Meallogix® Raises US$1.7M in Oversubscribed Pre-Series A Round Led by Tech Coast Angels
Capital raise will support the completion and commercialization of leading software serving the meal preparation sector
FOR IMMEDIATE RELEASE
SAN DIEGO, March 16, 2021 –Meallogix®, the premier software that automates operations and business processes for meal prep company owners, announced today that it has successfully closed its oversubscribed Pre-Series A capital raise led by Tech Coast Angels, with participation from Spark Growth Ventures.
Meallogix will use the funds to continue building its front- and back-end enterprise resource planning software, expand its reach domestically in the United States, launch an online learning platform specific to the meal prep sector, and add several key leadership roles in the company.
“It’s exciting to support a company that offers a solution for a growing sector experiencing a real need for automation,” said Michael Weisman, entrepreneur and Tech Coast Angels deal lead. “I’m equally enthusiastic that Tech Coast Angels was able to lead this investment. We have great confidence in the Meallogix vision, platform, and the team behind it.”
“The meal prep sector is highly fragmented, underserved and going through rapid growth, benefitting from the gig economy, e-commerce and COVID tailwinds,” said Hem Suri, Founder and Managing Partner of Spark Growth Ventures. “At the same time, there are no comprehensive and sophisticated end-to-end technology solutions that enable the business potential of small- and medium-sized independent meal prep operators. Meallogix is looking to address this gap through an impressive combination of a top-notch team, enviable product platform, and high-value strategic partnerships. We are very excited about our investment in the company, and are looking forward to working closely with the team to support their growth story in the coming years.”
“We are immensely proud to be backed by two of the most reputable investment firms in the tech sphere” said Meallogix Founder and CEO, Ted Stearns. “To have the support of Tech Coast Angels and Spark Growth Ventures further validates the need Meallogix is helping fulfill.”
The financing round brings the total amount of capital raised by Meallogix to $3 million.
According to Nielsen, there are 50 million people participating in meal kit and meal prep subscriptions, in a market valued at $1.6 billion dollars in 2016, and that experienced a staggering 300% surge to a $4.65 billion valuation in 2017. By 2022, the meal prep market is expected to more than double to $11.6 billion, making it one of the fastest-growing sectors in the U.S.
“Another key statistic is that 80% of consumers participating in meal prep order their meals from thousands of independently owned and operated meal prep companies, instead of large national brands like Blue Apron or Freshly,” added Stearns. “The industry is growing at an immensely rapid pace, with no signs of slowing down, and Meallogix is here to support that growth.”
Meallogix solves the most prevalent and crippling issue all meal prep business owners face – the laborious manual tasks that prevent them growing their business and doing what they enjoy the most – cooking. Meallogix addresses that problem by removing operational barriers and digitizing every step of the supply chain, from order intake to ingredient conversion, nutrition label creation, shopping list creation, recipe costing, delivery options, and more. Its dashboard allows meal prep owners to gain insight into critical financials, showing them which menu items drive profits and which do not.
Meallogix was developed by leaders in the software and technology sectors, successful meal prep business owners, experts from the food and beverage industries, and respected restaurant owners.
To learn more about Meallogix, visit: www.meallogix.com.
# # #
About Meallogix®: Founded in 2019, Meallogix is a venture-backed technology software for the meal prep sector, providing an all-in-one solution for meal prep operators that helps automate and optimize business processes, offering state-of-the-art front- and back-end technologies that replace all manual tasks, except for cooking. To learn more, visit: www.meallogix.com.
About Tech Coast Angels: Tech Coast Angels (TCA) is one of the largest and most active angel investor networks in the nation, and a leading source of funding for seed-stage and early-stage companies. The angel network is comprised of five chapters, consisting of over 450 members in Southern California. Every TCA member is an accredited investor, and companies in which TCA invest go through well-structured, transparent, time-efficient screening and due diligence. TCA members are founders and business leaders who have extensive knowledge in the investment process and world-class business practices, and thus are able to provide companies with more than just capital: they also contribute counsel, mentoring and access to an extensive network of investors, customers, strategic partners and management. Since its founding in 1997, TCA has invested over $250 million in more than 400 companies and has helped attract more than $1.8 billion in additional capital/follow-on rounds. To learn more, visit: www.techcoastangels.com.