EAT Club, the company lunch service with a buyer base that features Flipboard, Mastercard and TaskRabbit, has acquired Farm Hill, a lunch box delivery service, to solidify and develop its presence within the San Francisco Bay Space. Phrases of the deal weren’t disclosed, however Farm Hill had beforehand raised $four million in capital.
EAT Membership additionally introduced on Doug Leeds, the previous CEO at IAC Publishing and former government in residence at August Capital, as its new CEO. Leeds is EAT Membership’s third CEO since 2016, when its first CEO Frank Han moved into the COO function. Han left the corporate solely in November 2017, in keeping with his LinkedIn. Following Han’s departure as CEO, EAT Membership introduced on Mike Griffith, who served as president and CEO for lower than two years. Griffith left in March due to a cultural mismatch of kinds, EAT Membership co-founder Rodrigo Santibanez instructed me. With Leeds on board, the plan is to “construct an enormous firm,” Santibanez stated.
“We perceive that the stronger the staff we have now, the higher probability we have now of constructing a long-lasting firm,” Santibanez stated. “At a stage proper now the place we’re on the lookout for somebody who can set the strategic route of firm based mostly on experience.”
Leeds has the experience EAT Membership appears to be on the lookout for, as the previous CEO of IAC Publishing and Ask.com. Whereas operating IAC, Leeds’ function advanced via buying different firms, he instructed me. These acquisitions meant his job was basically to handle different CEOs, moderately than the day-to-day operations of the enterprise.
“I wished to get again to a world the place I used to be working an organization,” Leeds stated. “Once I considered my life and what I’d wish to function, I wished to convey pleasure to individuals’s lives the place if what I did went away, clients could be upset.”
EAT Membership, he stated, got here to the highest of the record for him, due partially to the truth that he was a buyer whereas at IAC. The corporate can be ready to develop and scale, he stated.
EAT Membership says it makes cash off of each meal the corporate delivers in California. EAT Membership, which at present serves over 1,000 firms in three markets, says the common order quantity per firm is $500. Up to now, EAT Membership has raised over $46 million from traders like August Capital, Trinity Ventures and Sodexo Ventures.