The entrepreneurial world is full of innovative ideas and products, but not all of them manage to leave a lasting impression. However, Plated, a meal kit service that appeared on Shark Tank, is an exception. The company’s unique approach to home cooking and its memorable appearance on the popular reality TV show have piqued the interest of many. In this article, we will delve into the details of Plated’s journey, from its inception to its current status, and explore what happened to the company after its appearance on Shark Tank.
Introduction to Plated
Plated is a meal kit delivery service that was founded in 2012 by Josh Rosenblatt and Nick Taranto. The company’s primary goal was to provide home cooks with pre-portioned ingredients and easy-to-follow recipes, allowing them to create delicious and restaurant-quality meals in the comfort of their own homes. Plated’s innovative approach to home cooking quickly gained popularity, and the company started to expand its operations across the United States.
The Shark Tank Appearance
In 2014, Plated’s founders, Josh and Nick, appeared on Season 5 of Shark Tank, seeking an investment of $500,000 in exchange for 10% equity. The company’s pitch impressed the Sharks, and after a heated negotiation, Plated secured a deal with Mark Cuban and Kevin O’Leary, also known as “Mr. Wonderful.” The investment agreement included a $500,000 investment in exchange for 11% equity, with Mark Cuban and Kevin O’Leary each receiving 5.5% of the company.
Post-Shark Tank Growth
After the Shark Tank appearance, Plated experienced significant growth, with its revenue increasing by over 50% in just a few months. The company expanded its operations, hiring more employees and increasing its marketing efforts. Plated also introduced new features, such as a mobile app and a wider range of recipes, to enhance the customer experience.
The Acquisition by Albertsons
In 2017, Plated was acquired by Albertsons Companies, a leading American grocery company, for $200 million. The acquisition marked a significant milestone for Plated, as it provided the company with the resources and support needed to further expand its operations and improve its services. After the acquisition, Plated continued to operate as a standalone company, with its founders, Josh and Nick, remaining at the helm.
Integration with Albertsons
The integration with Albertsons has enabled Plated to leverage the grocery company’s extensive resources and expertise. Plated has started to offer its meal kits in Albertsons stores, making it easier for customers to access the company’s products. Additionally, Plated has expanded its range of recipes and ingredients, using Albertsons’ vast network of suppliers to source high-quality products.
Current Status
Today, Plated is one of the leading meal kit delivery services in the United States, with a strong presence in the market. The company continues to innovate and expand its services, with a focus on providing customers with convenient, healthy, and delicious meal solutions. Plated’s acquisition by Albertsons has proven to be a successful move, as the company has been able to leverage the grocery company’s resources and expertise to drive growth and improvement.
Key Takeaways
The story of Plated’s journey, from its appearance on Shark Tank to its current status, offers several key takeaways for entrepreneurs and business owners. Adaptability and innovation are crucial for success, as Plated’s ability to adapt to changing market trends and innovate its services has enabled the company to stay ahead of the competition. Additionally, strategic partnerships and acquisitions can be highly beneficial, as Plated’s acquisition by Albertsons has provided the company with the resources and support needed to drive growth and expansion.
Lessons Learned
Plated’s journey also offers several lessons for entrepreneurs and business owners. Securing the right investment is critical, as Plated’s deal with Mark Cuban and Kevin O’Leary provided the company with the funding and expertise needed to drive growth. Additionally, staying true to your vision and values is essential, as Plated’s commitment to providing high-quality meal solutions has enabled the company to build a loyal customer base and establish a strong reputation in the market.
Conclusion
In conclusion, Plated’s story is a testament to the power of innovation, adaptability, and strategic partnerships. From its humble beginnings to its current status as a leading meal kit delivery service, Plated has demonstrated its ability to evolve and thrive in a rapidly changing market. As the company continues to grow and expand its services, it will be exciting to see what the future holds for Plated. With its strong foundation, commitment to quality, and focus on customer satisfaction, Plated is well-positioned to remain a major player in the meal kit delivery market for years to come.
Final Thoughts
As we reflect on Plated’s journey, it is clear that the company’s success is a result of its dedication to providing high-quality meal solutions and its ability to adapt to changing market trends. Plated’s story serves as an inspiration to entrepreneurs and business owners, demonstrating the importance of innovation, strategic partnerships, and staying true to your vision and values. As the meal kit delivery market continues to evolve, it will be interesting to see how Plated navigates the challenges and opportunities that lie ahead, and how the company continues to innovate and expand its services to meet the changing needs of its customers.
| Year | Event | Description |
|---|---|---|
| 2012 | Founding of Plated | Plated was founded by Josh Rosenblatt and Nick Taranto, with the goal of providing home cooks with pre-portioned ingredients and easy-to-follow recipes. |
| 2014 | Appearance on Shark Tank | Plated’s founders appeared on Season 5 of Shark Tank, securing a deal with Mark Cuban and Kevin O’Leary. |
| 2017 | Acquisition by Albertsons | Plated was acquired by Albertsons Companies for $200 million, providing the company with the resources and support needed to further expand its operations and improve its services. |
A Look to the Future
As Plated continues to grow and evolve, it will be exciting to see how the company navigates the challenges and opportunities that lie ahead. With its strong foundation, commitment to quality, and focus on customer satisfaction, Plated is well-positioned to remain a major player in the meal kit delivery market for years to come. Whether you are a loyal customer or just discovering Plated, one thing is clear: the company’s dedication to providing high-quality meal solutions and its ability to adapt to changing market trends make it a fascinating story to follow.
What is Plated and how did it originate?
