Dealflow | May 9, 2018

Produce giant Del Monte invests in vegetarian meal-kit company Purple Carrot

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, May 9 – The Cambridge, Mass.-based startup has given the popular subscription-based meal kit model (think Blue Apron) a vegetarian twist. The company offers a “performance-based” meal subscription plan, endorsed by New England Patriots quarterback Tom Brady. The company expects the plant-based food and eating market to grow to $25 billion by 2020. “Our vision is a world where plant-based eating is a mainstream choice to improve health, our environment, and animal welfare,” Purple Carrot says on its website.

  • Money and strategy… Fresh Del Monte Produce is making a $4 million equity investment in the company and will help Purple Carrot improve its supply chain and develop a retail strategy.

Bain Capital’s Double Impact fund recently invested in two sustainable restaurant chains, while both lab-grown and vegetarian “alternative meats” have raised tens of millions from food giants’ corporate venture funds.