DropChef secures €2 million investment from VentureWave Capital’s Impact Ireland Fund.

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DropChef secures €2 million investment from VentureWave Capital’s Impact Ireland Fund.

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.

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”.

About VentureWave Capital.

VentureWave Capital is a venture private equity investor that focuses on entrepreneurial companies with high impact potential. Our team invest in and build great companies. We seek to maximise financial potential by applying proven tools and methods to scale and grow. This experience and understanding drives our mission to create global leaders in key sectors - EdTech, CleanTech, HealthTech and Food & AgTech. We invest in technology for good companies which have a positive social impact, advancing at least one of UN’s Sustainable Development Goals. We help scale these companies to generate value for our investors, entrepreneurs and society. We are members of the Global Impact Investing Network (GIIN), and are the first Irish signatories of the IFC Principles for Impact Investing. VentureWave Capital are partners; partners with our investors, partners with our entrepreneurs and partners with society. Please visit our website www.venturewave.com

About DropChef

DropChef is one of the leading healthy online food businesses in Ireland. Founded in 2015 with the mission to help people to maintain a healthy and sustainable lifestyle, DropChef offers the highest quality products and service to their customers by delivering tailored meals through their online ordering platform and with all the ingredients they need in exact quantities as well as an easy to follow recipe card weekly to your home or office. DropChef’s vision is to completely own the weekly shop. DropChef delivers nationwide, 52 weeks a year. The business solves multiple problems for customers and ultimately saves time, stress and money that they would otherwise waste on meals that are less fresh, healthy or tasty. The company believes that their product saves time while cooking, as it eliminates the need to measure ingredients or shop for food beforehand, making the service an ideal solution for anyone with busy, hectic lifestyles. DropChef simply takes the hassle and stress out of cooking. With the focus of making a difference to people’s health as well as making the world a better place.

 

Article Published: 09/11/2020