Plated is a meal kit delivery service that was founded in 2012 by Nick Taranto and Josh Rosenblatt. The company’s concept involves delivering pre-portioned ingredients and recipes to customers’ doorsteps, allowing them to cook healthy and delicious meals at home. Plated gained popularity and eventually appeared on Shark Tank in 2014, where it secured an investment from Mark Cuban. The company’s growth was rapid, and it became one of the leading meal kit delivery services in the United States.
After its appearance on Shark Tank, Plated continued to expand its operations and improve its services. The company introduced new features, such as a wider range of recipes and more flexible subscription plans. Plated also focused on building a strong community of customers, who could share their cooking experiences and provide feedback on the service. With its commitment to quality and customer satisfaction, Plated established itself as a major player in the meal kit delivery market. However, the company’s success was not without challenges, and it eventually faced increased competition from other meal kit delivery services.
What happened to Plated after Shark Tank?
After appearing on Shark Tank, Plated experienced significant growth and expansion. The company used the investment from Mark Cuban to improve its operations and increase its marketing efforts. Plated also expanded its team, hiring more employees to handle the increasing demand for its services. The company’s revenue grew rapidly, and it became one of the leading meal kit delivery services in the United States. However, Plated also faced challenges, including increased competition from other meal kit delivery services and rising operational costs.
Despite the challenges, Plated continued to innovate and improve its services. The company introduced new features, such as a more user-friendly website and mobile app, and expanded its range of recipes to cater to different dietary needs and preferences. Plated also focused on building strategic partnerships with food suppliers and other companies to reduce its costs and improve its efficiency. In 2017, Plated was acquired by Albertsons Companies, a leading grocery retailer, in a deal worth approximately $200 million. The acquisition marked a significant milestone for Plated, and it has since continued to operate as a subsidiary of Albertsons Companies.
How did Plated’s acquisition by Albertsons Companies affect the company?
The acquisition of Plated by Albertsons Companies had a significant impact on the company’s operations and growth. After the acquisition, Plated continued to operate as a separate entity, but it gained access to Albertsons’ resources and expertise. The company was able to leverage Albertsons’ supply chain and logistics capabilities to reduce its costs and improve its efficiency. Plated also benefited from Albertsons’ marketing and branding efforts, which helped to increase its visibility and reach a wider audience.
The acquisition also enabled Plated to expand its services and offer more features to its customers. The company introduced new meal kits and recipes, and it expanded its delivery areas to cover more cities and states. Plated also focused on building a stronger online presence, with a more user-friendly website and mobile app. Today, Plated continues to operate as a leading meal kit delivery service, with a strong focus on quality, customer satisfaction, and innovation. The company’s acquisition by Albertsons Companies has been instrumental in its growth and success, and it remains a major player in the meal kit delivery market.
What are the benefits of using Plated’s meal kit delivery service?
Plated’s meal kit delivery service offers several benefits to customers, including convenience, quality, and flexibility. The company’s meal kits are designed to be easy to cook and require minimal preparation time, making them ideal for busy individuals and families. Plated’s recipes are also carefully crafted to ensure that they are healthy and delicious, using only the freshest and highest-quality ingredients. The company’s meal kits cater to a wide range of dietary needs and preferences, including vegetarian, gluten-free, and low-carb options.
Another benefit of using Plated’s meal kit delivery service is the opportunity to learn new cooking skills and try new recipes. The company’s meal kits come with step-by-step instructions and recipes, which are designed to be easy to follow and understand. Plated’s meal kits also introduce customers to new ingredients and cooking techniques, which can help to expand their culinary knowledge and skills. Additionally, Plated’s meal kit delivery service is flexible and customizable, allowing customers to choose from a range of recipes and meal plans that suit their tastes and preferences.
How does Plated’s meal kit delivery service compare to other similar services?
Plated’s meal kit delivery service compares favorably to other similar services in terms of quality, convenience, and flexibility. The company’s meal kits are designed to be easy to cook and require minimal preparation time, making them ideal for busy individuals and families. Plated’s recipes are also carefully crafted to ensure that they are healthy and delicious, using only the freshest and highest-quality ingredients. The company’s meal kits cater to a wide range of dietary needs and preferences, including vegetarian, gluten-free, and low-carb options.
In comparison to other meal kit delivery services, Plated stands out for its commitment to quality and customer satisfaction. The company’s meal kits are carefully curated to ensure that they meet the highest standards of quality and freshness. Plated also offers a wide range of recipes and meal plans, which can be customized to suit individual tastes and preferences. Additionally, the company’s customer service is highly rated, with a responsive and helpful team that is available to answer questions and provide support. Overall, Plated’s meal kit delivery service is a popular choice among customers who value quality, convenience, and flexibility.
What is the current status of Plated and its future plans?
Plated is currently operating as a subsidiary of Albertsons Companies, and it continues to be a leading meal kit delivery service in the United States. The company has maintained its focus on quality, customer satisfaction, and innovation, and it has introduced several new features and services in recent years. Plated has expanded its range of recipes and meal plans, and it has introduced new delivery options and partnerships with other companies. The company has also continued to invest in its technology and logistics, with a focus on improving its efficiency and reducing its costs.
In terms of future plans, Plated is expected to continue its growth and expansion as a leading meal kit delivery service. The company is likely to introduce new recipes and meal plans, and it may expand its delivery areas to cover more cities and states. Plated may also continue to invest in its technology and logistics, with a focus on improving its efficiency and reducing its costs. Additionally, the company may explore new partnerships and collaborations with other companies, with a focus on expanding its reach and improving its services. Overall, Plated’s future plans are likely to be focused on continuing its growth and innovation, while maintaining its commitment to quality and customer satisfaction.