Softbank leads USD 150m round for Gousto

Softbank provided USD 100m as part of the round, according to a statement. Barclays and HSBC are also participating in the fundraise and collectively provided USD 50m.

Softbank is investing via its second Vision Fund, which has a USD 108bn target.

Part of the fresh capital will be used to establish a fifth fulfilment centre near Birmingham.

In May 2021, Sky News reported that Gousto was looking to list, with Rothschild appointed to prepare the IPO. The company also appointed Katherine Garrett-Cox as chair ahead of the potential flotation, according to the report.

Many startups have benefited from the shift to at-home cooking over the course of the coronavirus pandemic, be it meal delivery services such as Gousto, grocery delivery startups like Germany-based Gorillas, or restaurant food delivery platforms such as HungryPanda.

Gousto said in its latest financial report that it has benefited from three main trends: convenience, sustainability, and health.

Previous funding
In December 2013, MMC Ventures led a USD 2m round for Gousto.

In September 2014, Unilever Ventures led a GBP 5m Series A funding round for the business alongside MMC.

BGF, MMC, Unilever and Angel CoFund provided GBP 9m for Gousto in 2015.

The company raised a GBP 28.5m investment round in March 2018 backed by BGF, MMC, Angel CoFund and Hargreave Hale.

In January 2019, BGF, MMC, Unilever Ventures, Hargreave Hale and Angel CoFund took part in an GBP 18m funding round for Gousto.

Perwyn led a GBP 30m funding round for Gousto in July 2019. Existing investors BGF, MMC, Canaccord Genuity and Unilever Ventures also took part in the round.

In April 2020, Perwyn, BGF and MMC backed a GBP 33m funding round for Gousto.

The company raised a GBP 25m round from existing investors including BGF and Perwyn in November 2020, attaining a valuation of more than USD 1bn.

Company
Founded in 2012 by Timo Boldt and James Carter, Gousto is a meal delivery service that provides users with recipes and corresponding ingredients. The company is headquartered in London and currently operates four fulfilment centres for its orders.

According to its latest publicly available accounts, which cover the 12 months to 25 December 2020, Gousto reported that it had posted 2020 revenues of GBP 189m, a 129% increase versus 2019. It posted EBITDA of GBP 18.2m in the same period, versus a loss of GBP 9.1m in 2019, noting that its 2020 EBITDA was higher than initially expected.

People
Gousto – Timo Boldt (CEO).

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• Topics
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