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 expand this disruptive Irish food-tech platform, fostering scale, innovation, and new market entry. DropChef’s technology reduces food and packaging waste while encouraging the adoption of healthier meal options and, hence, overall well-being.
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 aligns with international trends where the market has expanded significantly and reflects a 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 provide a range of positive outcomes as part of this investment; these include moving 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 DropChef. Renowned food entrepreneur Bobby Kerr and Venturewave Capital Managing Partner Brian Martin will join the Company’s board.
Brian Martin commented on Venturewave Capital’s behalf, “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 in helping scale this rapidly expanding Irish business.”
Venturewave Capital’s Managing Partner, Kieran McLoughlin, said, “We and DropChef are mission-driven businesses. We aim to generate profit with a purpose. This investment will meet several of the UN’s Sustainable Development Goals regarding health, sustainability and education. We will measure and report on our social impact alongside the company’s financial growth. 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, “This is phenomenal news for our team, our customers, and our 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 help more people live a more healthy and sustainable life, and 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, grocery spending has increased dramatically. Mr Roman Grogan, Co-Founder and COO, commented, “We are very fortunate to have such strong backing from the Venturewave Capital team, who have deep entrepreneurial experience. There are a lot of VC firms out there, but very few know the right questions to ask and how to assess a startup properly. We continue to see further growth, and it is now very clear that this is a permanent shift in the psyche of the consumer who, having ordered online, is much more likely to repeat this behaviour more frequently.”
