Investments, News

Rocket Internet Backed HelloFresh Raises $84.7M at $2.9B Valuation

Berlin-based company, HelloFresh that delivers meal kits and recipes to subscribers, has raised $84.7 million funding led by Scottish investment firm, Baillie Gifford. The latest round valued the company at $2.9 billion, up from $680 million after the last round. In February, the company had secured $126 million in series E round from Rocket Internet. Post this funding round, Rocket’s share in the company dropped from 58.9% to 57.2%.

The firm claims that the additional funding will be used to expand HelloFresh’s leadership position.

HelloFresh currently operates in the UK, Germany, Austria, the Netherlands, Belgium, Australia and the USA. It delivers over 4 million meals per month to 280,000 subscribers globally (as of April 2015). The company was founded in November 2011.

Rocket Internet has 30% stake in Berlin based food-ordering service, Delivery Hero and has also backed Foodpanda, which is a competitor of DeliveryHero in Asia.

This space has gotten really hot with players like Blue Apron, Marley Spoon, Gousto, and Shuttlecook which are garnering investors interest and are aggressively raising funds.

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