Plated was an ingredient-and-recipe meal kit provider in the United States of America. It was a business that shipped boxes with ingredients for various meals so that the customers can make a quick, simple, and healthy meal at home. Thus, the customers will not have to go through the hassle of shopping too.
This business was based on subscriptions by customers and was later acquired by Albertsons in 2017 for $200 million to $300 million. The Albertsons then announced two years later that they would be ending the subscription-based business.
|Founded by||Nick Taranto and Josh Hix|
|Headquarters||New York City|
|Business status||Out of business, closed by Albertsons in 2019|
|Plated Net Worth||$9 million (Last Updated 2022)|
Plated Net Worth
The net worth of Plated is estimated to be around $9 million.
The founders of Plated were Nick Taranto and Josh Hix. They both came up with the idea of Plated while they were attending Harvard Business School because they wanted to eat healthy food cooked by themselves. Though, they did not have much time to fit cooking into their daily schedule.
The duo first started the business in Nick Taranto’s kitchen, and their aim was to get more and more people to cook instead of ordering unhealthy food. This would also make it easy for people to cook at home as they will not have to go shopping to buy the ingredients.
Nick Taranto used to work for Goldman Sachs before he founded Plated with Josh Hix. Josh Hix, meanwhile, used to be an engineer and an entrepreneur, having founded several other enterprises before teaming up with Nick to found Plated.
Plated During Shark Tank
Nick Taranto and Josh Hix entered Shark Tank seeking $500,000 in exchange for a 4% stake in their business. In their pitch, the duo demonstrated and explained how shipping ingredients and recipes to customers is a healthy and perfect solution.
Lori Greiner did not believe in the concept behind was successful enough, so he pulled out. Robert Herjavec was also not convinced of the revenue made by the business in sales and pulled out.
Mark Cuban and Barbara, though, felt contrary to Lori and Robert believed and thought that the idea behind the business was not only innovative but also a practically convenient solution. However, Barbara still pulled out of any deal.
Mark Cuban offered Nick and Josh $500,000 in exchange for a 5.6% stake in Plated. Nick and Josh discussed for a while and then accepted the deal, going out with the check.
What Happened to Plated After Shark Tank Deal?
After the Shark Tank show, the deal with Mark Cuban was not completed as Nick Taranto and Josh Hix asked for more funds. Meanwhile, Kevin O’Leary took a huge interest in the business and invested in it.
In the following years, Plated made millions in sales revenue, which showcases the success that the business had back then. The firm expanded into 14 bigger centers around the United States of America in its first three years after the deal, which increased sales and revenue.