Phenom sells €140m stake in HelloFresh

This equates to a value of approximately €140m based on the current trading price of €12 per share.

The VC firm sold the shares through two subsidiaries, Ezil Financials and Almonk Investments. The placement started on May 16 and was expected to be completed later that day.

Berenberg acted as sole bookrunner in connection with the placement.

Fellow VC firm and HelloFresh shareholder Rocket Internet sold a block of 12.2 million shares for approximately €150m in April.

The VC firms listed HelloFresh on the Frankfurt stock exchange at €10.25 per share in November 2017, valuing the business at €1.7bn.

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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