When venture funding began to slow down in 2022, many predicted that investors would retreat to familiar ground: SaaS companies founded by people within their networks. Companies without exceptional growth metrics would struggle to secure funding. While this trend has largely been true, there have been bright spots.
Everytable’s Mission-Driven Model
One such company is Everytable, a mission-driven food tech startup that aims to make healthy prepared food as accessible and affordable as fast-food chains. The startup prices its menu based on the location of each individual store, in addition to distributing through various channels, including branded vending machines and delivery.
Recent Funding Round
On June 27th, Everytable announced a $25 million Series C-2 round led by Dohmen Impact Investment Fund, which backs for-profit companies building food solutions that enhance human health. The existing investors also participated in this round. This funding will help the company expand its retail footprint, with plans to open up 25 stores in the latter half of 2023.
Why Everytable’s Deal is Notable
This deal is notable for several reasons:
- It shows that there is still investor appetite for startups looking to deliver more than just profits, even in a tougher market.
- The lead investor, Dohmen Impact Investment Fund, has a unique approach to investing. They focus on backing companies that make a positive impact on society and the environment.
Impact Investing Remains Strong
While Everytable’s deal is significant, it also highlights a broader trend: impact investing remains strong despite the current funding slump. According to recent data from PitchBook, there were 1,930 late-stage deals in the U.S. in the first half of 2023. However, median deal size and median valuation have decreased compared to last year.
Everytable’s Growth
Despite the challenging market conditions, Everytable has been able to expand its operations. The company has tripled the number of stores it had in 2022. This is a testament to the strength of their business model and their ability to adapt to changing market conditions.
Founder’s Perspective
Everytable’s founder, Polk, emphasizes the importance of having a clear mission or impact in mind when starting a company. However, he also stresses that a strategic plan should be developed to achieve sustainable growth and profitability.
Conclusion
Everytable’s recent funding round is a testament to the strength of its business model and the continued demand for mission-driven companies. Despite the current funding slump, investors are still looking for startups with a clear purpose and impact. Everytable’s story serves as an inspiration for entrepreneurs who want to make a difference while building a successful business.
Sources
- "Everytable Raises $25M in Series C-2 Round" by [Author]
- "Impact Investing Remains Strong Amidst Funding Slump" by [Author]
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