Unilever Ventures backs £5m Gousto series-A

The fresh funding will be used for product development and to pursue opportunities in the online grocery market. Gousto stated that the UK grocery market is worth £200bn, while the online food market is worth a potential £100bn.

Previous funding
MMC led a $2m series-A round in December 2013, with co-investment from existing backer Angel CoFund. The funding was earmarked for new hires in its team of chefs and nutritionists, for the improvement of recipes and the strengthening of relationships with suppliers and producers.

In September 2013, Gousto raised $500,000 from the Angel CoFund and industry professionals. It recently raised an additional $300,000 from private investors Ian West and Andreas Raffel.

Company
Founded in 2012 and based in London, Gousto delivers boxes of ingredients and recipes to its subscribers. Each week, customers select three of 10 recipes; Gousto then delivers a box filled with the ingredients required. Meals cost between £4-5. The company's primary customer-base includes families and young professionals.

People
Timo Schmidt is the CEO and co-founder of Gousto. Jan Harley is a director at Unilever Ventures and joined the Gousto board. Jon Coker of MMC already sits on the board.

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• Topics
• Expansion
• Consumer
• UK / Ireland
• MMC Ventures
• United Kingdom