“By the end of 2020, any standalone meal-kit company will be dead,” said Nick Taranto, chief strategy officer and cofounder of Plated, speaking at the Fast Company Innovation Festival in New York City, “and we’re going to put them out of business.”
The five-year-old Plated, which was acquired last month by the grocery giant Albertsons Companies for a reported $200 million, is the latest meal-kit company to find a safe haven within a larger partner. Campbell Soup invested $10 million in Chef’d in May, just after Unilever invested $9 million in meal-subscription service Sun Basket.
Meanwhile, Blue Apron, the largest and most visible meal-kit company, has been struggling. The company laid off 6% of its staff last week, and it’s struggling to stabilize its stock price after going public in June. Still, despite persistent rumors of Amazon’s inevitable entrance into the market, Hello Fresh announced that it plans to go public this week.