Plated was conceived by two Harvard business graduates, Josh Hix and Nick Taranto, who wanted to make gourmet dishes more accessible. What Plated does is it takes fancy dishes from famous chefs and collects their ingredients. The contained ingredients are then added to a plate and delivered to your doorstep. This service allows people to make and eat fancy dishes without going through the hassle of shopping for ingredients.
The duo behind Plated called their service an “easy assembly,” as all it would take people is to combine those ingredients. The brains behind Plated came up with this idea in 2012 when they started running their operations. Plated now delivers to 80% of the USA, creating a decent customer base.
The pair sources ingredients locally, if possible, and delivers each meal hot and fresh. People looking for more convenience can even sign up for Plated’s subscription program, where they can see the menu for the week and have those dishes delivered. Plated is excellently convenient for people who don’t like to cook or cannot cook for some reason.
Such people benefit plenty from Plated, as they get delicious food delivered to their doorstep. One might compare it to a restaurant, but this subscription service is slightly different. Plated makes food that has a homemade taste, and they don’t charge as much as restaurants. They provide quality food at many reasonable rates.
The founders of this company claimed to put their business knowledge to the test when they launched their startup. They received $5 million in venture capital funding when they first started operating. Plated has since then joined a list of growing meal-kit companies that provide all necessary ingredients to people’s doorsteps. Meal-kit companies are growing substantially as more people step away from cooking because of their hectic lifestyles and botheration to shop for specific ingredients.
This attitudinal change undoubtedly helped Plated step up its game, allowing them to carve a niche for itself while growing its market. Plated has also made a loyal customer base as they expanded their menu, adding more gourmet dishes to their list of deliverable meals. New items on the menu can help them take their company to the next level if they employ resources correctly.
Plated visited Shark Tank, hoping to get more financial resources, allowing them to expand Plated. The duo behind Plated explained their entire concept to the sharks and how they operate. Mark claimed he probably wouldn’t be a customer but still offered to give them $500k for 5.5%. Josh and Nick happily accepted as they quickly managed to get a deal.
However, the deal fell apart sooner than the duo expected when they asked Mark for more money. Luckily, they ran into Kevin O’Leary someplace else and asked him if he’d invest. O’Leary did invest, and Plated has been making good numbers in terms of sales. Unfortunately, the company isn’t profitable, as the duo is recovering their costs but isn’t making extra money that can be considered profit.
Our Review of Plated
Plated has undoubtedly made things very convenient for customers, as people who do not have time to cook now have a brilliant solution. One might say this solution comes at a price. Of course, it does, but it isn’t as much as you’d think. Plated offers highly reasonable rates, much more affordable than their competitors.
The ingredients collected by Plated are always fresh, and you’d never find one that isn’t. Plated organizes boxes containing new ingredients and a recipe, making it easier for customers to prepare their meals. One of the best factors about Plated is its weekly subscription offer, allowing customers to sign up for their choice of dishes beforehand.
So, if someone’s on the go a lot, they’ll receive their meal to their doorstep in no time, and they can quickly assemble the ingredients and turn them into something delicious. Plated highly cares for its clientele, so they always ensure to keep a check on the quality of the service.
This is a significant reason for customers coming back to Plated, as they don’t just deliver good meals but also the perfect quality. After the duo’s Shark Tank visit, their company got even more traction than it did before. Sadly, Mark Cuban backed out of the deal that he agreed upon.
However, after Kevin O’Leary’s investment, things started to look up for Josh and Nick, as O’Leary’s investment proved highly fruitful for the brand.
Since the pair invested O’Leary’s money into arranging more resources for the company, they’ve delivered much better quality and timeliness than before. However, recently, Plated was acquired by the grocery store chain, Albertsons, for $300 million. The merger proved highly successful for Plated, as it now operates on a much grander scale.
Plated has been running successfully for a while now after Nick and Josh have been strategizing to target the entire country rather than the previous 80%. The duo also plans to go global pretty soon.
- It’s an easy fix for on-the-goers.
- It provides gourmet dishes only restaurants prepare.
- The subscription packages allow customers to plan their diets accordingly.
- The boxes contain fresh ingredients combined with a recipe to help customers.
- It doesn’t cater to the entire country.
- There are no refunds available in case of dissatisfaction.
Who Is Plated for?
Plated is for those who do not enjoy cooking or cannot cook for some reason. If you want an already prepared meal that needs a little assembling, Plated is undoubtedly for you. Similarly, if you do not have enough time to cook and eat, whether because you’re a nomad or a workaholic, Plated will come to your rescue with the most delicious meals.
Alternatives to Plated
The meal-kit market has grown substantially, as companies similar to Plated are emerging worldwide. People can turn to numerous alternatives in the market instead of Plated. Such options include Blue Apron, HelloFresh, and Sunbasket.
Our Final Thoughts
Plated has managed to carve a niche for itself as they grow more significant in terms of numbers. At this rate, Plated is only expected to make more profits than it did before.