'Netflix of food' secures $57.8 million investment

by Rebekah Schouten
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Sun Basket meal delivery kit
Sun Basket grew net revenue by more than 280% in 2017.
 

SAN FRANCISCO — Sun Basket, an organic meal kit delivery service, has secured a $42.8 million Series D investment round led by August Capital and including Unilever Ventures, Unilever P.L.C.’s venture capital and private equity arm. In addition to the $42.8 million, Sun Basket also recently raised $15 million in debt financing from Trinity Capital Investment, adding to a total of $57.8 million.

Founded in 2014, San Francisco-based Sun Basket grew net revenue by more than 280% in 2017, hitting $250 million in annual revenue run rate at the beginning of 2018.

Adam Zbar, Sun Basket
Adam Zbar, c.e.o. and co-founder of Sun Basket

“Over the past year, Sun Basket has grown immensely in customers served, products offered, team size and overall sales,” said Adam Zbar, chief executive officer and co-founder of Sun Basket. “As we scale the business in 2018, we are excited to have August Capital on board, given its track record of helping numerous innovative companies grow while maintaining strong unit economics and great product quality.”

The new funding will be used to “further build a true foodtech company,” Sun Basket said, including a focus on personalization by leveraging transaction data, dietary needs and customer preferences. The company also plans to expand its offerings with the introduction of vegan, Mediterranean and pescatarian menu offerings in its quest to become the “Netflix of food.” Additionally, Sun Basket is launching two new distribution centers on the East coast and in the Midwest during the first quarter of 2018.

Tripp Jones, August Capital
Tripp Jones, general partner of August Capital

“Sun Basket has achieved incredible growth and industry-leading unit economics in just a few years since launch,” said Tripp Jones, general partner of August Capital and new member of Sun Basket’s board of directors. “We’re thrilled to partner with Sun Basket in its next phase as the company continues to scale rapidly and build out its healthy personal choice platform, which has the power to disrupt the $650 billion grocery market by providing consumers a healthier, easier, and more personal way to cook and eat delicious food.”

The investment round also included Sapphire Ventures, Accolade Partners, Founders Circle, Rembrandt Venture Partners, Vulcan Capital, Relevance Capital and Correlation Ventures.

This funding round is not the first for the data-based meal kit company. In May 2017, Unilever Ventures led a $9.2 million Series C-2 funding round for Sun Basket.
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