Vancouver-based meal kit delivery service Fresh Prep has closed its first round of financing, raising $3.3 million through a mix of equity and debt financing led by First West Capital and private investors.
“Fresh Prep is a prime example of a thriving, innovative Canadian technology company, and First West Capital is thrilled to be providing junior capital to fuel its growth,” said Ryan Lang, managing director at First West Capital. “Out of the box thinking has allowed Fresh Prep to emerge as a leader in the meal kit industry, and we’re proud to be partners in its continued success.”
Fresh Prep’s platform is manages all subscriptions, taking care of logistics like order fulfillment, assembly, and customer relations. The round of funding will fuel Fresh Prep’s market expansion, R&D, product upgrades, and improvements to the facility and office space. The company is also looking to hire more talent.
“Growing responsibly has always been our priority. Our stable, recurring revenue model with a sharp focus on our customers and our product has led to sustainable, profitable growth, and has made debt financing the clear choice,” said Fresh Prep co-founder Dhruv Sood.