Germany based food delivery start-up, HelloFresh announced that it has raised $85 million in funding, after a funding round led by Scottish investment firm Baillie Gifford. This funding has increased HelloFresh’s valuation to $2.9 billion, which takes it well past the $1 billion mark that makes a company a unicorn.
Established in 2011, HelloFresh operates in the UK, the US, the Netherlands and four other countries. It offers customers a range of recipes and then sends them a recipe instruction kit along with fresh ingredients once they make their choice. The company sets itself apart by guaranteeing fresh, high quality ingredients from a variety of suppliers and recipes that include a wide range of cuisines.
HelloFresh has around 250,000 subscribers and serves over four million meals per month and operates with approximately four hundred employees.
Some sources say that this round of funding was conducted ahead of a possible IPO in October, in which investors can take advantage of the burgeoning internet food market. The company is “constantly evaluating possible financing options, among them a potential future IPO,” said a representative from HelloFresh in a statement to Bloomberg Business.