Power Supply Receives $5M in Funding Led by Upfront Ventures to Fuel Fitness Forward Meal Platform
Food-tech innovator looks to expand territories, enhance platform
for active consumers
ALEXANDRIA, Va.–(BUSINESS WIRE)–Power Supply, the best kept secret in food-tech, announced today a $5M
seed round, led by VC firm Upfront Ventures, to grow its curated
marketplace for chef-driven prepared healthy meals. The funds will
enable the fast-growing lifestyle brand to expand into new markets and
extend the technology capabilities to help more people improve their
lives through food.
Already available in hundreds of locations throughout Washington D.C.,
Power Supply launched in Los Angeles in 2015 and now is live in San
Francisco, with other major cities coming soon.
“We’re using technology to connect two groups who haven’t traditionally
had easy access to each other – active people who care about what they
put in their bodies and well known, independent chefs who care a lot
about ingredient quality – all on a single platform that lets us take a
data driven approach to scaling quality and personalization,” said Power
Supply Founder and CEO Patrick Smith. “The result is food that’s not
only really good for you, but that also tastes great, a combo our
customers tell us not only makes it easier to eat better, but also
encourages this great upward spiral effect, where they look anew at
other healthy choices in their lives.”
The marketplace runs on a custom technology platform designed to easily
connect independent chefs with a wellness-oriented audience, all via a
convenient distribution network that includes 200 fitness community
locations, as well as home and office delivery. A robust customer review
system allows the company to quickly refine and personalize meal
selections and recommendations.
Since debuting in 2011, Power Supply’s efficient model and highly
motivated customer base have spurred rapid growth and engagement, with
over 1M meals served to date and more than 80% of customers on weekly
recurring plans.
“Technology has the opportunity to disrupt the massive food market, but
it’s hard to get both the food and the experience just right,” said Kara
Nortman, partner at Upfront Ventures. “Power Supply has built a scalable
platform that is uniquely positioned to deliver great-tasting food in a
convenient, capital-efficient way.”
Additional participants in the raise include well-known, values-aligned
investors like innovative restaurant investor Hanson Li (Saison, Locol),
former Blackboard CEO Michael Chasen, heath guru Mark Sisson, former CMO
of Fresh Direct Drew Koven, and Alan Bankier and The Motley Fool.
About Power Supply
Helping active lifestyle-loving consumers eat, move and live better with
unquestionably good for you and delicious food, from talented and
independent local chefs, all in one simple online experience. Customers
order meal plans (3-10/week) online from Power Supply, a community of
local, independent chefs makes delicious meals adhering to clear healthy
guidelines, we deliver to activated communities (fitness, wellness,
office locations, as well as home delivery), customers pick up fresh
meals, heat and eat. Visit www.mypowersupply.com for
more information.
About Upfront Ventures
Upfront Ventures is the largest and longest-serving venture capital fund
in Los Angeles, having invested more than $1 billion since 1996 in
companies such as Maker Studios, TrueCar and Overture. While Upfront is
a national investment firm, it invests at least 50% of its capital in
Southern California based technology companies from San Diego to Santa
Barbara.
Contacts
Media:
Campbell Gallagher, 203-451-8882
Campbell@dowdink.com
