Feast & Fettle

Gourmet Pre-Made Meals Delivered

Company Information

Website:

https://www.feastandfettle.com/

Sector:

Fresh Foods

Location:

East Providence, RI

Feast & Fettle is a subscription-based, premium food delivery service.

With this service, seasonal meals are prepared and cooked by chefs, and delivered directly to members’ doors.

Over the past few years, the meal kit industry has grown rapidly.

According to a March 2018 report from Nielsen, 9% of U.S. consumers, or roughly 10 million households, purchased a meal kit in the last six months…

And according to Statista, a data analytics website, annual revenue from meal kit companies is projected to reach $10 billion by 2020.

Notable companies in this industry include Blue Apron, Hello Fresh, and Plated.

In September 2017, Plated was acquired by Albertsons, a supermarket chain, for $200 million…

And in November 2017, HelloFresh went public.

The problem with these companies is that they only deliver ingredients, and customers still have to prepare each meal.

Feast & Fettle separates itself from these competitors by offering fully-prepared dishes. Meals are cooked by a local chef in a company-owned kitchen, then delivered by Feast & Fettle’s fleet of drivers. Once delivered, members simply reheat the food — no cooking or prep is required.

Each week, members go online and select meals from a rotating menu of entrees and sides. Example entrees include Balsamic Flank Steak with Roasted Tomatoes, Pork Chops with Mango Salsa, and Mexican Quinoa Salad. Sides include Fried Sweet Plantains, Honey Buttermilk Cornbread, and Grilled Zucchini & Bell Peppers.

Feast & Fettle launched in 2016, targeting customers in Rhode Island. In 2017, the company generated more than $231,000 in revenue, a 144% increase from 2016. In addition, Feast & Fettle has achieved a customer retention rate of 40%, nearly double the rate of other meal kit companies.

Over the next 12 months, the company is preparing to expand to other markets in the Northeast. To achieve this growth, Feast & Fettle is considering adopting a “hub-and-spoke” business model. This would involve setting up a designated kitchen in each area, and having meals delivered to customers without the need for long-distance shipping.

Team Background

Carlos Ventura - Chief Executive Officer (CEO)
Margaret Mulvena - Founder and Executive Chef
Nicole Oliveira - General Manager
Carlos joined Feast & as CEO in February 2018. Prior to joining Feast & Fettle - he worked for Deliveroo—one of the largest start-ups in the United Kingdomxxvi - on Strategy and Corporate Development. Before Deliveroo
Maggie founded Feast & in 2016 and has served as the Executive Chef ever since. Prior to starting Feast & Fettle - she worked as a private chef for several families in Rhode Island. As she began cooking for more families
Nicole has been with Feast & Fettle since it was founded in 2016. Over that period of time - she has worked in many roles including Community Manager

Co-Investors

Raising
$300K
Committed
$66.925K (22%)
Current Valuation
$2.5 million Cap / 20% Discount
Min. Investment
$100
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
Finance History
Notable Investors
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