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Gousto raises extra £28.5m

BGF News 03.13.2018

UK-leading meal-kit company, Gousto, has raised a further £28.5m additional equity funding from new and existing investors: BGF Ventures, MMC Ventures, Angel CoFund and Hargreave Hale. 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[1] 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% 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 (25 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% 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% 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% 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 eight-fold by 2022.”

Oliver Bedford, co-manager of the Hargreave Hale AIM VCTs, says “It was clear from our first meeting that the management of Gousto have brought leadership and innovation to a mature industry that will have a lasting impact on the way we purchase and consume food at home.  We are particularly impressed by their progress in a short period of time and excited about their plans for further service enhancements that will continue to improve the consumer experience.”

The latest round of equity funding from private investors, brings the total amount the start-up has raised to £56.5m.

Empowering the UK to eat better, whilst pioneering food waste reduction through cutting edge technology, UK-based Gousto has proven its excellence in making home cooking simple for families. It directly delivers fresh, wholesome ingredients, plus foolproof recipes, seven days a week.

[1] – GDR Creative Intelligence