Fresh Del Monte Produce Inc. has invested $4 million into Purple Carrot of Needham, Massachusetts, a plant-based meal kit company. The infusion of capital will help Purple Carrot to optimize its supply chain efficiency, gain access to the developing retail channel and pursue opportunities for category expansion, the company says.
“Securing this strategic investment from Fresh Del Monte is a huge validation of our business model and an important step forward for our company. Helping people eat more plant-based foods represents our differentiated, purpose-driven commitment to making the planet and the people who live on it healthier,” said Andy Levitt, Purple Carrot’s founder and CEO. “This investment by Fresh Del Monte will strengthen our ability to create meaningful and lasting change, improve our core product and open up a world of possibilities for brand expansion. I couldn’t be happier.”
The growth in the plant-based eating market is expected to double from 2015 to an estimated $25 billion in 2020. Moreover, the meal-kit market is projected to grow from $1.6 billion in 2016 to $35 billion in 2025.
Purple Carrot, which launched in October 2014 out of Levitt’s garage, delivers fresh, pre-portioned ingredients nationwide with step-by-step guidance for people to cook healthy, plant-based meals at home.
In March 2017, Purple Carrot announced a partnership with Tom Brady and his team at TB12 to launch TB12 Performance Meals to help active individuals cook many of the same Brady meals eats each week.
According to Purple Carrot, its products empowers people who want to consciously and easily integrate plant-based eating into their life—while not completely giving up meat, fish and dairy.
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