Irish company DropChef has secured a €2 million investment from VentureWave Capital to expand its online healthy food and fulfilment platform.
With the investment – which VentureWave Capital made through its Impact Ireland Fund – the private equity firm has secured a ‘strategic’ stake in DropChef.
Founded in 2015, DropChef offers tailored healthy meal kits with precisely measured locally sourced ingredients through its online platform.
The company has reportedly seen rapid growth in its business, with an increase in revenue of 171% over the first quarter of this year.
Following this latest injection of capital, DropChef’s educational programme to promote healthy eating will be expanded.
According to VentureWave, the company will deliver a number of other positive outcomes as part of the investment, such as increased demand for local and sustainable food producers.
Food entrepreneur Bobby Kerr and VentureWave Capital managing partner, Brian Martin, will join DropChef’s board.
“This is phenomenal news for our team and our customers and suppliers, it will do so much for the business by allowing us to invest further in the customer experience, technology and our sustainability strategy,” said Ryan Scott, CEO of DropChef.
Kieran McLoughlin, Venturewave Capital managing partner, added: “We and DropChef are mission-driven businesses. Our aim is to generate profit with a purpose.
“This investment will meet a number of the UN’s Sustainable Development Goals in terms of health, sustainability and education. We will be measuring and reporting on our social impact alongside the financial growth of the company. Impact investing is all about doing well while doing good which is what we aim to achieve with DropChef.”
The Impact Ireland Fund launched earlier this year with the aim of investing in companies that use ‘technology for good’. Investors in the fund include entrepreneurs, corporate leaders and philanthropists.
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