Ample Foods

Nutritious Meal-Replacement Drinks

Company Information

Website:

http://amplemeal.com

Sector:

Food & Beverage

Location:

San Francisco, CA

Ample Foods produces nutritious meal-replacement drinks.

Its products feature a combination of proteins, healthy fats, fiber, organic greens, and probiotics. As a result, it provides consumers with a fast, easy solution for eating well.

In just two years, Ample Foods has reached $3 million in annualized revenue, raised $4 million from notable venture capital firms, and received personal investments from the Co-Founder of Instagram and the Former CEO of Twitter.

In addition, its team is led by a former R&D executive in the food & beverage industry, with experience at major brands including General Mills, Target, and Clif Bar.

Today, 39% of U.S. consumers use nutrition drinks to replace breakfast and other meals.

And 40% believe their food and beverages shouldn't contain artificial ingredients.

Ample Foods is targeting these trends, as well as the $18 billion meal-replacement market.

The company believes that its drinks offer a superior alternative to current options available to consumers.

For example:

* “Healthy” snacks and drinks can contain excess amounts of sugar.

* Protein powders can lack nutrition.

* And many meal-replacement options can quickly leave you feeling unsatisfied and hungry.

Ample’s drinks, meanwhile, provide complete proteins, premium fats from sources like coconut and sunflower oil, organic greens, fiber, and probiotics.

The drinks come as a dry powder and are pre-portioned and sealed in individual recyclable bottles. Consumers simply fill the bottle with water, shake up the mixture, and drink.

The company offers three formulas: Original, Ketogenic, and Plant-based.

The Original provides sufficient protein, fats, and fiber for those looking to maintain a balanced diet.

Ketogenic is designed for those with dairy sensitivities, or those adhering to the popular ketogenic diet — a low-carb regimen intended to help burn fat more effectively.

And Plant-based contains sufficient protein and fiber, as well as servings of fruits and vegetables.

Each drink is soy-free, gluten-free, and has fewer than 4 grams of sugar.

Ample Foods sells its drinks to consumers through monthly subscriptions via its website. The average customer spends $100 a month and receives 4 drinks per week.

In 2016, Ample Foods raised approximately $370,000 through a crowdfunding campaign on Indiegogo. That same year, the company graduated from 500 Startups, a prominent accelerator program that’s invested in notable startups including Twilio, Reddit, and Gengo.

In 2017, Ample Foods started selling its bottles on its website and generated $1.5 million in revenue. In addition, it raised $800,000 in a funding round led by Compound. Compound is a venture capital firm investing in early-stage companies, and previously invested in Tapad (a marketing company acquired in 2016 for $360 million) and Songza (a music streaming service acquired by Google).

In 2018, Ample Foods raised $2 million in a funding round led by Slow Ventures, a venture capital firm investing in early-stage companies. Slow Ventures previously invested in Twitter, Dropbox, and Nest Labs.

In addition, Ample Foods doubled its annual revenue to $3 million, and started selling its products on Amazon. Today, the company has a Net Promoter Score (a measurement of the likelihood customers will recommend a company or brand to family and friends) of 64. Any score above 50 is considered “excellent.”

Along with funding from the VC firms, the company has received capital from notable executives including Mike Krieger (co-founder of Instagram), Dick Costolo (Former CEO of Twitter), Mark Divine (former Navy SEAL and creator of the Sealfit training program), and Amy McDonough (COO of Fitbit Health Solutions).

With funds raised from this round, Ample Foods aims to increase its brand awareness, expand distribution, and bring new flavors to market.

Specifically, the company will target retail opportunities and business-to-business channels. In spring 2019, it will release bulk versions of all three of its current formulas, and will release two new flavors: chocolate and coffee.

Ample Foods aims to develop pre-mixed, ready-to-drink versions of its meal replacements, and will likely seek additional funding in a Series A round later this year.

Team Background

Rona Chen - Director of Operations

Rona’s background extends to several industries including food & beverage, financial services, and education.

She was previously a brand consultant for Equancy China, a global marketing company. While there, she developed growth strategies for international food & beverage brands including Bacardi and Bel Cheeses.

She formerly served as an operations and project manager for Huafeng Dining and Beverage Management, overseeing operations of eight restaurants and bars.

Rona was a marketing services analyst for First Manhattan Consulting Group, and a marketing assistant for Arnold & Porter, an international law firm.

She earned a Bachelor’s degree in Psychology from Georgetown University.

Julie Zimmerman - VP of Product Development

Julie has extensive experience in the food & beverage industry, specifically in the area of research & development.

Most notably, she was Vice President of R&D for General Mills, where she led a staff of 80 employees and was responsible for all product and packaging development.

As a consultant with General Mills, she worked with brands like Land O’Lakes to improve their growth strategy.

She formerly served as Director of Food Product Development for Target, and was instrumental in building the company’s Archer Farms and Market Pantry businesses from the ground up.

For five years, Julie served on the advisory board of Bush Brothers & Company, a producer of baked beans. In addition, she was Director of Quality for Clif Bar, a company selling nutrition bars.

She earned a Bachelor’s in Food Science from University of Illinois, and a Master’s in Food Science from University of Minnesota.

Connor Young - Founder & CEO

Prior to starting Ample Foods, Connor co-founded Koach, a company focused on helping patients engage in physical rehabilitation exercises and treatments at home.

He previously served on the medical sales team at Johnson & Johnson (NYSE: JNJ), training surgeons to use new medical technologies. In addition, he co-founded Shackle Island Crossfit, a fitness gym.

Connor earned a Bachelor’s degree in Biology and Environmental Science from St. Olaf College.

Amauri Campos - Vice President of Marketing

Amauri focuses on building consumer brands.

He previously ran a consulting business, focusing on providing marketing advice to early-stage startups.

For two years, he was Vice President of Marketing for Kuna Systems, a tech company producing outdoor home security cameras. In addition, he was a senior marketing manager for Symantec (NASDAQ: SYMC), a software company.

Amauri previously served as Director of Marketing for RingCentral, a cloud-based phone systems company. While there, he helped launch two campaigns that set the groundwork for the company’s Initial Public Offering in 2013.

He spent five years as Senior Manager for Digital Marketing for Nokia, a mobile device manufacturer.

Amauri earned a Bachelor’s degree in Marketing and a certificate in Digital Media Marketing from NYU.

Co-Investors

500 Startups

Prominent seed fund and accelerator program founded by PayPal and Google alumni. Investments include AngelList, Unbounce, and Behance.

Compound

Venture capital firm investing in early-stage technology companies. Portfolio includes Sailthru (e-mail marketing company acquired by Campaign Monitor), Tapad (marketing company acquired by Telenor for $360 million), and Songza (music streaming service acquired by Google).

LivWell Ventures

An early-stage venture capital firm investing in companies focused on human wellness. Previous investments include LOLA and FitJoy.

Slow Ventures

Venture capital firm investing in early-stage technology companies. Portfolio includes Twitter, Dropbox, and Nest Labs.