Rocket Internet sells €150m HelloFresh stake

The placement was made via an accelerated bookbuild offering to institutional investors and is expected to close on 23 April. The block represents around 7% of HelloFresh's outstanding share capital.

Rocket Internet's remaining shares will be subject to an additional 90-day lock-up extension until 30 July 2018.

The VC firm listed HelloFresh on the Frankfurt stock exchange at €10.25 per share in November 2017, valuing the business at €1.7bn. Prior to the IPO, it held a 53% stake in HelloFresh.

Previous funding
Prior to the IPO, HelloFresh raised more than €320m over seven funding rounds, according to Unquote Data.

The most recent was a €75m funding round in 2015, led by Bailie Gifford with participation from Rocket Internet, Insight Venture Partners, Phenom Ventures and Vorwerk Direct Selling Ventures.

Company
Founded in November 2011 and headquartered in Berlin, HelloFresh delivers weekly meal kits including recipes and fresh ingredients to its customers. It operates in Germany, Austria, the Netherlands, Belgium, the UK, the US and Australia.

The company generated revenues of €904.9m in 2017, up from €597m in 2016, and improved its EBITDA to -€80.7m from -€86.2m in the same period. Adjusted EBITDA, which excludes the impact of share-based compensation expenses, saw an increase of 15.2% up from -€82.6m to -€70.1m.

People
HelloFresh – Dominik Richter (CEO).

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