Food discovery platform Yummly announced it has raised a $15 million Series B round of funding. Bauer Media Ventures, the venture arm of German media company Bauer Media, is the sole investor in the round. Redwood City, Calif.-based Yummly has now raised $24.2 million in total funding, including a $6 million Series A round three years ago. As part of the latest funding, Sven-Olof Reimers, president of Bauer Venture Partners, has joined the board.
Yummly founder and CEO David Feller said the latest round will be used to grow the team and develop products and technology. Through its partnership with Instacart, users can place orders to have ingredients for their recipes delivered on demand. Yummly boasts it has nearly 10 million members and is adding 700,000 new registrants each month. It currently employs 34 full time. Feller said he anticipates adding from 25 to 30. “Since we started six-and-a-half years ago, the concept of food tech has exploded with more delivery services and recipe sites. Ultimately, we’re all trying to help customers solve the question, ‘What’s for dinner?'”
Photo of cheesecake by Alastair Goldfisher
Yummly Raises $15M to Answer the Trillion Dollar Question, What’s For Dinner?
Investment from Bauer Venture Partners feeds leading food discovery platform
Redwood City, Calif.—(September 1, 2015) – Yummly (www.yummly.com), the leading food discovery platform, today announced the close of $15 million Series B financing from Bauer Venture Partners (BVP). The investment will be used to continue building its world-class team, award-winning products, and expanding it’s innovative technology.
“Since day one, we have been focused on creating THE platform for taste,” said David Feller, CEO and founder of Yummly. “People have always thought of Yummly as the ultimate recipe discovery platform, but our vision is much larger. The key to enabling our products has been sophisticated, patent-pending technology and proprietary taxonomies to understand food. That data & technology can and will be extended to make Yummly the go-to platform to answer the age-old question ‘What’s for dinner?”
Since it’s last round of funding, Yummly has grown exponentially and achieved several significant milestones:
- Reached almost 10M registered users and registering more than 700K new users each month.
- Launched mobile apps that have been consistently the #1 recipe apps on iPhone, iPad and Android, and was named Best of 2014 by Apple.
- Partnered with more than 6,500 companies through our API and native mobile integrations including DuckDuckGo, Instacart, Jawbone, Nutrisystem, United Healthcare and Stanford University to help users with everything from groceries to fitness goals.
- Introduced new forms of native advertising that perform 20x better than traditional display advertising for several well-known CPG brands.
- Mined big data around food and tastes that produced compelling insights; yielding results for brands, improving products and delighting users.
- Tripled the size of the Yummly team, with women accounting for over 50 percent across all teams and positions.
- Directly influences almost $200M in annual commerce through it’s shopping list feature on mobile apps.
“The company’s data-driven and top-down approach to understanding a person’s taste is enticing to us and we see a vast potential for growth. We value Yummly’s vision to become the top of the funnel for food, starting with the understanding what the user wants and then delivering smart and useful recipe, products and brands to them.” said Sven-Olof Reimers, President of Bauer Venture Partners and COO of Bauer Xcel Media. “Yummly has only scratched the surface in terms of its potential and we’re excited to work with their visionary team to help them reach that goal.”
The company’s Series A financing was led by Physic Ventures and Unilever Ventures.
Yummly is the leading food discovery platform that is using patent-pending technology and proprietary data to understand food and taste. The smart and personal approach to food answers the universal question “What do you want to eat?” Headquartered in the heart of Silicon Valley, Yummly is backed by Bauer Venture Partners, Physic Ventures, Unilever Corporate Ventures, First Round Capital, Harrison Metal Capital, and Intel Capital. Its founding angel investors and advisory board include: Jeff Jordan (partner at Andreessen Horowitz), Bill Cobb (CEO, H&R Block), Justin LaFrance (StumbleUpon), Marcia Hooper and Brad O’Neill (CEO, TechValidate). For more information, visit www.yummly.com