Sacramento-based organic food delivery service Trifecta Inc. has raised $20 million in funding from investors led by Boston-based venture capital firm Spring Lake Equity Partners.
Trifecta makes and ships complete cooked and vacuum-packed meals nationwide for fitness-minded consumers or those with special diets.
The new funding will help the company, which is already growing quickly, ramp up more growth, Trifecta said in a news release.
Trifecta has averaged annual revenue growth of 145% over four years, said company spokesman Bradley Hartman, via email.
The company will use the new money to expand its staff, which is currently 81 employees, and to expand its online offerings, Hartman said.
Additional investors in the new funding round include Data Point Capital of Boston, Raptor Group of Boston and Hall Group of Dallas.
“The Trifecta team is thrilled to partner with such a strong, experienced group of investors as we continue our expansion into the quantified human and nutrition tracking world, improving our food supply chain, and expanding our already dynamic menu,” said Greg Connolly, CEO and co-founder of Trifecta, in a news release.
Trifecta makes fully prepared meals and delivers them via UPS, FedEx and other logistics companies. It allows customers to choose from a menu of meals for a variety of specific diets, such as keto, paleo, vegan, vegetarian, clean eating and classic.
The meals are never frozen, but they need to stay refrigerated as they are shipped to all 50 states.
With the investment led by Spring Lake Equity Partners, its Managing Partner Bob Forlenza will take a seat on Trifecta’s board of directors.
“Trifecta has all the ingredients to become a dominant player in the health-oriented prepared meal industry, including an outstanding product, dedication to making healthy eating easy and enjoyable, clear messaging and sophisticated marketing,” Forlenza said in a news release.
Trifecta has marketed itself through alliances with sports leagues and athletics and training companies.
Trifecta saw a spike in use by existing customers and new users starting in March 2020 when the impact of the Covid-19 pandemic first hit the U.S.
The company was founded in 2015 to send nutritionally balanced meals to athletes and those concerned about a healthy diet.
In addition to leading a growing company, Connolly and other Trifecta executives have supported other early-stage entrepreneurs in the Sacramento area, said Laura Good, co-founder of StartupSac, a nonprofit forum for local entrepreneurs. Connolly has been a speaker at the group's events before the pandemic and in virtual events in the past 18 months, Good said. Elizabeth Connolly, Trifecta’s co-founder and sister to Greg, acts as a mentor to startups.
Trifecta was ranked fourth locally in the Business Journal's Fastest Growing Companies list, with about $77 million in revenue at the end of 2020.
