Meal kit company raises millions in yummy round

Here’s what it’s going to use the money for

UK-leading meal-kit company, Gousto, has raised a further £28.5m additional equity funding from new and existing investors: Hargreave Hale, Angel CoFund, MMC Ventures, and BGF Ventures – bringing the total amount raised to £56.5m.

The investment shows enormous progress for the company, a first-mover in the highly competitive and fast-growing meal-kit industry, which is predicted to generate $10bn globally by 2020 and is already worth an estimated $3.5bn in the US.

Founded in 2012, Gousto, one of the country’s fastest-growing technology businesses, has made significant steps in leading and transforming the meal-kit market. Focused on building a robust business model, revenues rocketed nearly 100 per cent in 2017, with the company currently delivering over one million meals monthly.

A data driven enterprise, Gousto presents the world leading meal-kit proposition. It offers the most choice (29 weekly recipes across nine different ranges), most delivery options (every day of the week), lowest price (from £2.98 per meal), shortest lead time (3 days) and 0 per cent household food waste.

Accelerating its proposition via automation, with limited cost and logistical challenges, Gousto is transforming the way families eat at home across the country. Prioritising product investment to ensure continued growth, by 2025 Gousto will help UK families serve 400 million nutritious home-cooked meals and extend its 0 per cent household food waste to three million more homes.

Timo Boldt, CEO and Founder of Gousto says: “Our commitment to technology has seen us create a leading value proposition, driving customer satisfaction levels 56 per cent  higher than the UK’s leading supermarket. Over the next year, we’ll win even more of the 1 billion meals eaten in the UK, by prioritising investment in AI and automation to ‘wow’ customers.

“New funding allows us to continue transforming the grocery market and supporting the British economy with the creation of new jobs, with our headcount expected to increase two-fold over the next few years.”