HelloFresh, the Berlin-based company that delivers meal kits and recipes to subscribers, has reportedly raised another $88 million as the company continues its march toward a possible public offering.
HelloFresh offers meal-kits including ingredients sourced from local suppliers and step-by-step recipes created on a weekly basis by their in-house culinary teams. The company delivers over 7.4 million meals a month to over 800,000 regular subscribers across the world. All countries offer omnivore (Classic Box) and vegetarian (Veggie Box) box options. Other variations include a Family Box, and a Fruit Box option. The boxes are delivered weekly on a flexible subscription model.
HelloFresh disclosed the funding on Monday but did not update its overall valuation from its last publicly stated $2.9 billion.
HelloFresh raised $149 million back in February 2015, primarily from Rocket. In September 2015, it raised another $85 million in a round led by Baillie Gifford. The latest round would bring its total VC backing to almost $360 million.
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According to the latest report, Baillie participated in the new round. The size of Rocket’s holding in HelloFresh has now dipped to 53 percent.
There were reports that Rocket had wanted to take HelloFresh public in November 2015. They postponed the plans due to skepticism over the company’s high valuation and burn rate. However, there are indications, including the creation of an investor relations section on its website, that HelloFresh is moving toward a 2017 IPO.
The company has reported revenues of $455.25 million for the first nine months of 2016, up from $205.66 million for the same period one year ago. However, losses continued to climb to $80.19 million in 2016, compared to $66.06 million for the first nine months of 2016.
Source: Venture Beat (20 Dec)
