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Power Supply Receives $5M in Funding Led by Upfront Ventures to Fuel Fitness Forward Meal PlatformPower Supply, the best kept secret in food-tech, announced today a $5M seed round, led by VC firm Upfront Ventures, to grow its curated marketplace for chef-driven prepared healthy meals. The funds will enable the fast-growing lifestyle brand to expand into new markets and extend the technology capabilities to help more people improve their lives through food. Already available in hundreds of locations throughout Washington D.C., Power Supply launched in Los Angeles in 2015 and now is live in San Francisco, with other major cities coming soon. "We're using technology to connect two groups who haven't traditionally had easy access to each other - active people who care about what they put in their bodies and well known, independent chefs who care a lot about ingredient quality - all on a single platform that lets us take a data driven approach to scaling quality and personalization," said Power Supply Founder and CEO Patrick Smith. "The result is food that's not only really good for you, but that also tastes great, a combo our customers tell us not only makes it easier to eat better, but also encourages this great upward spiral effect, where they look anew at other healthy choices in their lives." The marketplace runs on a custom technology platform designed to easily connect independent chefs with a wellness-oriented audience, all via a convenient distribution netwok that includes 200 fitness community locations, as well as home and office delivery. A robust customer review system allows the company to quickly refine and personalize meal selections and recommendations. Since debuting in 2011, Power Supply's efficient model and highly motivated customer base have spurred rapid growth and engagement, with over 1M meals served to date and more than 80% of customers on weekly recurring plans. "Technology has the opportunity to disrupt the massive food market, but it's hard to get both the food and the experience just right," said Kara Nortman, partner at Upfront Ventures. "Power Supply has built a scalable platform that is uniquely positioned to deliver great-tasting food in a convenient, capital-efficient way." Additional participants in the raise include well-known, values-aligned investors like innovative restaurant investor Hanson Li (Saison, Locol), former Blackboard CEO Michael Chasen (News - Alert), heath guru Mark Sisson, former CMO of Fresh Direct Drew Koven, and Alan Bankier and The Motley Fool. About Power Supply Helping active lifestyle-loving consumers eat, move and live better with unquestionably good for you and delicious food, from talented and independent local chefs, all in one simple online experience. Customers order meal plans (3-10/week) online from Power Supply, a community of local, independent chefs makes delicious meals adhering to clear healthy guidelines, we deliver to activated communities (fitness, wellness, office locations, as well as home delivery), customers pick up fresh meals, heat and eat. Visit www.mypowersupply.com for more information. About Upfront Ventures Upfront Ventures is the largest and longest-serving venture capital fund in Los Angeles, having invested more than $1 billion since 1996 in companies such as Maker Studios, TrueCar and Overture. While Upfront is a national investment firm, it invests at least 50% of its capital in Southern California based technology companies from San Diego to Santa Barbara.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006252/en/ |
