Food & beverage e-commerce startup Feast & Fettle raises $1.2m to expand into Massachusetts and Connecticut
Feast & Fettle, a premium, fully-prepared meal delivery service based out of Rhode Island, announced the closing of a $1.2 million Seed round led by Salem Capital Management, the family office of Paul Salem, Senior Managing Director Emeritus at Providence Equity Partners and Chairman at MGM Resorts.
Launched in 2016 by personal chef, Maggie Mulvena Pearson, Feast & Fettle hand-delivers gourmet, restaurant-quality meals to their rapidly growing member base in Rhode Island and Massachusetts. Rather than focusing on high-volume production and driving down cost, the Company has carved out a niche by serving busy families and professionals who aren't willing to sacrifice quality at mealtime.
The capital in this investment round will accelerate Feast & Fettle's expansion plans, including a custom-built production facility that will allow the company to serve the Boston metropolitan area in early 2021. The facility will also act as the blueprint for future facilities, the first of which will be located in Connecticut and launched in late 2021.
Carlos Ventura, CEO, Feast & Fettle: "We've grown Feast & Fettle by focusing one thing - our members. Our patience and ability to appreciate the emotional connection with food, has allowed us to provide a unique experience at the dinner table you won't find with any other meal delivery service. Now that we've spent the time to get it right, we're gearing up for rapid expansion."
Paul Salem, Founder and CEO, Salem Capital Management: "We are thrilled to partner with Carlos, Maggie, and the Feast & Fettle team as they continue their rapid growth. I have met many entrepreneurs over the past 30 years and the team at Feast & Fettle are amazing. They are using technology, social media and entrepreneurial spirit to build a truly great company. Feast & Fettle is a great example of the companies we are looking to back – they are locally entrenched and laser-focused on delighting their customers. As happy customers ourselves, we are believers in the product and look forward to helping bring Feast & Fettle to more neighborhoods throughout New England."
Feast & Fettle has realized explosive growth - revenue is on track to be up more than 250% in 2020 and the company has only been operating in most of the geographies they serve for a year or less. Prior to this round, Feast & Fettle raised a small round of capital from friends and family, including Chairman and CEO of Water Rower Inc., Peter King.