Reports are in about the British recipe box company, Gousto, that it has cut its valuation after raising millions of pounds in additional funding to navigate through the uncertain economic period.
The ‘Netflix of food’ closed £50 million at a valuation of $1.7 billion in the form of a share sale from existing investors recently. However, the funding has not been publicised yet. Reportedly, with the raise, the company will have more cash to use during a volatile period.
Last year, Gousto raised $150 million funding in the form of equity and debt from SoftBank, HSBC, and Barclays. The very next month, the company again raised $230M in secondary placement, led by existing investor SoftBank VF2.
Gousto was founded in 2012 by two former investment bankers, Timo Boldt, and James Carter. Both founders share a passion for cooking and food. However, they did not get ample time to visit the grocery stores and found it tough to cook recipes from online databases or follow TV shows related to cooking. Eventually, they perceived the idea for Gousto.
Gousto provides customers with all the ingredients in the right proportions to cook meals at home. The produce is organic, fresh, and seasonal.
The recipes are developed by passionate chefs and tested by their friends and families first. Customers also get to choose the recipes online, and every week selection is updated to make sure there’re plenty of new recipes for you.
In 2021, the company achieved B-Corp certification status, joining a global community of businesses that meet the highest standards.