Bootstrapped Food Tech Start-Up, Sifted, Reaches $10 Million in Annual Recurring Revenue
Profitable and Bootstrapped, Sifted, Breaks the Mold for Success in Heavily Funded Food Tech Space
Every year 80,000 new companies project achieving annual sales of $10 millionwithin five years of founding, however, only 500 companies actually make it to that milestone. Businesses that achieve that milestone without outside funding is significantly lower. Sifted, a bootstrapped food-as-a-service provider for forward-looking companies, announces it has reached $10 million in annual revenue in less than five years, with a three-year growth rate of 2,099 percent and operations in six cities nationwide.
Sifted is the only end-to-end corporate catering company, featuring experiential lunches for destination workplaces. Its in-house chefs create fresh, artfully crafted meals, delivered and served by engaging staff that work to create a memorable experience. Leftovers are donated to local nonprofits to round out the company’s Zero Food Waste operation.
“Food tech has become a graveyard comprised of startups who launched with mega VC rounds but shuttered due to high burn rates and unprofitable unit economics. Sifted focused first on the fundamentals: building a profitable, high-growth business starting on day one, making us a standout in our space,” states Jess Legge, Co-founder of Sifted. “This milestone represents an exciting future for Sifted as we look to further expand our national footprint, serving some of the nation’s most influential and disruptive workplaces.”
Through its first five years, Sifted has served more than 1,000,000 meals, working with brands such as Twitter, SugarCRM, Samsara and theChive. These brands, and many others, understand the benefits to providing employees with engaging experiences that aid in recruiting and retention, productivity and a mindful wellness.
“Studies show that offering gratis lunch isn’t just a perk, it’s culturally defining,” says Kimberly Lexow, Co-founder of Sifted. “Good food is powerful. It connects, strengthens community and fuels productivity.”
Sifted runs on a subscription service enabling companies to choose daily or weekly plans. Menus accommodate food preferences such as vegan and vegetarian as well as dietary restrictions including the eight major food allergens.