Gousto has secured a 5 million pounds ($8.3 million) Series A round led by Unilever Ventures with existing investor MMC Ventures. Gousto is a recipe box delivery company.
Gousto, the recipe box delivery company, has today announced a £5m ($8.3m) Series A round, led by Unilever Ventures, with existing investor MMC Ventures.
Gousto is a leading player in the rapidly emerging ‘recipe box’ delivery market. Each week its customers select three of ten delicious chef-developed recipes. Gousto then delivers a box to the customer’s door with all the ingredients needed to cook three healthy and delicious meals from scratch. Gousto is the only company in the ’recipe box’ market offering customers the ability to choose recipes and is the best value meal and box solution in the market, with the cost starting at £4 per meal, Gousto.
Thanks to the deal, Gousto will be able to significantly increase investment in innovation and product development, further improving the customer experience.
The business boasts an impressive Board of investors, with a range of food and subscription expertise. Jan Harley, Director at Unilever Ventures, brings to the Board his experience as a founding member of the venture arm of Unilever. Jan will join existing Board members including Jon Coker of MMC Ventures and Ian West (NED at TalkTalk, Naked Wines, Pact Coffee).
Timo Schmidt, CEO and co-founder of Gousto, said: “The UK grocery market is worth £200bn ($330bn), and there has been a seismic shift from offline to online. Our extreme focus on quality and the fact that customer can choose the recipes they love, make Gousto completely unique. At £4-5 per meal including delivery this is a phenomenal value proposition that customers love. The funding is amazing news for customers as it will be entirely used to make their lives even easier and better.”
Jan Harley, Director at Unilever Ventures, said: “Gousto has a great combination – a brilliant consumer proposition and a strong and innovative management team. Consumers are looking for great tasting, healthy, and convenient meal solutions and are increasingly looking online. We anticipate that the market will grow very strongly over the next few years and see Gousto as a potential market leader.”
Jon Coker, Investment Partner at MMC Ventures, said: “We are very excited to announce the next round of funding for Gousto. We have enjoyed working with Timo and James over the last year, their speed of execution and drive is inspiring and this round of funding gives them the platform to really go after the opportunities in the online grocery market.”
Founded in 2012 by Timo Schmidt and James Carter, Gousto delivers fresh food boxes with ingredients for specific recipes, eliminating waste and promoting healthy eating. The pair appeared on Dragon’s Den, before going on to raise three substantial rounds of venture and angel funding: a recent $300k investment from private investors Ian West and Andreas Raffel, a $2m round in December 2013 led by MMC Ventures, and an initial Angel CoFund-led seed round in September 2013.
For media enquiries:
Nikki Edwards, Couture PR (for Gousto)
firstname.lastname@example.org +44 (0)7791 467126
Timo Schmidt, Gousto
Emma Parrott, FieldHouse Associates (for MMC Ventures)
email@example.com, @EmmaRoseParrott, +44 (0)7988 696059
About Unilever Ventures:
Unilever Ventures is the Venture capital arm of Unilever. The fund invests in early stage companies that can benefit from access to Unilever’s assets and capabilities and that are strategically relevant to Unilever. The fund seeks to invest in Personal Care, Refreshment, Digital Marketing, eCommerce CPG platforms and technology that can support Unilever’s Sustainable Living plan.
Set up in 2002, Unilever Ventures has established operations in Europe, North America and South Asia either directly or through partner funds. Unilever Ventures is looking to find, or create, ambitious, market-leading companies, led by world-class management teams. Unilever Venture’s investments include: Brandtone, Percolate, Iluminage Beauty, Froosh, Snog, and Voltea.
For further information please visit: www.unileverventures.com
About MMC Ventures:
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader -particularly financial and business services, business software, digital media and e-commerce. With over £120 million under management, and investing £20 million+ annually, MMC was ranked among the top most active early-stage UK investors in 2012, 2013 and the first half of 2014.
MMC’s existing portfolio includes AlexandAlexa, Boticca, iJento, Interactive Investor, Knowledgemill, LoveHomeSwap, Masabi, NewVoiceMedia, Pact Coffee, Reevoo, Safeguard, Small World, Somo, TotalMobile, and Tyres on the Drive.