Freshly, the meal delivery service for freshly-prepared meals, has agreed to be acquired by global food conglomerate Nestle for $950M with an additional $550M in earnouts possible. “We are extremely excited to expand our relationship with Nestlé,” said Freshly CEO Michael Wystrach. “Our mission is to make eating healthy easy by bringing nutritious, high quality meals directly to customers’ homes. Convenience and nutrition are driving forces in the future of food, and our becoming a part of the world’s largest food company confirms that. With Nestlé, we will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans and move closer to our goal of being in every household in America.”
Our mission is to make eating healthy easy by bringing nutritious, high-quality meals directly to customers’ homes. Convenience and nutrition are driving forces in the future of food, and our becoming a part of the world’s largest food company confirms that. With Nestlé, we will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans and move closer to our goal of being in every household in America. – Michael Wystrach
Founded in 2012 by Carter Comstock and Wystrach, Freshly has raised a total of $107M in reported equity funding. Nestle actually led the company’s last round in 2017. Other investors include Insight Partners, Alumni Ventures Group, Highland Capital Partners, Slow Ventures, Total Access Fund, White Star Capital, Monkfish Equity, The Yard Ventures, Chestnut Street Ventures, Blue Ivy Ventures, Jason Finger, Purple Arch Ventures, and BrandProject. The company is projecting that it will do $430M in revenue this year.
“We are excited to welcome Freshly to the Nestlé family,” said Nestlé USA Chairman and CEO, Steve Presley. “Consumers are embracing e-commerce and eating at home like never before. It’s an evolution brought on by the pandemic but taking hold for the long term. Freshly is an innovative, fast-growing, food-tech startup, and adding them to the portfolio accelerates our ability to capitalize on the new realities in the US food market and further positions Nestlé to win in the future.”
Consumers are embracing e-commerce and eating at home like never before. It’s an evolution brought on by the pandemic but taking hold for the long term. Freshly is an innovative, fast-growing, food-tech startup, and adding them to the portfolio accelerates our ability to capitalize on the new realities in the US food market and further positions Nestlé to win in the future. – Steve Presley
Source: https://www.alleywatch.com/2020/10/freshly-acquired-nestle/
