Today Austin, TX-based kitchen appliance company Mealthy raised the maximum amount allowed by the SEC for equity crowdfunding: $1.07 million. They raised the funds from 4,440 investors on crowdfunding platform Republic and reached the cap with 61 hours of the campaign remaining.
Founded in 2017, Mealthy is trying to provide a full-stack solution to making cooking simpler. It sells kitchen appliances, such as a Mealthy Multipot electric pressure cooker and Mealthy Crisplid, a standalone lid which turns a variety of pressure cookers into air fryers. The company also has an online tool, available via the Mealthy app or mealthy.com, to help users select Mealthy-created recipes, plan their meal, and shop for ingredients through InstaCart or Amazon Fresh. It also includes step-by-step videos to guide users through the cooking process.
Basically, Mealthy is a shoppable recipe platform that also sells kitchen appliances. It’s not exactly offering anything revolutionary. There are more shoppable recipe sites than you can shake a stick at: Myxx, Whisk, and Fexy Media, just to name a few.
Nonetheless, Mealthy’s fundraise was big enough to make us take note, especially considering the company started out with a crowdfunding target of $25,000.
Mealthy’s expectations-busting fundraise emphasizes that consumer desire for convenience in the kitchen isn’t going anywhere. It’s the same demand that skyrocketed the InstantPot to viral fame — and the InstantPot consumer seems to be exactly who Mealthy is targeting.
Mealthy’s flagship product, the multi-pot, is slightly more expensive than the InstantPot (Mealthy costs $99.95 for a 6-quart pot, whereas InstantPot is roughly $75). However, language on the company’s crowdfunding site indicates that Mealthy’s hook is that it’s easier to use than the InstantPot, and also offers a more robust selection of Mealthy product-compatible recipes.
According to a press release, Mealthy will be sold in over 10 countries by the end of August including the U.S., Canada, the U.K., and India. The company will use its latest cash influx to develop new products and build brand awareness.
When it comes to crowdfunded hardware startups, it’s always a bit of a toss-up whether or not the company actually ends up shipping the product on time — if at all. However, Mealthy already sells and ships its Multipot on Amazon, which means it has a better chance of following through on its projected product timelines than most. Next up, they’re planning to launch a blender, a tea kettle, an air fryer, and will also enter the cookware category with a line of frying pans.