Feast & Fettle Raises $1.2M, Accelerates Expansion into Massachusetts and Connecticut
Company surpasses 1,000 active members ahead of its official launch in Boston in early 2021
PROVIDENCE, R.I., Nov. 23, 2020 /PRNewswire/ -- Feast & Fettle, a premium, fully-prepared meal delivery service based out of Rhode Island, announces the closing of a $1.2M 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.
"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" stated CEO, Carlos Ventura.
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.
"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," said Paul Salem, Founder and CEO of Salem Capital Management.
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.
About Feast & Fettle
Feast & Fettle is a gourmet, fully-prepared meal delivery service founded in 2016 by Chef Maggie Mulvena Pearson and her best friend, Nicole Nix. The company delivers high-quality prepared meals for busy families and professionals who are unwilling to sacrifice on quality.
Meals are prepared at local kitchens and distributed by their in-house delivery teams across Rhode Island and Massachusetts. The company is dedicated to supporting and the local communities they operate in and donates $1 of every order to Edesia Nutrition. Learn more at http://www.feastandfettle.com
About Salem Capital Management
Salem Capital Management (SCM) is a family-owned investment firm based in Providence, Rhode Island. SCM was founded by Paul Salem, a longtime executive at Providence Equity and current Chairman of MGM Resorts International. In 2020, Chris Satti, a Rhode Island native and longtime private equity professional at Audax Group, joined SCM as President.
The firm invests behind family and entrepreneur-owned companies throughout New England and nationally, providing patient, flexible growth capital, and strategic support. Local investments include The Guild Brewery, Seven Stars Bakery, the Pawtucket Red Sox, National Marker Corp., and Knack Backpacks.
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SOURCE Feast & Fettle
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