We've had a lot of discussion here on MNB about the quality of cafeteria lunches in public school districts around the country, and how they may be responsible in part for the nation's childhood obesity problems.
Well, someone seems to be a business opportunity here.
The New York Times reports that Revolution Growth, the investment fund co-founded by Steve Case, who also co-founded AOL, is investing $30 million in the conveniently named Revolution Foods of Oakland, California, which "makes healthier lunch meals for children."
According to the Times, "It is the second food-related deal for Mr. Case’s fund, which invested in Sweetgreen, a 'farm-to-table' salad chain, late last year. While the fund is better known for backing technology companies, Mr. Case said that the food business — whether it’s school lunches or restaurant salads — was 'ripe for disruption' … Food is a big part of our lives, and healthier options are going to become increasingly important."
The story says that Revolution Foods, "which was founded in 2006 by Kristin Groos Richmond and Kirsten Saenz Tobey, originally focused on selling lunches to schools, and it says it now serves over one million meals a week at over 1,000 schools in 26 cities in the United States, including New York, Washington and Los Angeles.
Last year, it introduced prepackaged meal kits in grocery stores, with the aim of giving children a healthier alternative to Lunchables, a competing brand. Its prepackaged business is smaller, though the company says it sells the meal kits at 2,000 store locations across 50 cities.
"When its fiscal year wraps up at the end of this month, the company expects to have revenue of more than $80 million, according to Ms. Richmond, who is the chief executive."
Well, someone seems to be a business opportunity here.
The New York Times reports that Revolution Growth, the investment fund co-founded by Steve Case, who also co-founded AOL, is investing $30 million in the conveniently named Revolution Foods of Oakland, California, which "makes healthier lunch meals for children."
According to the Times, "It is the second food-related deal for Mr. Case’s fund, which invested in Sweetgreen, a 'farm-to-table' salad chain, late last year. While the fund is better known for backing technology companies, Mr. Case said that the food business — whether it’s school lunches or restaurant salads — was 'ripe for disruption' … Food is a big part of our lives, and healthier options are going to become increasingly important."
The story says that Revolution Foods, "which was founded in 2006 by Kristin Groos Richmond and Kirsten Saenz Tobey, originally focused on selling lunches to schools, and it says it now serves over one million meals a week at over 1,000 schools in 26 cities in the United States, including New York, Washington and Los Angeles.
Last year, it introduced prepackaged meal kits in grocery stores, with the aim of giving children a healthier alternative to Lunchables, a competing brand. Its prepackaged business is smaller, though the company says it sells the meal kits at 2,000 store locations across 50 cities.
"When its fiscal year wraps up at the end of this month, the company expects to have revenue of more than $80 million, according to Ms. Richmond, who is the chief executive."
- KC's View:
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Big idea. Especially because ideally it will take away any excuse that school districts have to serve slop. The bigger question is why some local food retailers have not figured out a way to offer this kind of service to school districts themselves.
