El Segundo-based meal kit delivery company Chef’d abruptly closed business operations on Monday July 16.
Chief Executive and founder Kyle Ransford told employees in an email obtained by the Business Insider, which first reported the news, that the company had run into financial issues. Chef’d could not be reached for comment by the Business Journal.
"Due to setbacks with financing, unfortunately, we are ceasing operations for all employees, effective today, July 16, 2018," Ransford said in the email. "If we had been successful with these funding efforts, this difficult decision would have been avoided."
Approximately 350 employees have been laid off including workers at its Pico Rivera warehouse.
Last August, the company raised $25 million from Smithfield, Va., pork producer Smithfield Foods Inc., adding to a $10 million round two months earlier from Campbell Soup Co. and online grocery delivery business Fresh Direct.
Chef’d was founded in 2015 and had an estimated valuation of $160 million after its last fundraising raise.
You May Also Like
- Meal Kit Service Chef’d Raises $25 Million from Smithfield Foods Inc.
- New Jeweler in Crown
- Chef’d Assets Bought By Competitor
- Meal-Kit Startup Chef’d Raises $12.3 Million
- Meal Kit Service Mixes in Campbell Soup
- Silicon Beach Report July 18: AdQuick Raises $2.1 Million
- Deals & Dealmakers: Chef’d Assets Pick’d Up
- Subscription Box Business Packs In More Money