PROVIDENCE – Feast & Fettle has closed a $1.2 million seed round led by Salem Capital Management that will accelerate its expansion plans, the company announced on Monday.
Salem Capital Management is the family office of Paul Salem, senior director emeritus at Providence Equity Partners and chairman at MGM Resorts, the company noted.
The prepared-meal delivery company said that the investment round will speed up expansion into the Boston metropolitan area in early 2021, including a custom-built production facility. The facility will also serve as a blueprint for future facilities, the first of which will be located in Connecticut in late 2021.
Feast & Fettle said that it has surpassed 1,000 active members, and has seen revenue increase by 250% in 2020.
“We’ve grown Feast & Fettle by focusing on one thing – our members. Our patience and ability to appreciate the emotional connection with food [have] 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.
The company previously raised a small round of capital from friends and family, including the chairman and CEO of Water Rowing Inc., Peter King.
“We are thrilled to partner with Carlos, Maggie [Mulvena Pearson], 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,” said Salem, founder and CEO of Salem Capital Management. “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.”
