Campbell Soup Company Makes Strategic Investment in Chef’d
May 24 2017 - 8:30AM
Business Wire
Chef’d, a leading online meal store, provides
an innovative platform that advances Campbell’s e-commerce
capabilities
Campbell Soup Company (NYSE:CPB) today announced a strategic
partnership and investment of $10 million in Chef’d, a
best-in-class e-commerce meal marketplace, which will help grow
Campbell’s e-commerce capabilities. Campbell’s investment is part
of the Series B round of funding for Chef’d.
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With the investment, Campbell will become Chef’d’s largest
strategic investor and will receive a seat on the company’s board
of directors. Under the terms of the partnership, Chef’d will help
with infrastructure and distribution of meal solutions through the
Campbell’s Kitchen site. Additionally, Campbell will benefit from
Chef’d’s insights on e-commerce business models, access to data
analytics and insights on shopper behaviors. The two companies will
also test various capabilities over the three-year agreement around
product innovation and fulfilment.
“E-commerce will transform the food industry in similar ways to
how it transformed entertainment and apparel. It is a game changer
for consumers, food makers and retailers alike,” said Denise
Morrison, President and Chief Executive Officer at Campbell Soup
Company. “The movement is irrevocable and irreversible. In the
future, shopping for and preparing meals will be flexible, fully
automated and even anticipatory. Chef’d will help Campbell connect
with our consumers where they are today and, more importantly,
where they’re headed.”
Chef’d offers people the opportunity to choose and reorder from
hundreds of meals at any given time, without the hassle and cost of
subscriptions or membership fees. Chef’d partners with notable
chefs, culinary personalities and over 125 trusted brands in food,
fitness, and health and wellness to offer over 1,000 meal solutions
spanning breakfast, lunch, dinner and dessert.
“We are actively looking to add strategic partners and
Campbell’s outlook on the future of food and e-commerce aligns
perfectly with the Chef’d vision of the future of online grocery,”
said Kyle Ransford, CEO at Chef’d. “Both Campbell and Chef’d
believe in continuing to drive innovation in the new food economy,
particularly around consumer customization and e-commerce
solutions.”
Between 2016 and 2021, Campbell projects e-commerce sales of
food and beverages to reach $66 billion, a compound annual growth
rate of 38 percent.1
“We are fully committed to growing our e-commerce business with
an emphasis on bold moves and rapid pace,” said Mark Alexander,
President, Americas Simple Meals and Beverages at Campbell. “We are
firm believers in building relationships with partners that share
our vision while enabling us to rapidly learn, evolve and test new
capabilities.”
This announcement follows a series of moves Campbell has made to
develop an ecosystem of innovative partners focused on defining the
future of food. In February 2016, Campbell committed $125 million
to Acre Venture Partners and continues to support innovative
start-ups such as Habit and the Soulfull Project.
Other investors in Chef’d’s Series B round include Fresh Direct,
which is making a follow-on investment to their Series A
investment. DA Davidson & Co. acted as the exclusive financial
advisor to Chef’d and will continue to represent the company in
raising the balance of the Series B round.
About Campbell Soup Company
Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real
food that matters for life’s moments.” We make a range of
high-quality soups and simple meals, beverages, snacks and packaged
fresh foods. For generations, people have trusted Campbell to
provide authentic, flavorful and readily available foods and
beverages that connect them to each other, to warm memories and to
what’s important today. Led by our iconic Campbell’s brand, our
portfolio includes Pepperidge Farm, Bolthouse Farms, Arnott’s, V8,
Swanson, Pace, Prego, Plum, Royal Dansk, Kjeldsens and Garden Fresh
Gourmet. Founded in 1869, Campbell has a heritage of giving back
and acting as a good steward of the planet’s natural resources. The
company is a member of the Standard & Poor’s 500 and the Dow
Jones Sustainability Indexes. For more information, visit
www.campbellsoupcompany.com or follow company news on Twitter via
@CampbellSoupCo. To learn more about how we make our food and the
choices behind the ingredients we use, visit
www.whatsinmyfood.com.
About Chef’d
Headquartered in El Segundo, Calif., Chef’d is an e-commerce
meal marketplace that partners with celebrated chefs, media outlets
and culinary influencers to offer thousands of meal solutions that
make it easy for anyone to cook high-quality meals at home.
Launched in late April 2015, Chef’d was created to help consumers
rethink the home-cooked meal by offering fresh, pre-portioned
ingredients that aim to eliminate food waste and in turn cut
consumer grocery costs, all without the hassle of subscription or
membership fees. This allows consumers to personalize their orders
and reorder their favorites whenever they want. Follow on Twitter
@get_chefd and Instagram @Chefd.
1 Source: Proprietary Campbell Estimate
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Campbell Soup CompanyMegan Haney,
856-342-4978megan_haney@campbellsoup.comorCoyne Public RelationsKim
Riccardi, 845-551-7450kriccardi@coynepr.com
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