Plated is a meal-kit delivery service that was founded in 2012 by Nick Taranto and Josh Hix. The company’s mission was to provide customers with high-quality, pre-measured ingredients and recipes that could be easily cooked at home. Plated gained widespread recognition after appearing on the popular television show Shark Tank in 2014, where the co-founders successfully secured an investment from investor Mark Cuban. This investment allowed Plated to expand its operations and grow its customer base significantly [1].
Following its success on Shark Tank, Plated continued to grow and evolve. The company expanded its menu offerings, added more customizable options for customers, and improved its delivery and packaging systems to ensure that ingredients arrived fresh and in good condition. Plated also began partnering with major grocery chains, such as Albertsons and Safeway, to offer its meal kits in-store.
In 2017, Plated was acquired by Albertsons Companies, one of the largest grocery chains in the United States. This acquisition provided Plated with even more resources and expertise to continue growing its business and expanding its reach. However, it also brought challenges and changes to the company, as it became part of a larger organization with different priorities and goals.
In this article, we will take a closer look at the history of Plated, including its origins, its appearance on Shark Tank, and its evolution and growth over the years. We will also examine the challenges and opportunities that have arisen since the company’s acquisition by Albertsons, and explore what the future may hold for Plated and the meal kit delivery industry as a whole.
What Is Plated?
Plated is a meal delivery service that was featured on the popular television show Shark Tank. The company, which was founded in 2012 by Nick Taranto and Josh Hix, offers a subscription-based service that delivers fresh, pre-portioned ingredients and recipes to customers’ doorsteps [2].
Plated sets itself apart from other meal delivery services by offering a wide range of recipes that are designed to suit a variety of different dietary needs and preferences. Customers can choose from vegetarian, gluten-free, low-carb, and other options, making it easy to find meals that fit their lifestyle.
Here are a few examples of the types of meals that Plated offers:
- Classic Comfort Foods. Plated offers a range of classic comfort foods with a healthy twist, such as cauliflower mac and cheese, turkey meatloaf, and stuffed bell peppers;
- Global Flavors. Plated also offers a variety of international dishes, such as pad Thai, chicken tikka masala, and falafel bowls. These meals allow customers to travel the world from the comfort of their own kitchens;
- Vegetarian and Vegan Options. For those who follow a plant-based diet, Plated has a range of vegetarian and vegan options, such as sweet potato quinoa bowls, vegan lentil shepherd’s pie, and cauliflower Bolognese;
- Low-Carb and Keto-Friendly For customers who are watching their carb intake or following a ketogenic diet, Plated has a range of low-carb and keto-friendly meals, such as balsamic salmon with asparagus and cauliflower mash;
- Premium Proteins. Plated also offers meals featuring premium proteins such as grass-fed beef, sustainable seafood, and organic chicken. These high-quality ingredients provide customers with nutritious and delicious meals;
One of the key benefits of using Plated is the convenience factor. Customers don’t have to worry about meal planning or grocery shopping, saving them time and effort. Additionally, the pre-portioned ingredients reduce food waste and ensure that each recipe is easy to prepare.
Another advantage of using Plated is the quality of the ingredients. The company works with a network of suppliers to source high-quality, sustainable ingredients that are as fresh as possible. This means that customers can enjoy meals that are not only convenient but also delicious and healthy.
Since its appearance on Shark Tank, Plated has continued to grow and expand its offerings. The company has partnered with several grocery stores to offer meal kits in-store and has also launched a line of prepared meals that can be heated up in minutes.
About The Founders Of Plated
Plated, the popular meal delivery service, was founded in 2012 by two friends, Nick Taranto and Josh Hix. Before founding the company, Taranto served as a Marine Corps infantry officer and later worked in finance, while Hix worked in management consulting [3].
To address these issues, Taranto and Hix decided to create their own meal delivery service that would offer a wide variety of recipes featuring high-quality, sustainable ingredients. They developed a subscription-based model that would deliver pre-portioned ingredients and recipes to customers’ doorsteps, taking the hassle out of meal planning and grocery shopping.
Since launching Plated, Taranto, and Hix have received numerous accolades for their innovative business model and commitment to sustainability. In 2013, they were named to Forbes’ “30 Under 30” list in the food and wine category, and in 2015, Fast Company named Plated one of the most innovative companies in the world.
In 2017, Plated was acquired by Albertsons Companies, one of the largest grocery retailers in the United States. While the acquisition brought new challenges for Taranto and Hix, they have continued to innovate and expand the offerings of Plated.
The Pitch Of Plated At Shark Tank
During their appearance on the show, Nick and John sought investment and expertise from the Sharks for their company, Plated. They were looking for a $500,000 investment in exchange for a 4% stake in the business. They explained that it can be difficult and unhealthy to get a decent meal on a daily basis, and Plated was the perfect solution [4].
Lori raised a concern that people could simply buy meals from the store, to which the founders responded that even for that option, customers still have to search for the right ingredients. Robert inquired about margins, as he knew the food industry can have low-profit margins. After discussing the figures, Robert decided to pass on the investment. Lori also had concerns about the scalability of the business and chose to pass.
