Vancouver-based meal kit delivery service Fresh Prep has raised a $21 million Series B funding round led by Yellow Point Equity Partners with participation from Renewal Funds.
The company intends to use the funds to continue to accelerate growth through talent acquisition, automation, new products, and geographic expansion.
“We have proven out the profitability of Fresh Prep’s business model. While our profits are currently reinvested back into our business as we’re focused on growth and innovation, we know that our underlying fundamental model is sound.” says Husein Rahemtulla, Fresh Prep COO and Co-Founder.
“Because of this, Fresh Prep and its Board are confident in making the upfront investment in expansion with the knowledge it will generate returns into the future.”
Earlier this year Fresh Prep launched an industry-first Zero Waste Kit.
The Fresh Prep Zero Waste Kit is a reusable meal kit container that significantly reduces waste from single-use plastic, and allows for an easier and more organized cooking experience.
Delivered in Fresh Prep’s reusable and insulated cooler bags, all parts of the Zero Waste Kit are dishwasher safe and made with BPA-free reusable plastic and silicon parts.
Fresh Prep has grown steadily since its founding in 2015 and has a team of over 350 employees and services tens of thousands of customers across B.C.