Ecommerce, News

Subscription based food startup HelloFresh raises USD 7.5 mn in funding

hellofresh-1Germany based online food startup, HelloFresh which provides knowledge and ingredients required by people to prepare home-cooked food has recently grabbed USD 7.5 mn in series C funding led by Phenomen VC with participation of Vorwerk Ventures and Holtzbrinck Ventures. Its existing investors include AB Kinnevik and Rocket Internet.

With this round of funding total funds raised by Hellofresh has reached USD 20 mn. Previously it had raised a USD 10 million round led by Vorwerk Ventures, along with original backers, the Samwer brothers’ Rocket Internet, Holtzbrinck Ventures and Kinnevik.

Founded in 2012, HelloFresh is a subscription based service which provides customers with a weekly box containing three to five recipes created by professional chefs and nutritionists, all being easy to cook meals and requiring basic kitchen equipment. Users can select the box of their choice which they would like to try and if they are not sure about any particular recipe in that case they can swap it with another meal.

The website delivers the recipe along with the ingredients required to cook that particular dish and also photo recipe cards for free. In simple words it takes care of everything required for cooking – from planning to shopping for ingredients.

The company has its customer base in Germany, United Kingdom, Netherlands, USA and Australia and is shipping several million meals in its core markets. “It is our aim to use this funding to increase our market share in the US market and expand our very clear market leadership in all other markets by continuing our double-digit month-over-month growth,” said Dominik Richter, CEO, HelloFresh on the new funding.

As per the company, since its last round of funding, it has quadrupled its revenue, doubled its margins and also saw significant improvements in a range of other operational metrics, leading to high investor interest.

HelloFresh was founded by Jessica Nilsson, Thomas Griesel und Dominik Richter and is headquartered in Berlin with offices in New York, London, Amsterdam and Sydney. Currently the company employs around 100 people. It had delivered around 3 million meals in 2012.

Moscow based Phenomen Ventures is a USD 300 mn venture capital firm investing internationally, it also has investment in, Hailo, DeliveryHero.

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