US-based ready-to-eat meal delivery company Revolution Foods has secured a $10m impact investment from global investment manager Nuveen to expand its services to more schools and community sites.
The company will use the investment to support its growth by delivering to more schools and community sites across the US. It also plans to expand its menu with healthy food options.
Nuveen impact investing portfolio manager Rekha Unnithan said: “Revolution Foods offers a unique opportunity to invest in a fast-growing company with a high-quality management team that has demonstrated clear impact across multiple sectors, health, education and economic inequality.
“This investment aligns with our goal of delivering positive long-term investment performance to clients while meeting our strategic objectives of inclusive growth with clear and measurable impact.
“The fact that this company is also led and co-founded by women and has a gender-diverse management team is an added bonus.”
Established in 2006, Revolution Foods has produced and delivered more than 320 million meals to school and community sites across 15 US states.
The company offers meals through multiple youth health programmes such as the National School Lunch Program.
Revolution Foods CEO Kristin Groos Richmond said: “With the help of Nuveen, we can expand the access to our products to even more students and families nationwide, as well as advance further systems change in the communities we serve, from policy and food systems to driving positive student academic and health outcomes.”
Nuveen made the investment as part of its global impact investing private equity strategy. It has allocated more than $850m in impact investments under the strategy since 2012.