Gousto, a UK meal-kit box service, has raised a further $230 million a month after sealing its unicorn status with a $100 million placing.
The London-based company has completed a secondary placement led by SoftBank Vision Fund 2 and backed by Fidelity International, Grosvenor Food & AgTech and Railpen, formerly known as the Railway Pensions scheme.
SoftBank Vision Fund 2 invests in start-ups that are expected to float and had already invested $100 million in Gousto in January, which valued the company at $1.7 billion.
Gousto, which was founded by Timo Boldt in London in 2012, doubled sales during the pandemic as people were forced to eat at home during lockdowns. Gousto meals are delivered weekly with ingredients portioned out alongside recipes, which include Sri Lankan-style coconut dal and a healthy range devised in collaboration with celebrity fitness trainer Joe Wicks.
However, while revenues doubled to £189 million in 2020, the business made a pre-tax profit of just £1.1 million in 2020 compared to a loss of £14.5 million a year earlier. It is expected to release its financial figures for last year in April.
Gousto has said that its use of algorithms and robotics in its factories minimises food waste and means it can be more price competitive than its rivals.
The business claims that each Gousto order saves 2kg food waste and 7kg of CO2 emissions, compared to the equivalent meals purchased at a supermarket store.
Boldt said: “I’m thrilled that following on from their initial investment, SoftBank has increased its stake, which speaks volumes for where they see the business heading.
“All four investors recognise the growth that Gousto has achieved and the opportunities ahead . . . as we embark on our next stage of growth and accelerate towards our goal to become the UK’s most loved way to eat dinner”.
