant impact on the industry.