Barbara and Mark, however, saw potential in the business and believed it could target those who don’t want to cook or don’t have the time. After some further discussion, Barbara chose to pass, but Mark made an offer of $500,000 for a 5.6% stake in the company. The Plated founders requested a moment to discuss, but Mark emphasized that he had made a fair offer. Ultimately, they accepted the offer, and Mark became their investor, with the founders leaving the show with a check.
Plated After The Shark Tank
After their appearance on Shark Tank, the Plated founders’ deal with Mark Cuban fell through when they asked for more funding. However, they later crossed paths with Kevin O’Leary at an event and pitched their business to him. Impressed by the business model, O’Leary invested in the company. Despite earning tens of millions in revenue, Plated struggled to turn a profit.
In addition to their work with Plated, the duo has completed 23 real estate transactions and is opening regional fulfillment centers. However, they also faced setbacks, including a robbery in their Chicago warehouse where two trucks loaded with food were stolen, which disappointed O’Leary [5].
Despite the challenges, O’Leary believed in Plated’s potential to become a $2 billion company with the right business growth and expansion. The founders eventually realized the importance of a capable fulfillment center for their growth, and while their new primary fulfillment center faced challenges, they remain committed to their expansion plans.
Previously, they had faced significant costs associated with relocation due to their lack of attention to expansion. However, they believe that they will become profitable within the next 12-24 months.
As per a report by CNBC, Plated was acquired by Albertsons in 2017 after establishing its brand and capturing a portion of the market. The deal was worth $300 million, giving Albertsons the rights to Plated’s technology and data, while Plated was exposed to Albertsons’ 35 million weekly customers. The acquisition proved to be a lucrative deal for shark investor Kevin O’Leary, who made a 1,346% return on his investment.
However, as the business world is unpredictable, in 2019, Albertsons announced in a press release that Plated would transition from being a dinner-based subscription solution to an in-house culinary brand under the Own Brands category. The aim was to retain the convenience, lifestyle, and cooking experience that Plated offered.
The Net Worth Of Plated
During the time of its appearance on Shark Tank, Plated was estimated to have a net worth of $8.9 million. However, in 2017, the company was acquired by Albertsons for an impressive $300 million [6].
It’s worth noting that estimating a company’s net worth can be challenging, as there are many factors to consider, including assets, liabilities, revenue, and expenses. Additionally, the net worth of a company can vary depending on factors such as market fluctuations, competition, and changes in the industry landscape.
Nonetheless, Plated’s success as a meal delivery company speaks to the increasing demand from consumers for healthy and convenient meal options. The company’s focus on high-quality ingredients and customizable meal plans has clearly resonated with customers, leading to its acquisition by Albertsons.
Plated On Social Media
Based on the search results, it seems that Plated has a strong social media presence on various platforms such as Twitter, Instagram, and Pinterest. They use social media to promote their brand, share news and updates, and engage with their customers. Additionally, Plated has been featured in various articles and shows, and the company often shares this content on its social media accounts.
Rachel Karten is listed as the person responsible for managing Plated’s social media accounts, indicating that social media is an important aspect of the company’s marketing strategy. While the specifics of their social media strategy are not provided in the search results, it’s clear that Plated utilizes multiple social media channels to interact with customers and promote their products [7].
Alternatives To Plated:
- Blue Apron is one of the most well-known meal delivery services, offering a variety of recipes featuring fresh, high-quality ingredients. Like Plated, Blue Apron offers a subscription-based model that delivers pre-portioned ingredients and recipes to customers’ doorsteps;
- HelloFresh is another popular meal delivery service that offers a range of recipes featuring fresh, seasonal ingredients. Customers can choose from various meal plans based on their dietary preferences and receive weekly deliveries of pre-portioned ingredients and recipes;
- Sunbasket is known for its commitment to organic, sustainable ingredients, and offers a range of meal plans to suit different dietary preferences. In addition to its Classic menu, Sunbasket also offers meal plans for paleo, vegetarian, and gluten-free diets;
- Home Chef is a meal delivery service that offers a wide variety of recipes featuring fresh, high-quality ingredients. Customers can choose from different meal plans based on their dietary preferences and receive weekly deliveries of pre-portioned ingredients and recipes;
- Freshly offers pre-made meals that are delivered fresh to your door and ready to eat in just a few minutes, with a focus on healthy and high-quality ingredients;
- EveryPlate offers affordable meal kits with simple recipes and high-quality ingredients, making it an excellent option for those on a budget [8];
FAQ:
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How does Plated work?
Customers sign up for a subscription-based service and receive weekly deliveries of fresh, high-quality ingredients and recipe cards. They then prepare the meals themselves using the provided ingredients and instructions.
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What sets Plated apart from other meal delivery services?
Plated offers a wide variety of recipes featuring sustainable, high-quality ingredients. They also emphasize customization, allowing customers to personalize their meal plans based on their dietary preferences.
