GENEVA, NY — RealEats, a weekly subscription meal delivery service that makes it simple for people to enjoy the nutritional benefits of real food, has raised $16.3 million in a Series A funding round. The round was led by Hamilton Lane on behalf of the New York State Common Retirement Fund, which participated through its co-investment fund managed by the firm, and also includes global health and wellness brand GNC, Armory Square Ventures, and Excell Partners.
“We are thrilled to partner with such highly strategic and supportive investors who share our vision for a healthier food future,” said Dan Wise, founder & CEO, RealEats America Inc. “This capital raise is a testament to the dedication of our amazing team, the delicious real meals they make, and our incredibly loyal customers across the country. RealEats is poised to expand significantly with this infusion of capital and the growing consumer demand for healthy real food.”
RealEats offers meal plans from 4 to 12 dinners per week priced at $10.99 to $14.99 per meal with discounts for new customers. Meals are shipped to customers and can be heated on stovetop or microwave.
Investment management firm Hamilton Lane led the round via a co-investment fund it manages on behalf of the New York State Common Retirement Fund, and will represent investors on the RealEats Board of Directors. David Helgerson, Managing Director of Direct Equity Investments at Hamilton Lane, said, “RealEats is taking a leadership role in the healthy food revolution through its innovative, high-quality and convenient food options. We are excited to support the Company’s expansion across the country as it inspires customers through a unique combination of real food offerings, including many from the Finger Lakes region of New York.”
Yong Kai Wong, GNC’s Executive Vice-Chairman, has joined the RealEats Board of Directors and is working closely with the company to launch several strategic collaborations, including launching RealEats meals on GNC.com in early November as the first fresh meal brand available for purchase through GNC’s website.
“GNC has been a tremendous platform for discovering and supporting emerging and innovative brands and technologies. Our partnership with RealEats, as part of GNC Ventures, the innovation and technology incubation arm of GNC that focuses on fast-growing, disruptive companies in health and wellness, allows GNC to provide fresh and healthy meals and a holistic wellness offering to our customers. We couldn’t be more excited to partner with RealEats,” said Yong Kai.
Armory Square Ventures, a technology venture capital firm that invests in high growth companies outside of Silicon Valley, added to its earlier investment in RealEats. “We have worked closely with Dan, Erik, Rebecca and the RealEats team since investing in the seed round two years ago. Over that period, RealEats provided excellent culinary offerings to a growing set of passionate customers through a pandemic. Now that many more people are spending time at home and the lines between work and home have blurred, we believe RealEats will continue to scale,” said Somak Chattopadhyay, Managing Partner at Armory Square Ventures. “We are also pleased to invest again alongside our longtime partner Hamilton Lane, the New York State Common Retirement Fund and GNC.”
Excell Partners, a venture capital fund that invests in high-tech high-growth startups in New York State, also increased their investment in RealEats. “Finding healthy, high quality meals for your family is even more important today and RealEats helps consumers achieve that,” said Rami Katz, Excell’s COO. “This is our fourth investment in RealEats and we are pleased to continue supporting the company’s tremendous growth.”
The Series A raise will help take the RealEats brand national and accelerate the move into their new 80,000 square foot facility in Geneva, NY where the company plans to continue to create jobs and support the local community. The funds will also fuel the company’s product innovation pipeline and support the launch of a much-anticipated new meal line that will be debuting this year.