Home Chef bags $40M growth round as meal-kit industry heats up
September 30, 2016
Home Chef, a Chicago-based meal-kit delivery service, has secured a $40 million Series B investment led by PE firm L Catterton Partners. Founded in 2013, the company offers home delivery of fresh ingredients and simple recipes designed for cooks of all abilities. Home Chef has now raised more than $52 million in funding, including a $10 million round earlier this year. VCs Guild Capital and Shining Capital are among the company’s investors.
Home Chef has grown its shipment volume by more than 150x since the start of 2015 and is now delivering north of 1.5 million meals per month. And while those numbers are impressive, the company still has plenty of competition for customers' loyalty and money in the meal-kit space. Plated and Blue Apron come to mind as other VC-backed startups in the adolescent industry, and rumors surfaced earlier this week that Blue Apron is holding talks with banks about a potential IPO.
With millions in funding pouring in, and the possibility of a Blue Apron IPO on the horizon, the meal-kit industry could be set up for a busy 2017.