UK meal kit firm Mindful Chef has secured £6 million in a funding round led by private equity firm Piper.
Founded in 2015, Mindful Chef provides a range of nutritionally-balanced meals which are gluten and dairy free and made from fresh, locally-sourced ingredients. Each week, consumers can choose from 16 different recipes using the service.
The firm experienced a 178% rise in sales in the past year, and has delivered over two million meals since the company was founded, registering annual sales of around £10 million.
A statement released by M&A advisement firm Cavendish Corporate Finance, who advised Mindful Chef on securing the funding, claims that the investment will enable the business to continue to grow and expand its customer base in the UK, helping it capitalise on the rapid growth of the meal kit market, which is projected to double over the next 10 years.
Tim Lee, CEO of Mindful Chef, said: “With 2018 ending on a high, this major investment from Piper signifies the great confidence they have in our business, and will help support our established marketing programme as well as our exciting NPD pipeline.
“The global recipe box market is ripe for expansion and we believe that Mindful Chef’s proposition ticks all the boxes for people who want to live healthier lives.”
Rory Gibbs, Piper’s investment director, added: “Mindful Chef is well placed to continue accelerating the growth of the recipe box market with its highly differentiated health-focused positioning.
“We are backing a young, dynamic team who are passionate about making healthy eating easier for their customers. We are excited to be joining them and helping them to realise their ambitions.”
Meal kits are proving increasingly popular with consumers who want to eat healthily and also desire convenience, and this investment follows the news that fellow UK meal kit firm Gousto raised £18 million in a funding round part led by health influencer Joe Wicks earlier today.
Last week, US meal kit firm Blue Apron partnered with Weight Watchers to release a new range of recipes inspired by the Weight Watcher Freestyle weight management programme.
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