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How much does Plated cost?
The cost of Plated varies based on the subscription plan and the number of meals per week. Prices start at $9.95 per serving.
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Is Plated available nationwide?
Yes, Plated delivers to all 48 contiguous states in the US [9].
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Did Plated secure a deal with any of the Sharks?
Plated received an offer from Kevin O’Leary but ultimately declined the deal). However, they were able to secure funding from other investors after the show.
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What happened with Mark Cuban and Plated?
After the initial deal with Mark Cuban on Shark Tank fell through due to Plated’s request for more funding, the company went on to secure investment from Kevin O’Leary. Cuban did not end up investing in Plated.
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Why did Plated shut down?
Plated shut down its subscription meal kit service in 2019 following its acquisition by Albertsons. The company shifted its focus to becoming an in-house culinary brand for Albertsons’ own brands, but the transition did not prove to be successful.
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When did Plated go out of business?
Plated officially ceased its subscription meal kit service in November 2019 [10].
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Did Mark Cuban make money on Plated?
No, Mark Cuban did not invest in Plated and did not make any money from the company’s success or acquisition.
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What Shark Tank’s company sold for $300 million?
Plated was the Shark Tank company that was acquired for $300 million by Albertsons in 2017.
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How much did Kevin invest in Plated?
Kevin O’Leary invested $500,000 in Plated in exchange for a 4% stake in the company during its appearance on Shark Tank.
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Why did Daymond John leave Shark Tank?
Daymond John did not leave Shark Tank. He has been a consistent member of the show’s panel of Sharks since its inception in 2009.
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Why do deals not close on Shark Tank?
Deals on Shark Tank do not always close due to a variety of reasons, including valuation disagreements, unrealistic expectations, concerns over the business model, and lack of interest or expertise from the Sharks.
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What was the first company to reach $1 billion in revenue?
The first company to reach $1 billion in revenue was the United States Steel Corporation in 1901 [11].
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Is Plated more expensive than the buffet?
Plated, a subscription meal kit service, is typically more expensive than a buffet, which allows customers to serve themselves from a selection of pre-prepared dishes.
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How much was Plated acquisition?
Plated was acquired by Albertsons for $300 million in 2017.
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What did Mark Cuban sell to get rich?
Mark Cuban made his fortune primarily through the sale of his tech companies, including MicroSolutions and Broadcast.com. He also made successful investments in startups and real estate.
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What are some of the biggest Shark Tank successes?
There have been many successful companies that have appeared on Shark Tank over the years, including:
- Scrub Daddy, a cleaning sponge that has generated over $200 million in sales;
- Ring, a video doorbell company that was acquired by Amazon for over $1 billion;
- Bombas, a sock company that has donated millions of socks to homeless shelters and has reached over $225 million in sales;
- Groovebook, a mobile app for printing photo books that was acquired by Shutterfly for over $14 million [12];
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How do Shark Tank companies become successful?
Success factors for Shark Tank companies include having a unique and innovative product or service, being able to clearly communicate the value proposition to potential customers, having a solid business plan and a clear understanding of financials, and being able to pivot and adapt when faced with challenges.
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Do all Shark Tank companies become successful?
No, not all Shark Tank companies become successful. Like any business, there are risks involved and success is not guaranteed. Some Shark Tank businesses fail after appearing on the show, while others experience moderate success.
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What resources are available for Shark Tank companies to become successful?
Shark Tank companies have access to advise and support from the sharks themselves, as well as resources and mentorship opportunities provided by the show’s producers. Additionally, there are various business incubators and accelerators that specialize in helping startups grow and scale, many of which have successful Shark Tank alumni among their ranks.
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How can I start my own successful business like the ones on Shark Tank?
Starting a successful business takes hard work, dedication, and a bit of luck. However, taking inspiration from Shark Tank companies and seeking mentorship and support from experienced entrepreneurs can be a good starting point. Additionally, having a solid business plan, a unique value proposition, and a clear understanding of your target market can increase your chances of success.
Useful Video: The Sharks Struggle With Plated’s Business Plan | Shark Tank US | Shark Tank Global
References:
- https://en.wikipedia.org/wiki/Plated_(meal_kits)
- https://www.mashed.com/1043438/what-happened-to-plated-after-shark-tank/
- https://www.looper.com/1149631/whatever-happened-to-plated-after-shark-tank/
- https://bizzbucket.co/plated-shark-tank-update/
- https://seoaves.com/plated-after-shark-tank/
- https://gazettereview.com/plated-update-after-shark-tank/
- https://www.cnbc.com/2017/09/22/how-shark-tank-business-plated-sold-to-albertsons-for-300-million.html
- https://www.sharktanksuccess.com/plated-on-beyond-tank-update/
- https://www.thedailymeal.com/1203911/where-is-plated-from-shark-tank-today/
- https://biznewske.com/plated-shark-tank-update/
- https://www.mysubscriptionaddiction.com/a/plated-alternatives
- https://foodboxhq.com/blog/plated-alternatives/