Campbell Soup Co. announced Wednesday that it has invested $10 million in Chef’d, an e-commerce meal marketplace.
Campbell’s investment, which is part of the Series B round of funding for Chef’d, will help grow its e-commerce capabilities, it said.
This investment makes Campbell Chef’d’s largest strategic investor and will give it a seat on the company’s board of directors.
Under terms of the partnership, Chef’d will help with infrastructure and distribution of meal solutions through the Campbell’s Kitchen site. Campbell will benefit from Chef’d’s insight on e-commerce business models, access to data analytics and insights on shopper behaviors.
“E-commerce will transform the food industry in similar ways to how it transformed entertainment and apparel. It is a game changer for consumers, food makers and retailers alike,” said Denise Morrison, CEO and president at Campbell. “The movement is irrevocable and irreversible. In the future, shopping for and preparing meals will be flexible, fully automated and even anticipatory. Chef’d will help Campbell connect with our consumers where they are today and, more importantly, where they’re headed.”
“We are actively looking to add strategic partners and Campbell’s outlook on the future of food and e-commerce aligns perfectly with the Chef’d vision of the future of online grocery,” Kyle Ransford, CEO at Chef’d, said. “Both Campbell and Chef’d believe in continuing to drive innovation in the new food economy, particularly around consumer customization and e-commerce solutions.”
Campbell has projected e-commerce sales of food and beverages to reach $66 billion between 2016 and 2021, it said.
“We are fully committed to growing our e-commerce business with an emphasis on bold moves and rapid pace,” said Mark Alexander, president, Americas Simple Meals and Beverages at Campbell. “We are firm believers in building relationships with partners that share our vision while enabling us to rapidly learn, evolve and test new capabilities.”
Other investors in Chef’d’s Series B round include Fresh Direct.
DA Davidson & Co. acted as the exclusive financial advisor to Chef’d.