Proper Good, Inc. Brings in Fresh Funding
Ready-to-eat meal purveyor Proper Good, Inc. announced today that it closed a $3.5 million funding round in the fourth quarter of 2024, backed by internal investors. The capital infusion will help fuel brick-and-mortar growth and increase household penetration.
“We’re absolutely thrilled to have the incredible backing of our investors as we deepen our retail partnerships. This support empowers us to bring an even wider variety of delicious, easy meals to Walmart shelves in 2025,” said Christopher Jane, co-founder and CEO, in a press release.
Launched by Jane and his sister Jennifer in 2020, the Austin, Texas-based company produces a portfolio of simple-ingredient, single-serving meals, ranging from oats to soups to pastas. In 2021, Proper Good secured a $400,000 investment for 20% equity from entrepreneur Mark Cuban during an appearance on “Shark Tank.”
The direct-to-consumer brand expanded into brick-and-mortar retail in 2022 with a rollout to over 2,000 Walmart stores nationwide. Today, Proper Good has 19 items across three categories in 2,500 Walmart stores throughout the U.S., which retail for under $5 each.
To support the Walmart launch, the company closed a $3.5 million seed funding round in 2022 led by YETI Capital and The Artisan Group, with additional participation from Doug Bouton, co-founder of Halo Top and Gatsby Chocolate.
Jane previously told Nosh that for Proper Good to become a household name as a premium shelf-stable brand, it recognized it couldn’t be a DTC-only brand. The brand chose to build its middle-market position at Walmart as opposed to pursuing natural and specialty retailers immediately.
“We’re proud to partner with Walmart as our first entry into the brick-and-mortar scene, given that over 90% of the U.S. population lives within 10 miles of a Walmart store,” said Jane in 2022. “However, we’re able to move upstream into more natural, specialty channels in the future since we also offer items made with high protein and low sugar.”
In late 2023, the company raised $5 million from current and new investors, including YETI Capital, to fuel retail growth and marketing.
Proper Good isn’t the only DTC meal company to venture into brick-and-mortar retail in recent years. In 2018, Kroger purchased Home Chef and launched a collection of retail meal solutions. In 2023, Daily Harvest made the jump into store freezers across the country, debuting at over 1,000 Kroger stores nationwide.
Beyond retail expansion, Proper Good’s new funds will be deployed to accelerate product development, expand operations, and enhance consumer offerings, per today’s announcement.
Though the company didn’t disclose specifics regarding potential new product releases, it told Nosh via email that it remains “focused on continued innovation in clean-ingredient and ready-to-eat meals that are under $5.”
