Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
HelloFresh customers in Germany, United Kingdom, Netherlands, USA and Australia choose a box containing three to five recipes on their website, and all the ingredients are delivered direct to their door.
Berlin, 30th of September 2013: HelloFresh, the eCommerce service which aims to give people the time, knowledge and ingredients they need to prepare delicious, home-cooked food has secured a new series C funding of USD 7.5m from Phenomen VC. Vorwerk Ventures and Holtzbrinck Ventures also participated in the round. Other existing investors include Investment AB Kinnevik and Rocket Internet. The total amount of funding for HelloFresh grew to USD 20m.Details
Dominik Richter, CEO at HelloFresh: “We are delighted to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, scale our operations, and continue to hone our service. After interest from a wide range of investors, the decision to select Phenomen VC was influenced by their experience in supporting truly global businesses – aligned with our ambitions to become a global leader in the online food space and establish HelloFresh as a global online food brand. It is our aim to use this funding to increase our market share in the US market and expand our very clear market leadership in all other markets by continuing our double-digit month-over-month growth.”
After its launch in 2012, HelloFresh has quickly grown to shipping several million meals in its core markets. Since the last funding round, the company has quadrupled its revenue, doubled its margins and also saw significant improvements in a range of other operational metrics, leading to high investor interest.
The concept itself is both innovative and genius: HelloFresh customers in Germany, United Kingdom, Netherlands, USA and Australia choose a box containing three to five recipes on their website, and all the ingredients are delivered direct to their door. As ingredients are portioned out into exact quantities, both cooking time and food waste are kept to a minimum, whilst their supplier relationships allow access to high-end restaurant quality food at everyday prices. Easy-to-follow recipe cards and inspiring dishes make cooking a simple & convenient part of customer’s weekly routine which in turn leads to exceptional customer loyalty.
HelloFresh was founded in January 2012 by Jessica Nilsson, Thomas Griesel und Dominik Richter and is headquartered in Berlin with further offices in New York, London, Amsterdam and Sydney. Currently, the company operates in Germany, the United Kingdom, the Netherlands, Australia and in the US and employs circa 100 people. The company’s investors include Phenomen VC, Holtzbrinck Ventures, Vorwerk Ventures, Kinnevik and Rocket Internet.
About Phenomen VC
Phenomen Ventures is a $300M Moscow based venture capital firm investing internationally. Among others, Phenomen VC is an investor in Onetwotrip, Fab.com, Hailo and Delivery Hero. Their portfolio companies successfully operate in 25 countries across 4 continents.