Founded in 2015 and certified as a B Corp, Fresh Prep operates a meal-kit delivery service that ships pre-chopped, locally sourced ingredients in reusable cooler bags. The company currently serves over 20 British Columbia municipalities and tens of thousands of customers, and employs more than 350 people. Fresh Prep says it has seen revenue growth of 540% over the past three years and that profits are being reinvested to drive growth and innovation. The startup claims it is the only Canadian meal-kit company that uses its own delivery drivers and offsets delivery emissions with carbon credits. With the new capital, Fresh Prep plans to expand into Alberta (targeting Calgary, Edmonton, Red Deer), invest in automation and new products, and improve its Zero Waste Kit. It also intends to add customizable and ready-to-eat options, more family-focused meals, and hire across marketing, culinary, engineering, operations and production roles. Fresh Prep is a vertically integrated, subscription-based meal-kit delivery service that delivers pre-chopped, locally sourced ingredients in reusable cooler bags. The company operates its own supply chain and delivery drivers and serves the BC Lower Mainland, the Okanagan and Vancouver Island. Founded in 2015, Fresh Prep has over 300 employees and serves tens of thousands of customers across municipal BC. The startup reports revenue growth of 11,000% since launch and says the COVID-19 pandemic has increased demand for its service. Fresh Prep emphasizes technology and automation in logistics and real-time tracking as core differentiators. The company plans to use new capital to hire more employees and increase automation of its technology. Fresh Prep is a Vancouver-based meal kit delivery service whose platform handles subscriptions and logistics, including order fulfillment, assembly and customer relations. The company closed its first round of financing, raising $3.3 million through a mix of equity and debt. The funding will be used for market expansion, R&D, product upgrades, and improvements to the facility and office space, and to hire additional talent. Fresh Prep says it operates a stable, recurring revenue model and attributes sustainable, profitable growth to its customer and product focus. Given that profile, the company indicated debt financing was the clear choice. First West Capital and private investors led the round and will provide junior capital to support growth.

Total raised

$25M

Funding rounds

4

Latest round

Series B

Latest activity

Sep 2021