Meal kit delivery company Sun Basket has raised $30 million in a Series E funding round, including an investment from Unilever Ventures, the private equity arm of Unilever.
The round, which brings the firm’s overall funding up to $125 million, was led by PivotNorth Capital and also included investments from Sapphire Ventures, August Capital, Founders Circle, Baseline Ventures, Relevance Capital, Accolade Partners and Correlation Ventures.
Sun Basket said the funding will enable it to evolve into an “omnichannel healthy eating platform” by expanding its offerings to include breakfast, lunch and dinner.
The San Francisco-headquartered company has grown at 80% CAGR over the past three years. It offers consumers meal kits delivered to their doors weekly, consisting of organic ingredients alongside easy-to-prepare recipes.
To drive continued revenue growth, Sun Basket plans to roll-out innovative healthy food products, a personal AI-powered digital user experience and strategic partnerships that drive user acquisition and brand awareness. It will utilise automation in a move to increase margins and focus the business on its highest value revenue initiatives.
Sun Basket CEO Adam Zbar.
Adam Zbar, CEO of Sun Basket, said: “We’re thrilled to have the strong support of our investors who share our vision for building the leading personalised healthy eating platform.
“Food is a $1 trillion market ripe for online disruption, and Sun Basket will continue to innovate, focusing on our customers’ top three needs: health, ease and personalisation.”
Tim Connors, founder of PivotNorth Capital, added: “Adam has built a platform which personalises and curates meals to optimise a healthy lifestyle for people with a wide variety of dietary preferences.
“With the incredibly large and influential millennial population increasingly prioritising healthy meals and snacks, we believe they have the ability to build a category-defining, profitable company that has huge growth potential.”
At the beginning of last year, Sun Basket secured $57.8 million in funding following a Series D investment of $42.8 million led by August Capital and $15 million in debt financing from Trinity Capital Investment.
© FoodBev Media Ltd 2020
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