UK meal kit service secures $ 150million in funding

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Gousto, a London-based meal kit subscription service, has secured £ 110million ($ 150million) in funding with a valuation of £ 1.25 billion ($ 1.7 billion), UKTech News reported.

The financing is the result of £ 73.8 million ($ 100 million) of equity financing from SoftBank’s Vision Fund II and £ 37 million ($ 50 million) of debt financing from Barclays and HSBC, according to the report.

“2022 is set to be another impressive year for Gousto, as we capitalize on the accelerating megatrends driving shifts in the grocery market: convenience, health, sustainability,” said Timo Boldt, CEO and co-founder, at newspaper. “This successful increase is another testament to the relevance and appetite for our recipe box solution. “

In 2020, Gousto raised £ 25million ($ 34million) from Perwyn and BGF. So far, the subscription service has raised £ 267 million ($ 361.5 million) in funding over 14 rounds, according to Crunchbase.

The recipe box startup said it will use the money to fund an automated and AI-based distribution center near Birmingham, which will offer 40% more capacity.

The company was founded in 2011 by Boldt and James Carter who noticed they lacked time to shop in supermarkets and found it difficult to cook recipes from TV shows and online databases. .

Gousto offers users all the ingredients in the right proportions to cook a good meal at home. According to the company, the recipes are developed by a team of passionate chefs, and each week the selection is updated with new recipes.

Last fall, PYMNTS reported that the pandemic fueled an explosion in the global subscription e-commerce market. The combination of restricted options for dining out, little time for food preparation, and the culinary limitations of take-out meal kit subscriptions were among the stars of 2020.

Companies providing ready-to-eat and ready-to-cook subscription meal kits are expected to grow at a CAGR of 13% and reach a market of $ 27 billion by 2028.

Read more: Deep Dive: How Consumer’s Growing Appetite for Subscription Services Can Help Support the Food and Restaurant Industries

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