VANCOUVER, BC & WAYNE, PA — SEMCAP Food & Nutrition has announced a significant minority investment in Fresh Prep, a Canadian meal subscription company known for its zero-waste innovation and strong focus on sustainability. The investment aims to accelerate Fresh Prep’s national expansion, particularly into Quebec and Ontario, while supporting its mission to redefine convenient home cooking.
Fresh Prep, founded in 2015 by Becky Brauer, Dhruv Sood, and Husein Rahemtulla, has carved out a niche in the crowded meal-kit market with its patented zero-waste kits and dedicated delivery fleet. This approach not only minimizes packaging waste but also ensures tighter quality control and carbon-neutral deliveries. The company has reported impressive growth, achieving more than C$100 million in annual revenue and maintaining a 40 percent compound annual growth rate over the past five years.
“Fresh Prep is a perfect addition to our portfolio as we invest behind innovative food companies that support sustainable modern health and a better future for food,” said Kate Storey, Partner at SEMCAP Food & Nutrition. Storey, a Vancouver local, will join Fresh Prep’s Board of Directors, bringing operational expertise and a network of food-focused advisors to guide the company’s next growth phase.
Sood, Fresh Prep’s co-CEO, emphasized the strategic alignment with SEMCAP, saying, “Kate and the team are completely aligned with our mission, immediately recognizing sustainability as an important differentiator in our space.” The partnership is expected to help Fresh Prep maintain its double-digit growth trajectory and expand its ready-to-eat offerings and grocery staples through the Fresh Prep Market.
SEMCAP, founded in 2020 by Walter Buckley and Cyrus Vandrevala, focuses on transformative investments in food, health, and AI. Its Food & Nutrition platform, led by John Haugen, Ryan Newcom, and Kate Storey, targets environmentally sustainable businesses generating at least $25 million in revenue and demonstrating strong market traction.
“With the strength of its management team and track record of profitable growth, it would be hard to find a better example than Fresh Prep of what we’re looking for as we execute against our cross-border investment strategy,” Haugen said.
This investment follows Fresh Prep’s earlier support from Renewal Funds and Longo Family Capital Corporation, both of which participated in Series A and B funding rounds. The additional resources and strategic guidance from SEMCAP position Fresh Prep to strengthen its leadership in Canada’s meal delivery sector while advancing its commitment to sustainability and consumer value.
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