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This Kitchen Appliance Has Generated $20 Million in Revenue with Over 1 Million App Downloads
Plus, Skedulo founder Matt Fairhurst on the pod to talk about its $75M Series C
Heyyyo,
If you’re not into the hobby (collecting cards) I’m sorry — skip to the Pitch Review.
For the rest, what a week!! Fanatics just pulled off an ALL-TIME heist… They (Michael Rubin) announced Friday that Topps was out as exclusive MLB partner after 70 years. Then, Fanatics signed the NBA Monday. And, as if that wasn’t a big enough week; they just announced a deal with the NFLPA Wednesday.
BTW the MLB deal literally destroyed Topps, who was planning a SPAC — word now is that SPAC is off and Topps will be available for purchase on Facebook Marketplace.
For the full breakdown, check out my new series here 👇
On the pod, I got a chance to talk to the founder of Skedulo who’s fresh off a $75M Series C to continue their dominance in the deskless cloud management space. Basically, if you have health providers or installers of any sort coming to your house, chances are you booked those appointments with Skedulo — what I didn't know (but learned) was they played a major role in helping mobilize global vaccine efforts.
Listen to my full interview with Matt Fairhurst:
Questions? DM @kitun.
Scott
Every week I breakdown startup pitches with the added hook that you can invest whether you’re accredited or not (if you don't know what that means, click here).
👇 If you like what you see here and haven’t already subscribed, please do 👇
Company Bio
Mealthy provides high-quality, user-friendly, affordable kitchen products that come with easy-to-follow, healthy recipes and videos.
Mealthy is basically InstaPot with a pinch of NYTimes Recipes and HomeChef rolled in; with dozens of new kitchen tools and cooking content in the works. Honestly, this is the future of cooking! As an avid Tovala user with a subscription to NY Times Recipes; when I discovered Mealthy I was very curious because the missing link between Tovala (or any other meal delivery service) and a recipe book is flexibility. Mealthy has taken a different approach that allows users to actually cook shit they want rather than depend on a ghost kitchen chef.
Meet the Founder
Watch my full interview with Mealthy Founder Casey Musick here.
Casey is a serial executive in consumer goods, travel, hospitality and real estate, with over 25 years of experience in sales, marketing & operations.
Casey is the real deal. He reminds me of the ShamWow guy in the best way — he’s probably going to hate this, but: prior to his pitch interview he told me he had never done a formal pitch with a deck. I advised him to just start talking about Mealthy and we’ll edit from there — within 2 minutes I was at Amazon checkout for my new Mealthy Multipot 😆 Truth is, the guy just knows his product and customer with no bullshit in-between. If this were a SaaS company I’d like to see more polish, but in the space Casey lives in… he’s perfect!
Traction
$20 million in revenue in first 3 years with 31% growth since 2020
Highest-rated kitchen appliance iOS app boasts 1M+ downloads, and website with 350,000+ visitors/month
Distribution with major retailers like Costco, Target, and Walmart
Plans underway for international markets including Mexico, South Africa, India, Europe and the UAE
Over 250 influencer/affiliate partnerships, with features in Food & Wine, HomeWorld, Digital Trends, Delish, and more
It’s easy to point to $20M in sales or the $200B TAM growing at 7% CAGR. But, TBH that isn’t even the story here — Mealthy is a food media company that generates revenue (for now) off its core product with insane upside potential. The future could include meal kits, diet plans, advertising and product partnerships. Literally, if you were to start Instapot today, it would look exactly like this!
Terms & Takeaway
Invest in Mealthy here 👉 Term Sheet
Security Type: Reg CF
Pre-Money Valuation: $40,000,000
Investment Goal: $1,070,000
Raised (as of publishing): $388,090
Minimum Investment: $100.00
Here's what I like: Casey is as impressive as it gets. The sales and app downloads speak for themself. Customer Reviews are fantastic. But, the reason I’m convinced Mealthy is legit is the way they use product innovation to drive market penetration. They don’t just create random shit you don’t need — they create products that fulfill needs that organically manifest as you consume their content. If they can get the recipe/app right, this company can literally upsell its own products and services in perpetuity.
Here's what I don't love: Meal delivery, at-home food prep and insta-everything is a VERY crowded marketplace. Ask Blue Apron, it can go away quickly. Despite impressive sales and the most popular app in the space — it can all disappear if they do not capitalize quickly with products on par with their intro multipot. If we were talking about a typical tech company, I’d say they already crushed it, what more do you want… but in this space the only way to win is an overpriced exit or constant innovation.
Who should invest and why: I have no reason to believe Casey and Mealthy will not continue to innovate or execute on this opportunity. Based on my convo with him, I feel pretty confident that he knows what to do and how to do it so basically the only reason I wouldn’t invest in Mealthy is if you flat out don’t insta-cook and do not believe in the millions of households that do… with a minimum of $100 and perks that include the multipot itself, you pretty much cant lose on this one.
As always, startup investing is super high risk, anything can happen.
Invest in Mealthy here 👉 Term Sheet
Questions? DM me on Twitter @kitun