In May 2014, Plated had the opportunity to showcase its innovative meal delivery service on ABC’s Shark Tank. During their pitch, co-founders Josh Hix and Nick Taranto impressed the panel of investors with their business model, which aimed to make cooking healthy meals at home more convenient for busy individuals.
After a successful presentation, Plated received an initial deal with Kevin O’Leary. However, as is common in the high-stakes world of Shark Tank, the deal eventually fell through. Nevertheless, this setback didn’t deter O’Leary from recognizing the potential of Plated’s concept. In a follow-up segment called “Beyond the Tank,” O’Leary revisited the opportunity and decided to invest in the company.
The exposure on Shark Tank proved to be a game-changer for Plated. The episode generated significant buzz and put Plated in the spotlight, leading to a surge in revenue and widespread recognition. The company’s appearance on Shark Tank also attracted the attention of other investors, resulting in close to $100 million in venture capital funding.
| Shark Tank Impact on Plated | Details |
|---|---|
| Increase in revenue | The exposure from Shark Tank led to a significant boost in Plated’s revenue, contributing to the company’s growth. |
| Visibility and brand recognition | The national television exposure propelled Plated to the forefront of the meal delivery industry, increasing its visibility and brand recognition. |
| Additional investments | Plated’s appearance on Shark Tank attracted interest from other investors, resulting in substantial venture capital funding to support the company’s expansion. |
Plated’s appearance on Shark Tank not only provided the financial boost the company needed but also validated its business model and concept. The exposure and subsequent investments set the stage for Plated’s continued growth and success, paving the way for its acquisition by Albertsons for $300 million in 2017.
Plated’s appearance on Shark Tank propelled the company’s growth and success.
