Plated is a meal service business model company. Plated is a subscription-based meal delivery business. Buyers can purchase or place orders for different types of ingredients and recipes for their favorite dishes.
Plated does all its work with a proper measurement to serve the best flavor. Plated is a gourmet food delivery service industry. Plated has its own warehouse in Chicago.
Plated at a glance:-
| Business Idea | A subscription-based meal kit. |
| Founders | Josh Hix and Nick Taranato |
| Asked For | $500,000 for 4% equity |
| Accepted Deal | $500,000 for 5.6% equity + Advisory Shares |
| Sharks | Mark Cuban |
| Business status | Acquired by Albertsons |
| Website | Plated.com |
| Episode No | Season 5, Episode 22 |
Index:
Who is the founder of Plated?
Josh Hix and Nick Taranato are the founders and they have done their graduation from Harvard University. Nick used to work for Goldman Sachs before finding Plated. John is an engineer and he had found many other enterprises before coming into Plated.
Due to their tight schedule of work, they were not able to cook meals for them, and going to the restaurant daily was also not reasonable and healthy to which they came up with a solution – Plated which serves a seal based on a subscription purchase. Duo together spent $10 for the registration of the domain for their website. The business didn’t take flight in the beginning but they also didn’t lose their willpower and made Plated a viable business.
Did Plated get a deal on Shark Tank?
Nick and John came on the show in search of investment and expertise from Sharks. They needed an investment of $500,000 for a 4% stake in the company. They demonstrated that getting a decent meal on daily basis is difficult and also not reasonable and healthy to which Plated was a perfect solution.
Lori questioned them that people could buy it from the store also to which he said that for that also they need to search for it. Robert asked them about margins as he knew a food company has a terrible margin. After talking about figures, Robert went out as he didn’t find it beneficial for himself. Lori had the same issue that people could cook their meal to which it couldn’t be scalable and was out. Barbara and Mark felt the opposite of them and said that they had a target- those who don’t cook or don’t want to cook.
Lori went out of the pitch. Kevin also did some inquiry and said about the appraisal and felt that he could do everything for $200,000. Nick and Josh informed Kevin that if he tried it, they would beat him and Kevin went out. Barbara also had a few queries which made her go out.
Mark was only left and he said that he would like to be an investor rather than being a consumer and gave an offer of $500,000 for 5.6% of the company, Duo wanted a moment for a small discussion to which Mark said that he had given a fair offer. Plated founders accepted the deal and went out with the check.
What happened to Plated after Shark Tank?
After the show, their deal with Mark Cuban was not completed as they asked for more funds. Later, during an event, they saw Kevin O’Leary and asked him for investment in the company, Kevin liked the business model and invested in them. Plated also earned tens of millions of income but still, it didn’t come out as a profitable business. The duo has also completed 23 real estate transactions and is opening regional fulfillment sectors. They had to suffer a robbery in their Chicago warehouse of two trucks loaded with food which disappointed Kevin.
Kevin has a very deep knowledge and contacts related to the food industry. Kevin believed that it had the potential to be a $2 BILLION company and for business growth expansion of its fulfillment, the operation is very necessary. While their new primary fulfillment center in Chicago has faced challenges, they attribute their growth to their commitment to a fulfillment center capable of handling their growth.
When they didn’t give attention to expansion, they faced significant costs associated with relocation. Duo believes they will be profitable within the time period of 12-24 months. Plated costs $10 per plate and has collected $300,000 at a post monetary valuation of $950,000 to date. It got was acquired by Albertsons in 2017 for $300 million, giving investors a well-invested return.
Competitors of Plated are:-
- Blue Apron
- Home Chef
- HelloFresh
- Box8.
What is the net worth of Plated?
Plated had an estimated net worth of $8.9 million at the time of the shark tank appearance. Later in 2017, it was acquired by Albertsons for $300 million.
Does Plated still exist?
Plated was acquired by Albertsons in 2017 for $300 million.
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What is Plated?
Plated is a meal service business model company. Plated is a subscription-based meal delivery business. Buyers can purchase or place orders for different types of ingredients and recipes for their favorite dishes.
Who founded Plated?
Josh Hix and Nick Taranato are the founders and they have done their graduation from Harvard University. Nick used to work for Goldman Sachs before finding Plated. John is an engineer and he had found many other enterprises before coming into Plated.