Let’s Plate! secures $15,000 via crowdfunding campaign as founder mulls traditional capital raise
Children’s plant-based lunch brand Let’s Plate! has completed its Kickstarter campaign after meeting its $15,000 fundraising target on the crowdfunding platform.
Let’s Plate!, founded by former investment banker Shawn Jang, has developed a selection of make-your-own children’s packed lunches that are plant-based and free of GMOs.
The company will initially launch its products locally and regionally in New York and across the tri-state-area, although Jang has said he is keen to expand nationally in the US and in the UK.
“We already have some partners in the UK and interested consumers who are familiar with products in this space,” Jang told NutritionInvestor.
Although Let’s Plate! has received interest from investors, Jang said he is keen on finding smart money with which he can build a long-term partnership. Jang recently turned down a binding investment offer from an unnamed venture capital firm.
“I wanted to partner with investors who were excited about our mission and would be supportive of the business in both the good times and bad. I also had to ask myself – do the terms help position the business for success in the next qualified round? For us, we decided to continue working lean and bootstrap the business,” he said.
“Fundraising is a distraction from our day-to-day operations, and we want to be super thoughtful about how we spend our time,” Jang added.
Before launching the Kickstarter campaign, Let’s Plate! partnered with Leeds-based creative studio Buttercrumble to drive the start-up’s branding and PR efforts.
“We look forward to building on our partnership with the Buttercrumble team, who have been an incredibly valuable resource. They too are a family-owned business and understand what it’s like to build a business from scratch,” Jang said.
With its first launch on the horizon and more inbound investor interest, Let’s Plate! has been actively considering a traditional capital raise in the near future, Jang admitted.
“When we first started, the biggest challenges were in navigating a complicated supply chain and supplier network, as each product offering provides multiple different elements that need to be combined in production, assembly and distribution,” Jang told NutritionInvestor.
“After a lot of experimentation and learning throughout our journey, we’re confident we’ve figured out how to put all the pieces of the puzzle together in a way that best serves our customers,” he added.
Date published: 3 September 2021