Fresh Prep Foods

Fresh Prep delivers weekly meal kits, containing pre-cut and pre-portioned ingredients, in reusable, insulated cooler bags to more than “tens of thousands” of customers in over twenty cities in British Columbia, Canada. The company offers subscribers 10 weekly recipes to choose from (with 50% vegetarian and 20% vegan options), at a price per serving starting from CAD 10.00 (USD 8.00) for family plans and CAD 10.88 (USD 8.70) for two person meals, largely in-line with competitors HelloFresh and Marley Spoon. It sources its proteins and produce from local suppliers, including Intercity Packers and Rossdown Farms. Fresh Prep is a certified B corporation, focused on sustainability with a target of being a zero waste business by 2025. It offers consumers a zero waste meal kit, at no additional charge, made from BPA-free reusable plastic and silicone parts to reduce wastage from single-use plastic. The company also offers add-ons, including baked goods, smoothies, and snacks on its online marketplace, curated by local suppliers or its in-house culinary team. Fresh prep claims to be the only Canadian meal kit provider that employs its own delivery drivers.

According to Fresh Prep, it has exceeded its income targets in the last three years, with revenue growth of 540 percent over the period. The company saw increased demand during the pandemic, as consumers increasingly chose to order meal kits and cook at home to avoid grocery store trips and the high costs of prepared food delivery.

Fresh Prep raised CAD 21 million (~USD 17 million) in a Series B funding round in September 2021. The round was led by Yellow Point Equity Partners, with participation from Renewal Funds which led Fresh Prep’s series A funding round in 2020. Fresh Prep plans to use the new funds for 1) regional expansion, from its current Vancouver base to Alberta; 2) investments in automation and new products, including customizable meal kits and ready-to-eat options; and 3) to expand its team, targeting 80 new hires over the next year, to add to its current count of over 350 employees.