U.S. multinational Fresh Del Monte Produce has made a US$4 million equity investment in plant-based meal kit company Purple Carrot.
Purple Carrot says the investment would bring an “infusion of capital as well as leverage to optimize supply chain efficiency, gain access to the developing retail channel, and pursue unique opportunities for category expansion.
The company added that it has built a “vibrant community among health-conscious consumers.”
“This investment builds on our commitment to seize growth opportunities that will further diversify our business, leverage our distribution network and infrastructure, and get healthful, fresh fruit and vegetable offerings in as many channels as possible,” said Fresh Del Monte. chairman and CEO Mohammad Abu-Ghazaleh.
“Purple Carrot has tremendous growth momentum in the fast-growing plant-based food segment with a well-known brand and an authentic connection with its customers.
“We believe there will be significant opportunities for our teams to create increased value through product mix and channel expansion.”
The development comes three months after Del Monte announced its acquisition of Mann Packing, a leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America.
The growth in plant-based eating is expected to double from 2015 to an estimated US$25 billion in 2020, and the meal kit market is projected to grow from US$1.6 billion in 2016 to US$35 billion in 2025, according to Purple Carrot.
Purple Carrot, which launched in October 2014 out of Levitt’s garage, delivers fresh, pre-portioned ingredients nationwide with step-by-step cooking guidance.
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 delicious meals Brady eats each week.