SEMCAP Food & Nutrition Announces Investment in Fresh Prep, Canada’s Leading, Locally-Led Meal Subscription Service

Growth Equity Investor Becomes Large Minority Shareholder to Support Brand’s Rapid National Expansion and Sustainability Leadership

VANCOUVER, BC & WAYNE, Pa. , July 08, 2025 (GLOBE NEWSWIRE) -- SEMCAP Food & Nutrition, a growth equity investment firm focused on identifying and growing the purpose-driven food and nutrition brands of the future, announces a large minority investment in Fresh Prep, a proudly Canadian-founded and operated, B Corp-certified meal subscription service known for its zero-waste innovation, strong customer loyalty, and commitment to sustainability. This investment aligns with SEMCAP’s vision of supporting sustainable, high-performing food brands across North America, and Fresh Prep joins a prestigious portfolio of industry leaders, including ALOHA, good culture, Kite Hill and Purely Elizabeth.

“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. “Unlike competitors who have faced challenges in the meal-delivery space, the Fresh Prep team has emerged as a shining light with an unwavering focus on delivering incredible, unmatched quality and truly empowering consumers with food that fits their lifestyle, budget, and goals which has resulted in tremendous, profitable growth. Prioritizing innovation, automation and sustainability, with the launch of their zero-waste kits, is clearly a recipe for profitability, driving more than C$100 million in annual revenue and 40-percent CAGR over the past 5 years. We look forward to delivering the support to help the company with its national expansion and east coast launch in Quebec and Ontario and further accelerating this rapid growth.”

As part of this minority investment, Storey, a Vancouver local, will join Fresh Prep’s Board of Directors, to support the founding team at the helm of this Canadian-operated company. SEMCAP brings complementary operational expertise and its network of food-focused advisors to help scale Fresh Prep’s impact while preserving its identity, mission and day-to-day operations. This additional support will help Fresh Prep maintain its laser-focus on driving continuous improvement and customer value, including by expanding its delivery footprint and increasing basket size with its ready-to-eat line of products and curated grocery staples available through the Fresh Prep Market. SEMCAP joins a seasoned group of investors supporting Fresh Prep’s growth. This includes Renewal Funds, who both led the Series A and participated in the Series B round, as well as Longo Family Capital Corporation, who also participated in both rounds.

"With extensive operational expertise in the food and nutrition space and an impact-driven investment strategy, SEMCAP Food & Nutrition is the ideal partner for our next phase of growth," said Dhruv Sood Co-CEO of Fresh Prep. "Kate and the team are completely aligned with our mission, immediately recognizing sustainability as an important differentiator in our space. We look forward to tapping the operational expertise within SEMCAP’s platform and broader network to help accelerate the expansion of the Fresh Prep brand and work to maintain high double-digit topline growth this year and beyond.”

Fresh Prep was founded by three life-long friends Becky Brauer, Dhruv Sood, and Husein Rahemtulla in 2015, while trying to answer the familiar question, “What’s for dinner?” They understood the daily struggles of busy people trying to cook wholesome meals at home, and while conventional meal kits offered convenience, they also generated excess packaging and waste. With an unwavering commitment to delighting their customers and driving continuous innovation, the team founded a very different kind of meal-kit service, differentiated from the start by its patented ‘Zero Waste’ food kits – that were made for convenience and sustainability. Fresh Prep’s success was also built on a dedicated delivery fleet, which enables tighter quality control, more convenient delivery windows and real-time tracking for its customers. The company is able to offset carbon emissions which means net zero emissions deliveries.

SEMCAP was founded in 2020 by Walter (“Buck”) Buckley and Cyrus Vandrevala to invest in companies at the forefront of seminal trends in sectors that have the greatest impact on humanity – food, health and, most recently, AI. SEMCAP's Food & Nutrition platform is led by John Haugen, Ryan Newcom, and Kate Storey. The team invests in environmentally sustainable, high-growth businesses with more than $25 million in revenue and category-leading products that have achieved proof of concept and evidence of scale.

“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,” said Haugen. “We’re seeing consumers fuel a massive food revolution across North America and this seismic shift presents an incredible opportunity for our Food & Nutrition platform to identify and help scale the food and nutrition brands of the future.”

About Fresh Prep

Fresh Prep is a Canadian meal subscription service on a mission to make sustainable, high-quality meals more accessible to busy households. Each week, customers can choose from 35+ ready-to-cook and ready-to-eat meals, plus over 150 grocery staples, from quick breakfasts to effortless dinners.

Founded in Vancouver in 2015, Fresh Prep delivers across British Columbia, Alberta, Ontario, and Quebec. Meals arrive in reusable cooler bags and many recipes come in patented Zero Waste Kits designed to reduce single-use plastic.

Fresh Prep is the first Canadian meal subscription service to become a Certified B Corporation, balancing purpose and profit.

Learn more at www.freshprep.ca.

About SEMCAP Food & Nutrition

SEMCAP Food & Nutrition invests in remarkable food companies that support sustainable modern health and a better future for food. Led by a highly skilled investment team with deep operating and investing experience in consumer packaged goods, the team provides unique deal insight and support for strategic partnering and enhanced growth. SEMCAP Food & Nutrition, with offices in Vancouver and Philadelphia, partners with companies whose products emphasize organic, natural, non-GMO, and low-carbon foods as well as efficient supply chain and delivery and low-waste packaging. SEMCAP Food & Nutrition is one of SEMCAP’s three platforms – AI, healthcare, and food. SEMCAP is a growth equity company committed to investing behind seminal trends in these sectors that have the greatest impact on society. Visit www.semcap.com for more information.

This release is provided for informational purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The views expressed are as of July 8, 2025 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves significant risks.

Media Contacts:

For SEMCAP Food & Nutrition
Michelle Musburger
michelle@musburger.com 
773.230.0629

For Fresh Prep
Marie-Ève Léonard
marie-eve.leonard@freshprep.ca
819.918.3508

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