Nestlé USA has announced the acquisition of Freshly, a New York-based startup for $1.5B and additional earnouts of up to $550 million based on future growth of the startup.
Nestlé USA Chairman and CEO Steve Presley, said in a statement – “Consumers are embracing ecommerce and eating at home like never before. It’s an evolution brought on by the pandemic but taking hold for the long term. ”
He added – “Freshly is an innovative, fast-growing, food-tech startup, and adding them to the portfolio accelerates our ability to capitalize on the new realities in the U.S. food market and further positions Nestlé to win in the future.”
“We are extremely excited to expand our relationship with Nestlé. Our mission is to make eating healthy easy by bringing nutritious, high quality meals directly to customers’ homes. Convenience and nutrition are driving forces in the future of food, and our becoming a part of the world’s largest food company confirms that. With Nestlé, we will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans and move closer to our goal of being in every household in America” – said Freshly CEO Michael Wystrach. .
According to the press release – Freshly ships over one million meals per week to customers in 48 states with its 2020 sales forecast being around $430 million. Founded in 2015, Freshly provides pre-made meal delivery service that delivers chef-made food directly to the customer.
–AK
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