Smithfield Foods plans to invest 25 million dollars in Chef’d, a best-in-class e-commerce meal marketplace. The move is part of a strategic partnership that makes Smithfield the brand’s largest strategic investor and it provides the company a seat on the board of Chef’d.
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The strategic partnership will leverage Smithfield’s portfolio of brands for meal kit solutions across a variety of occasions.
In addition, Chef’d will have access to Smithfield’s product development and sourcing capabilities, national distribution network and facilities, and Smithfield is expected to benefit from Chef’d’s direct-to-consumer model by collecting consumer insights and sales data.
“This strategic partnership reflects our continued commitment to innovation—both in our products and how they are delivered to consumers,” said Kenneth M. Sullivan, president and chief executive officer of Smithfield Foods. “We’re able to expand our e-commerce capabilities and reach consumers looking for high-quality, stress-free meals.”
Smithfield Foods also said that additional details about the partnership will be announced in the coming months.
