In July, we covered the launch of Data Point Capital, the new venture fund led by former Shoebuy.com CEO Scott Savitz. Today, the fund made its first investment, part of a $1 million round into Smart Lunches, a company Savitz acquired in January.
Data Point was joined in the round by Jonathan Kraft, President of The Kraft Group, and Lon Chow, General Partner of Apex Venture Partners.
“This round of funding will be used to expand into additional regions and market categories, while continuing to raise the bar on the quality of our food and our customer experience,” said Emily Green, CEO of Smart Lunches, in a release. “This support is coming at a pivotal time as we are growing rapidly. We just completed our first acquisition, allowing us to offer healthy snack choices through our Smart Snax vending machines. Having served thousands of lunches each month over the summer; we’re preparing for the start of the school year and believe it will be the most significant yet.” Green noted that currently Smart Lunches is adding a new partner every 2-3 days.”
Smart Lunches provides healthy food options for kids outside of the home through online ordering, and in July, it acquired a vending machine company to further its business. We profiled the company here.
“Smart Lunches is exactly the type of company we target for our investments,” said Savitz in the release. “The breadth of strong metrics in the business, such as revenue growth, new customer acquisition, customer satisfaction, frequency of purchase and lifetime value, combined with its technology and user experience, all point to an amazingly robust business that will demonstrate powerful economies of scale while it successfully transforms the way kids and parents think about meals away from home. I’m looking forward to watching Smart Lunches become a tremendous business people can feel good about.”
We’ll be curious to see what Data Point’s second investment is. As a reminder, here are the other partners involved in the fund:
- Lars Albright: Co-Founder and CEO of SessionM
- Fred Bertino: Founder and President of MMB, previously Pesident and Chief Creative Officer at Hill, Holliday
- Desh Deshpande: President of Sparta Group LLC, and Founder and Chairman of Sycamore Networks (SCMR)
- Diane Hessan: Founder, President and CEO of Communispace
- Steve Papa: Founder and CEO of Endeca
- Alan Phillips: Founder of Where.com
- Jim Salzano: President of Clarks Americas