Meallogix® Raises $1.25 million in Oversubscribed Seed Funding Round
Meal prep software startup raises seven figures, positioning itself to become the leading technology powering the meal preparation sector
FOR IMMEDIATE RELEASE
SAN DIEGO, Sept. 22, 2020 –Meallogix®, the premier meal prep software that automates operations and business processes for meal prep company owners, announced today that it has closed an oversubscribed $1.25 million seed round co-led by strategic investors.
Meallogix will use the funds to continue to build out the Meallogix platform, scale operations, grow its global team, and expand partnerships.
“To raise seven figures during a seed round, have it be over-subscribed, and achieve that during a global pandemic is a testament to the exceptional product we offer and the team behind it,” said Meallogix Founder and CEO, Ted Stearns.
Before the coronavirus affected the way U.S. consumers dine and shop for food, there were 50 million people participating in meal kit and meal prep subscriptions, Nielsen reported. According to Statista, the meal prep market was valued at $1.6 billion dollars in 2016 and experienced a staggering 300% surge to a $4.65 billion valuation in 2017. By 2022, it’s expected to more than double to $11.6 billion.
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.
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About Meallogix®: Founded in 2019, Meallogix is the premier 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.