With competitors hot on its tail, it looks like Blue Aproncan stand the heat and is staying in the kitchen. The subscription-based meal kit delivery service is reportedly raising a new $30 million funding round at a $500 million valuation. The company most recently raised $5 million of Series B funding (at a $32 million valuation) led by Bessemer Venture Partners last August and, before that, snagged $3 million of Series A funds ($10 million valuation) in February 2013.
In case you haven't heard, subscription-based services are kind of the thing right now—and those designed around food have quickly become very popular. Here's how it works: users select the type of recipes they want to try and get packaged meals with exact proportions and cooking instructions delivered to them on a weekly basis. All they have to do is cook the food and clean up. Such services usually charge a low monthly fee, with costs ranging from about $10 to $12 per plate.
Of the three companies, Blue Apron is actually the one that has gone the longest since raising funds, so it makes sense that a new round is in the works. And at its reported $500 million valuation, Blue Apron could surely become the market leader in the space.