Plated Shark Tank Update Plated Net Worth 2021
Plated Shark Tank
Plated is a meal kit provider that was founded in 2012 by two Harvard Business School students, Nick Taranto and Josh Hix, with the aim of making it easier for people to cook healthy meals at home without having to go to the grocery store.
The company gained recognition through appearances on shows such as Techstars, Shark Tank, and Beyond the Tank, and in 2013 it was part of the Techstars NY class.
After raising several rounds of venture capital, it was acquired by Albertsons in September 2017. Customers receive weekly boxes that contain ingredients and recipes for preparing meals.
What Happened to Plated After Shark Tank Update
In 2014, Plated appeared on an episode of Shark Tank, where they reached a deal with Mark Cuban for $500,000 in exchange for a 6% stake in the business, but the deal was never completed.
Later that year, they struck an agreement with Kevin O’Leary for an undisclosed amount.
The company had already secured $5 million in Series A venture capital financing and by August 2014, they received an additional $15 million in a new round of Series A investment.
Due to the company’s rapid expansion, they opened 14 fulfillment centers in their first three years. In 2015, Plated was featured on Beyond the Tank, and was predicted to reach $100 million in sales.
They also secured $35 million in Series B investment in July 2015 and raised an additional $20 million in the third quarter of 2016.
In September 2017, Albertsons purchased Plated for $200 million and began offering Plated meal packages in certain of their shops in April 2018.
However, In November 2019 Albertsons announced that Plated’s subscription service would be discontinued, with the final delivery date set for November 27, 2019.
Is Plated Still in Business?
Albertsons announced in a press release that it will no longer offer Plated’s meal kit subscriptions and will instead include the brand in its Own Brands private label product line.
The transition will be completed by November 2019.
How Plated Got Served By Mark Cuban and Kevin O’Leary
Plated, a food company, was acquired for $300 million after being featured on Shark Tank. Mark Cuban had initially agreed to invest $500,000 for a 6% stake, valuing the company at $10 million, but the deal fell through when the founders wanted to renegotiate the terms.
Later on, Plated made a deal with Kevin O’Leary.
Despite generating over $100 million in revenue annually, the company was not yet profitable at the time of the acquisition, which took place in 2017 and was by Albertsons.
What Happened To Plated After Shark Tank?
In 2014, Plated, a food delivery service company, appeared on an episode of Shark Tank, where the founders, Nick Taranto and Josh Hi, pitched their idea to investors and sought a $500,000 investment in exchange for a 4% equity stake.
Although they did not reach a deal on the show, they later secured funding from another investor. After the episode aired, Plated reached an agreement with Shark Tank investor Kevin O’Leary, but the details of the deal were not disclosed.
Despite challenges, Plated continued to grow and was eventually acquired by Albertsons for $200 million in 2017.
However, this acquisition resulted in changes such as the discontinuation of free shipping, meal kit deliveries, customer reviews, and an overall price increase of about 20%.
Plated Shark Tank Updates FAQs
What was the business idea?
Plated is a food delivery service founded by Harvard alumni Nick Taranto and Josh Hix that allows the customer to cook their own healthy meal.
Plated delivered meals in the form of weekly boxes that contained ingredients and recipes to be cooked by the customer.
What was the deal with Mark?
Originally, the deal with Mark did not close because Plated felt the value of their company went up after Shark Tank and wanted a higher valuation than what Mark offered.
Who are the Plated Founders?
The creative brains behind Plated, Meal Kit Subscription Service are Josh Hix and Nick Taranto. Both are Harvard Business School graduates.
Founder Nick Taranto graduated from Cornell University launched Plated with his business partner Josh Hix in 2012 after working on the side at Seamless for two years.
Did plated go out of business?
Plated is an online meal delivery company that was featured on the ABC show Shark Tank. After being acquired by Albertsons in 2017, Plated has since shut down its operations as of November 2019.
Why is Plated shutting down?
Plated was once a popular meal delivery service that was started by Harvard Business School graduates.
However, the company recently announced its plan to discontinue operations. The discontinuation of the subscription service.
According to Plated management, was supposed to create room for a sharper focus on how the brand can assist create a unique in-store experience.
