Sacramento-based organic food delivery service Trifecta Nutrition Inc. is in the running for a $6.75 million grant from the California Competes Tax Credit.
The tax credit is one of the state’s economic incentives to support growing companies. It's administered through the Governor’s Office of Business and Economic Development, also known as GO-Biz.
A committee meets April 21 to approve the California Competes awards, which statewide total $87.5 million.
In its proposal, Trifecta plans a net increase of employees of 402, to bring the company to a total of 479 employees by the end of the 2026 tax year. The company also proposes to make investments over that time of $1.5 million.
Trifecta didn't respond to calls and emails from the Business Journal seeking comment.
Trifecta makes and ships complete cooked and vacuum-packed meals nationwide for fitness-minded consumers and those with special diets.
As part of the proposed agreement with GO-Biz, Trifecta would make investments of $210,000 in 2022, the first year, and then $330,000 every year for the next four years.
The state does not pay companies under the California Competes program. Rather, the state forgives taxes to the specified amount if the companies meet hiring and investment goals over time.
Last summer, Trifecta raised $20 million in growth funding from investors led by Boston-based venture capital firm Spring Lake Equity Partners.
Trifecta was ranked fourth locally in the Business Journal's 2021 Fastest Growing Companies list, with about $77 million in 2020 revenue.
Trifecta delivers meals via UPS, FedEx and other logistics companies. The food is not frozen, but it is packed in cooled packaging.
The company sends its meals in sustainable packaging, and what plastic it does use is recyclable.
Trifecta 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.
Trifecta was founded in 2015. Since 2016, it's formed strategic partnerships with sports leagues and entities, including CrossFit LLC, F45 Training, the American Heart Association, Spartan Races, Team USA Weightlifting and the Mr. Olympia bodybuilding contest.