Everytable Raises $55M in Series C Round Accelerating the Transformation of the U.S. Food System by Fueling New Market Expansion
LOS ANGELES, Aug. 4, 2022 /PRNewswire/ -- Everytable, a mission-driven food company that fights for food justice by making fresh, nutritious food accessible and affordable for all, announced today the closing of a $55 million Series C funding round. The round was led by Creadev, Desert Bloom Food Ventures and Gullspång Re:food, each of which seeks to support healthier and sustainable food systems.
Joining Creadev, Desert Bloom Food Ventures, and Gullspång Re:food in the round is Kaiser Permanente Ventures, Kimbal Musk, The Beacon Fund, Brener International Group, Lerer Hippeau Ventures, and The Libra Foundation.
Everytable will use the investment to accelerate omni-channel growth throughout Southern California, the Bay Area, and New York City by building new stores, expanding its subscription delivery service, and increasing its food service business. Everytable has made an immense impact on underserved communities growing to 32 storefronts total, including 20 stores opened in 2022 alone and is on track to finish the year with 54 locations total. In 2021, the company expanded beyond the greater Los Angeles area into Orange County and San Diego County. This spring, Everytable launched its e-commerce delivery service in the Bay Area with plans to open storefronts in the Bay Area in 2023. Furthering the brand's expansion beyond Southern California, Everytable also opened its first three New York locations this spring, with three more stores slated to open by the end of the year.
"We believe access to affordable and nutritious food is a human right," said Sam Polk, CEO and founder of Everytable. "With the support of new and existing investors, we can continue transforming America's food system and creating a more just and equitable society by providing access to fresh food to everyone."
Everytable is a disruptive food concept with meals priced according to each zip code's median income, and fresh, flavorful meals made from scratch in a central commissary kitchen. The unique business model drastically reduces the costs of standard restaurant operations, which allows meals to be priced affordably for everyone.
"Everytable is addressing challenges in our food system on multiple fronts. Their growth incentivizes a healthier and more nutritious food supply chain, while the combination of commissaries, meal delivery and streamlined ready-to-eat storefronts challenge the traditionally high costs of operating in the restaurant industry," said Gustaf Brandberg, General Partner at Gullspång Re:food.
"It has been a thrill to watch Sam and the Everytable team execute their mission as they scale and serve new communities," said Delphine Descamps, US Managing Director for Creadev. "We're proud to support their innovative programs and growth alongside like-minded investors."
"Re-shaping food systems to make a lasting impact on community health is at the heart of our mission," said Hans Taparia, Co-Founder, Desert Bloom. "Everytable's growth and commitment to building an equitable food system, while preparing food that is delicious and affordable, is inspiring."
In addition to market expansion, Everytable's innovative Social Equity Franchise Program fosters economic empowerment among entrepreneurs from marginalized communities by providing a clear and supported path to business ownership. Serving as a model approach to franchising, a system largely devoid of diversity and representation by people of color and women, the program provides critical access to capital for qualifying graduates plus in-depth, hands-on training to empower and prepare minority entrepreneurs to operate Everytable restaurants in their own communities. With a combined $6 million in program-related investments and grants from funders including the Annenberg Foundation, The California Wellness Foundation, Dignity Health, The Irvine Foundation, The Kroger Foundation, Libra Foundation, Salesforce Foundation, Tarsadia Foundation, and W.K. Kellogg Foundation, Everytable aims to franchise 60 locations within the next three years.
Founded in 2016, Everytable is a mission-driven food company that fights for food justice and equality by providing healthy and nutritious food that is both accessible and affordable for everyone. Today, Everytable is a multi-channel, fresh-prepared, ready-to-eat food business blending storefronts, subscriptions, and SmartFridges supplied by a central kitchen with meals priced according to the neighborhood. To date, Everytable has sold more than 10 million meals. For more information, please visit www.everytable.com.
Creadev is an evergreen investment firm operating worldwide, controlled by the Mulliez family, founders of one of the largest Business to Consumer retail platforms in the world. Creadev is committed to long-term collaboration with innovative, passionate and human-driven entrepreneurs that are focused on creating widespread access to essential goods and services such as healthcare, sustainable consumption and food. Based in Paris, and with offices in New-York, Shanghai and Nairobi, Creadev invests in companies well positioned to scale and become worldwide leaders in their respective sectors. Launched in 2002, Creadev has invested over $2 Bn in companies in stages ranging from venture to growth equity and buyout. More at www.creadev.com.
Desert Bloom is a next-generation food vehicle that invests in and supports dynamic companies that are re-shaping our food system to enhance access, health and sustainability. It seeks to support companies that are on a mission to compete with and replace incumbent food brands that have been at the root of America's health and climate crisis. For more information visit www.desertbloomfoods.com.
Gullspång Re:food is an investment firm based in Stockholm and San Francisco, originating from the Swedish family-office Gullspång Invest. Our mission is to solve food system challenges for future generations across four themes: healthy diets, alternative protein and fat, regenerative farming and sustainable supply chains. Our investment philosophy is based on systems thinking, leverage points and planetary boundaries summarized in our report Food is Solvable. In addition to Everytable, Gullspång Re:food is backing Oatly, N!CK'S, Mission Barns, Planted, Allplants, and circa ten other companies accelerating positive paradigm shifts in the food system through an evergreen structure that enables long-term investments.
Kaiser Permanente Ventures, founded in 1998 with over 70 investments to date, is one of the most successful strategic corporate venture investment programs in the healthcare industry. The KP Ventures team builds upon the assets and capabilities of Kaiser Permanente's $93B integrated delivery system to support innovative companies. KP Ventures plays an important role in transforming American Healthcare by improving health outcomes, enhancing the consumer experience and driving affordability while delivering a highly competitive return on our investments. For more information, please see www.kpventures.com.
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Alexandra Azouz
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SOURCE Everytable
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