What is Plated net worth?
As of 2017, Plated’s net worth is estimated to be $300 million.
The company was acquired by Albertsons for $200 million in September 2017.
What are Nick Taranto’s net worth & Josh Hix’s net worth?
Nick Taranto Net Worth is currently estimated at $110 million while Josh Hix Net Worth is approximately $100 million.
Both are Harvard Business School graduates.
What percentage of Plated did Kevin O’Leary own
Kevin O’Leary held some unknown stake in the Plated food delivery startup. Mark Cuban had offered $500,000 for a 6% stake in Plated but the deal was never sealed.
What percentage of Plated was Mark Cuban holding?
It was Cuban who originally invested in the startup when it was still called “Baked”. The food delivery service provider started with Cuban in 2014. Albertsons purchased Plated for $200 million in 2017.
Cuban had agreed to purchase 6% of the firm’s early-stage funding. He was not entitled to any interest in the firm after his offer was not sealed.
Did Plated become Hello Fresh?
After the acquisition of Plated, there was a lot of speculation that Hello Fresh would be acquired by Plated.
However, Albertsons only acquired the meal kit subscription service for $200 million. Albertsons paid $1 per share for Plated, which is below Hello Fresh’s $4 price per share.
Is Plated still in business?
Plated is no longer in business as of November 2019 after being sold off to Albertsons, Inc. in 2017.
The meal-kit startup was acquired by the grocery store giant for $200 million back in 2017.
What was the background of Nick and Josh?
They gave a background of how people love to eat healthily, but they learned getting good food on the table was expensive, time-consuming, and difficult.
What was the concept?
They gave a background about how their service, Plated, delivers the ingredients straight to the customer along with recipe cards so consumers can cook a healthy dish themselves.
What is the Business?
Nick Taranto and Josh Hix, two Harvard Business School grads, pitch Plated, their pre-portioned, gourmet meal delivery service, in Shark Tank Episode 5/28 on April 4.
How much does the product cost?
Plated offers a subscription-based program or “à la carte” for $10-$14 per plate.
Although concerned, the Sharks wanted to know the numbers and Nick pointed out that a plate costs $10 and that a customer has to order a minimum of $40.
What’s the deal with a subscription meal Kit Company?
The company joins a growing list of subscription meal kit companies springing up to meet the needs of people who want fresh, healthy meals from locally sourced ingredients but don’t want to bother with shopping or meal planning.
Who are the founders of this company?
Josh Hix and Nick Taranto are the creative geniuses behind this idea.
What happened to the company?
Plated ceased to exist as it was acquired in 2017 for $200 million by grocery supermarket giant, Albertsons.
What was the idea behind your restaurant?
As their former career was quite engaging, they hardly had any time to make proper meals, and warming food on the microwave didn’t give an authentic feel.
What was the inspiration for your company?
They realized that microwave meals are not the tastiest option, eating out at restaurants is too expensive, and people do not want to stand in long grocery queues after a tiring day at work.
What was the deal made on Shark Tank?
Plated Food Delivery Service first appeared on Shark Tank in Season 5, co-founders Josh Hix and Nick Taranto completed a deal with Mark Cuban for a $500,000.00 investment.
What happened to the deal with Mark?
Needless to say, Mark walked away from the deal at the same time Plated desperately needed large investment.
The deal with Mark fell apart when the Plated guys said they wanted more cash.
Kevin later did invest and the company is doing tens of millions in sales, but they aren’t profitable.
From this, Kevin felt Nick and Josh had not done a good job at executing the logistics which was essential to their business model, and recommended that Nick and Josh fly down to the new Chicago Warehouse opening to assure everything goes well.
What was the deal?
The exact deal was a little sketchy but for the half a million investment Cuban would receive 5.5% to 5.6% with a total valuation just under $10 million for the Plated Food Business.
What was the company’s first round of funding?
In May 2013, Planted secured $1.4 million in a seed round led by ff Venture Capital, with angel investors including Alain Bankier, CEO of TechStars Manischewitz Company, Andrew McCollom, and Paige Craig.
By July 2013, the firm had served over 100,000 meals in the northeast and Midwest of the United States, and it was looking for series A funding to expand countrywide.