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‘Netflix of food’ Gousto announces secondary placing of $230M for its recipe box delivery service

Image credits: Gousto

Gousto, a London-based online meal-kit manufacturer and retailer, announced that it has secured a $230M secondary placement, led by existing investor SoftBank VF2. 

The secondary placement follows a January fundraise of $150M in primary capital, including a $100M equity investment from SoftBank Vision Fund 2, which Gousto said valued the business at $1.7B.

Other investors in the latest funding round include Fidelity International, Grosvenor Food & AgTech and Railpen, the seventh-largest pension fund in the UK.

Timo Boldt, Founder & CEO of Gousto, says, “This successful Placing follows the primary capital raise announced in January and is further testament to the relevance and appetite for Gousto’s leading recipe box solution, as we meet an accelerating consumer need to eat healthily and sustainably, at value.

“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. I’m also delighted to welcome new shareholders to our investor base. Our new investors, Fidelity International, Railpen, and Grosvenor Food & AgTech are all leading investors in ESG; their investment is a testament to the important role Gousto is playing in reducing food waste and carbon emissions in the food supply chain,” he adds.

How was Gousto born?

Gousto was founded in 2012 by two friends, Timo Boldt and James Carter who share a passion for food and cooking. However, Timo and James didn’t have much time to go to various grocery shops. 

They found it difficult to cook recipes from online databases or follow cook-along TV shows. 

Ready-meals from supermarkets do the job, but the quality isn’t great due to additives. One day, James and Timo decided that there must be some way to make life easier, and the idea for Gousto was born.

Developed by passionate chefs

Gousto provides customers with all the ingredients in the right proportions to cook meals at home. The produce is organic, fresh, and seasonal.

As per the company’s claims, 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. 

The recipes are delivered right to your doorstep once a week, so you decide when to cook. The company uses AI for personalisation, forecasting, and warehouse optimisation. 

Certified B Corp

Last year, the London-based food tech unicorn became a Certified B Corporation, joining a global community of businesses that meet the highest standards. A recent study by environmental services company Footsteps revealed that Gousto meals produced 23% fewer carbon emissions than the equivalent meals from supermarket stores.

The study claims that each Gousto order saves 2kg of food waste and 7kg of CO2 emissions, compared to the equivalent meals purchased at supermarket stores. In 2020, shopping at Gousto saved 39,000 tonnes in CO2 emissions, the equivalent of removing over 14,000 cars from UK roads for a year.

Max Ohrstrand, investor for SoftBank Investment Advisers says, “We have been closely watching the growth and performance of Gousto for the last few years and have been greatly impressed with what Timo and his team have achieved.”

Katrin Burt, Managing Partner, Grosvenor Food & AgTech, says, “Gousto supports households in establishing the healthy habit of cooking from scratch by offering recipe kits that cater to a broad range of tastes and budgets. Enabling people to cook high quality, fresh food at home with minimal waste has far-reaching benefits for both human health and the environment, and we are excited to partner with this fast-growing company.”

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