|SEASON 5 EPISODE 22|
|Pitch||ealthy meal subscription food delivery service|
|Entrepreneur||Nick Taranto and Josh Hix|
|Asked For||$500,000 for 4%|
|Deal||$500,000 for 5.6% + advisory shares|
|Shark||Mark Cuban, Kevin O’Leary (after)|
What is Plated?
Plated Company provided a gourmet food delivery service. This unique business concept that users buy ingredients and recipes for their favorite dishes.
To ensure that the taste is authentic, Plated ensured that they carefully measured the boxes before package.
All they have to do is to make the food as explained in the recipe, and voila! The meal is ready.
Who are the Plated Founders?
Josh Hix and Nick Taranto are the creative geniuses behind this idea. The two are Harvard Business graduates.
Before founding Plated, Nick worked for Goldman Sachs for seven months and hated every single moment.
John was an engineer who later studied his MBA at Harvard. He had founded several companies before co-founding Plated.
John is currently the CEO of Season, while Nick is the Chairman and Founder of Hop WTR.
John and Nick came up with the idea to start Plated due to their Wallstreet backgrounds.
As their former career was quite engaging, they hardly had any time to make proper meals, and warming food on the microwave didn’t give an authentic feel. The idea of going to a restaurant was also not one that they considered.
This conundrum gave rise to Plated. The duo used $10 to register a domain that hosted their website. On request, the company could send pre-packaged ingredients and recipes to their users.
However, the concept didn’t kick off immediately. The duo had exhausted all their savings and were on the brink of bankruptcy.
The duo reckoned that they hardly had any repeat clients and acknowledged that it had to do with the initial products.
They explained that some ingredients would get to their clients in a bad state due to the elements.
However, they never gave up as they had faith in their business idea. So, when they appeared at Shark Tank, Plated wasn’t a profitable venture.
What Happened After Shark Tank Update
Is Plated Still in Business?
After Shark Tank, the duo tried to renegotiate a deal they had struck with Mark Cuban. Mark Cuban effectively walked away from the deal.
Luckily, they managed to convince another Shark (Kevin) to invest. Plated ceased to exist as it was acquired in 2017 for $200 million by grocery supermarket giant, Albertsons. In 2019, Albertsons had discontinued the subscription service with plans to integrate it into their own private label food delivery service.
However, in 2020, Albertsons began reintroducing Plated meal kits into grocery stores in select locations.