3rd Nov 2016

Gousto announces a further £10m of funding

Gousto, the recipe box subscription service, has announced a further £10m of funding. The round included equity investment from existing investors MMC, Unilever Ventures, BGF Ventures and Angel CoFund; as well as debt financing from Barclays.

Gousto will use the new capital to further accelerate the improvement of customer experience and work towards it's mission of taking the planning out of home cooking and reducing food waste. Led by CEO and founder Timo Boldt, the company has focused on growing with a strong backbone of automation and data-led processes, which has helped to differentiate Gousto from its competitors.

MMC first invested in the business in 2013 and since then turnover has increased by over 200% a year. Gousto now delivers over 100,000 meals each week, employing around 200 staff in Lincolnshire and London.

When discussing long term vision, Timo commented: "We operate in the £200bn grocery market, which has an online penetration of 5% going to 10% by 2020 (IGD). This is a seismic shift and we are in the best position possible to benefit from it in the long term."

You can read more on this deal from TechCrunch, Financial Times (£), Tech City News or CityAM.

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