# Spyce Food Co.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/spyce-food

- Industry: Food
- Headquarters: Somerville, US
- Website: www.spyce.com
- Total disclosed funding: $24M
- Latest round: Series A (Aug 7, 2018)
- Investors on record: 6

## About

Founded in 2015 and based in Somerville, US, Spyce Food Co. operates as a culinary innovator, focusing on automated food preparation and delivery systems to provide fresh, healthy meals to consumers in an accessible way. The firm aimed at revolutionizing meal preparation through automation. The founders, Jakob Kort, Kale Rogers, and Michael Farid, have a history of entrepreneurial ventures. In August 2021, Spyce was acquired by Sweetgreen, Inc. for USD 50.00 mn in stock, signaling a shift in strategy to enhance customer and employee experiences through improved meal offerings. The company has been involved in 5 deals, with the most recent in 2021, and has raised a total of USD 21.04 mn in funding.Spyce Food Co. offers a unique menu featuring a variety of healthy meals that are prepared using automated cooking technology. Their products include customizable bowls and salads, utilizing high-quality ingredients aimed at promoting a health-conscious lifestyle. Catering services are also available for corporate events, expanding their reach to businesses seeking nutritious meal options. The company serves a diverse customer base, including health-focused individuals and urban professionals, with a commitment to sustainability through sourcing locally.Spyce Food Co. generates revenue mainly from direct sales at its automated food kiosks, complemented by catering services for businesses and events. The revenue model focuses on in-store purchases and online orders, with the signature dishes, like their unique bowls, driving consistent customer engagement. The pricing strategy reflects the premium quality of ingredients, which supports their positioning in the competitive fast-casual dining sector.Following its acquisition by Sweetgreen, Inc., Spyce Food Co. plans to leverage recent funding to enhance customer service and expand its product line. The acquisition will also facilitate entry into new markets, particularly targeting urban areas where demand for healthy food options is growing. The recent investment of USD 50.00 mn will be utilized to innovate new meals and improve existing offerings, aligning with the strategic vision of connecting more people with real food by enhancing operational capabilities and customer experiences.

## Funding rounds

- Series A, Aug 7, 2018, $21M — Maveron, Khosla Ventures, Collaborative Fund
- Seed, Jul 15, 2016, $2.6M — Maveron, Khosla Ventures, Dorm Room Fund, Rough Draft Ventures, Bolt

## Investors

- Maveron (https://capitalatlas.ai/funds/maveron) — Seed, Series A
- Khosla Ventures (https://capitalatlas.ai/funds/khosla-ventures) — Seed, Series A
- Dorm Room Fund (https://capitalatlas.ai/funds/dorm-room-fund) — Seed
- Rough Draft Ventures (https://capitalatlas.ai/funds/rough-draft-ventures) — Seed
- Bolt (https://capitalatlas.ai/funds/bolt) — Seed
- Collaborative Fund (https://capitalatlas.ai/funds/collaborative-fund) — Series A