Cook it receives a $ 10M investment from the Fonds de solidarité FTQ – Yahoo Canada Finance
MONTRÉAL, Oct. 27, 2021 /CNW Telbec/ – Cook it, the Montreal-based company who launched Quebec's first meal kit in 2014, is pleased to announce a $10 million dollar non-guaranteed investment by the Fonds de solidarité FTQ (the "Fonds") .
"This is a great moment in Cook it's history and we are extremely proud to welcome the Fonds de solidarité FTQ as a financial partner. We have an ambitious vision for Cook it and this investment will give us the means to further our mission of being the best way to eat," says Patrick Chamberland, CFO, COO and co-founder of Cook it. "Since the beginning, we have focused on innovation, sustainability and strong partnerships with local companies to develop our business. The alignment between Cook it's values and the Fonds' mission was a natural fit."
The funding will allow Cook it to modernize its Ville Saint-Laurent factory by investing in operational technologies and automation equipment. In addition to increasing productivity, these efforts will improve the customer experience and allow employees to focus on higher value-added tasks, such as meal kit personalization and quality control.
Recognized by firm Leger Marketing as a Canadian leader in customer experience, Cook it will continue to improve its platform to simplify the lives of its customers. The company will soon be rolling out an improved version of its loyalty program, which is unique in the industry and already very popular with its customers. Committed to building a perfect product, Cook it has recently set up a loyalty department that will launch a series of initiatives in the coming months to surprise its subscribers week after week. Resources will also be allocated to the development of new products to meet the ever-growing needs of its customers in terms of meal kit solutions.
With its strong commitment to sustainable development, Cook it is dedicated to developing more ecological and sustainable solutions for its meal kit. Over the past few years, Cook it has implemented numerous eco-friendly initiatives to optimize certain aspects of its activities, such as packaging, supply, delivery and food traceability. Today, Cook it has two employees dedicated to the implementation of its sustainable development plan.
"We are proud to support Quebec businesses that stand out for their distinctive offering and their commitment to the local economy," said Patrice Jolivet, Vice President, Investments, Agri-Food and Health at Fonds de solidarité FTQ. "We share the company's values, and are pleased to support its growth and strategic ambitions, as well as its technological shift. This investment is part of the Fonds de solidarité FTQ's commitment to invest in a better society," he concluded.
Finally, Keira Capital Inc. acted as exclusive financial advisor to Cook it in connection with the financing.
About Cook it
As a pioneer of meal kits in Canada, Cook it's goal is to be the best way to eat. Whether that's by making you want to cook again, by reducing food waste or simply by taking away the mental load associated with meal planning, Cook it offers meals prepared with the best products on the market.
Every week, the menu offers 14 new ready-to-cook recipes, including vegetarian options, ready-to-eat meals to heat up in 2 minutes and all sorts of 100% local grocery items in the Pantry. Created by chefs and approved by nutritionists, every recipe is made with fresh, local and seasonal ingredients for maximum freshness on your plate. With these delicious meals ready in less than 30 minutes and delivered to your home for free, having a diverse and balanced diet has never been so easy!
Cook it currently employs over 530 people in a head office in the heart of Montreal and a 34,000 square foot production facility.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ invests to build a better society by channelling the savings of its 723,501 shareholders into development and risk capital investments to help Québec transition to a green economy, to a human-centered world of work, and to a healthier society. The Fonds offers businesses unsecured financing and strategic support. With $17.2 billion in net assets as of May 31, 2021, the Fonds has supported 3,437 partner companies and 247,612 jobs.
SOURCE Cook it
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