DropChef secures €2 million investment from VentureWave Capital’s Impact Ireland Fund.
VentureWave’s Impact Ireland Fund has announced a EUR 2 million investment in DropChef.com, the online healthy food and fulfilment platform. Please check out The Irish Times Article here
The investment will drive the expansion of this disruptive Irish food-tech platform, driving scale, innovation and new market entry. DropChef’s technology cuts food and packaging waste, while driving the adoption of healthier meal options and hence overall wellbeing.
Dublin, Ireland – Monday 9th November 2020 – VentureWave Capital announced a €2 million investment in the Irish food technology company DropChef (www.dropchef.com). DropChef’s online platform delivers tailored healthy meal kits with precisely measured locally sourced ingredients to every part of Ireland, North and South. DropChef was founded in 2015 by Irish Entrepreneurs Ryan Scott, Roman Grogan and Sam O’Byrne. The concept has been adopted by thousands of Irish households seeking healthier meals, with fresh ingredients delivered to their doorsteps on demand, with less waste and more convenience. DropChef’s growth has been rapid with an increase in revenue of 171% over the first quarter this year. This is in line with international trends where the market has expanded significantly and reflects growing consumer desire for healthier diets and more convenient options.
DropChef is consistent with the Impact Ireland Fund Investment Objectives, financial and non-financial, driving its mission of delivering a positive social impact. DropChef will deliver on a range of positive outcomes as part of this investment; these include driving the adoption of healthier meals and less processed foods, a B2B model to support healthier eating while remote working, increased demand for local and sustainable food producers, and pioneering the use of recyclable and compostable packaging. Meanwhile DropChef’s educational programme to promote healthy eating will be expanded. This will include educational outreach to younger people to acquaint them with healthy food choices from the earliest possible opportunity, lobbying for increased food education in schools, and highlighting the health and environmental damage caused by ultra-processed foods.
VentureWave Capital’s investment represents a strategic stake in the DropChef company. Renowned food entrepreneur Bobby Kerr and VentureWave Capital Managing Partner, Brian Martin will join DropChef’s board.
Commenting on behalf of VentureWave Capital, Brian Martin said, “Consumers want to eat healthily but often can’t find an online, convenient and environmentally friendly option. DropChef solves this problem and we are delighted to be backing Ryan, Roman and Sam to help scale this rapidly expanding Irish business.”
Kieran McLoughlin, Venturewave Capital Managing Partner said, “We and DropChef are mission driven businesses. Our aim is to generate profit with a purpose. This investment will meet a number of the UN’s Sustainable Development Goals in terms of health, sustainability and education. We will be measuring and reporting on our social impact alongside the financial growth of the company. Impact Investing is all about doing well while doing good which is what we aim to achieve with DropChef.”
Commenting, Ryan Scott, CEO of DropChef stated that “this is phenomenal news for our team and our customers and suppliers, it will do so much for the business by allowing us to invest further in the customer experience, technology and our sustainability strategy”. It will ensure we further our mission to allow us to help more people to live a more healthy and sustainable life, we will be able to make a whole host of improvements to the product that will be better for the customer and the planet.”
Since March of this year eGrocery spend has increased dramatically and Mr. Roman Grogan, Co-Founder and COO commented that, “We are very fortunate to have such a strong backing from the VentureWave Capital team who have deep entrepreneurial experience, there are a lot of VC firms out there but very few who really know the right questions to ask and how to properly assess a startup. We are continuing to see further growth and it is now very clear that this is a permanent shift in the psyche of the consumer who now, having ordered online, is much more likely to repeat this behaviour more frequently”.
DropChef secures €2 million investment from VentureWave Capital’s Impact Ireland Fund.
VentureWave’s Impact Ireland Fund has announced a EUR 2 million investment in DropChef.com, the online healthy food and fulfilment platform. Please check out The Irish Times Article here
The investment will drive the expansion of this disruptive Irish food-tech platform, driving scale, innovation and new market entry. DropChef’s technology cuts food and packaging waste, while driving the adoption of healthier meal options and hence overall wellbeing.
Dublin, Ireland – Monday 9th November 2020 – VentureWave Capital announced a €2 million investment in the Irish food technology company DropChef (www.dropchef.com). DropChef’s online platform delivers tailored healthy meal kits with precisely measured locally sourced ingredients to every part of Ireland, North and South. DropChef was founded in 2015 by Irish Entrepreneurs Ryan Scott, Roman Grogan and Sam O’Byrne. The concept has been adopted by thousands of Irish households seeking healthier meals, with fresh ingredients delivered to their doorsteps on demand, with less waste and more convenience. DropChef’s growth has been rapid with an increase in revenue of 171% over the first quarter this year. This is in line with international trends where the market has expanded significantly and reflects growing consumer desire for healthier diets and more convenient options.
DropChef is consistent with the Impact Ireland Fund Investment Objectives, financial and non-financial, driving its mission of delivering a positive social impact. DropChef will deliver on a range of positive outcomes as part of this investment; these include driving the adoption of healthier meals and less processed foods, a B2B model to support healthier eating while remote working, increased demand for local and sustainable food producers, and pioneering the use of recyclable and compostable packaging. Meanwhile DropChef’s educational programme to promote healthy eating will be expanded. This will include educational outreach to younger people to acquaint them with healthy food choices from the earliest possible opportunity, lobbying for increased food education in schools, and highlighting the health and environmental damage caused by ultra-processed foods.
VentureWave Capital’s investment represents a strategic stake in the DropChef company. Renowned food entrepreneur Bobby Kerr and VentureWave Capital Managing Partner, Brian Martin will join DropChef’s board.
Commenting on behalf of VentureWave Capital, Brian Martin said, “Consumers want to eat healthily but often can’t find an online, convenient and environmentally friendly option. DropChef solves this problem and we are delighted to be backing Ryan, Roman and Sam to help scale this rapidly expanding Irish business.”
Kieran McLoughlin, Venturewave Capital Managing Partner said, “We and DropChef are mission driven businesses. Our aim is to generate profit with a purpose. This investment will meet a number of the UN’s Sustainable Development Goals in terms of health, sustainability and education. We will be measuring and reporting on our social impact alongside the financial growth of the company. Impact Investing is all about doing well while doing good which is what we aim to achieve with DropChef.”
Commenting, Ryan Scott, CEO of DropChef stated that “this is phenomenal news for our team and our customers and suppliers, it will do so much for the business by allowing us to invest further in the customer experience, technology and our sustainability strategy”. It will ensure we further our mission to allow us to help more people to live a more healthy and sustainable life, we will be able to make a whole host of improvements to the product that will be better for the customer and the planet.”
Since March of this year eGrocery spend has increased dramatically and Mr. Roman Grogan, Co-Founder and COO commented that, “We are very fortunate to have such a strong backing from the VentureWave Capital team who have deep entrepreneurial experience, there are a lot of VC firms out there but very few who really know the right questions to ask and how to properly assess a startup. We are continuing to see further growth and it is now very clear that this is a permanent shift in the psyche of the consumer who now, having ordered online, is much more likely to repeat this behaviour more frequently”.
