USA – Sun Basket, an American subscription meal delivery service has raised US430 million in Series E venture capital funding, securing backing from Unilever Ventures, the private equity arm of Unilever.
The latest round brings the firm’s overall funding up to US$125 million and was led by PivotNorth Capital, an early-stage software-focused venture capital firm.
It also included investments from Sapphire Ventures, August Capital, Founders Circle, Baseline Ventures, Relevance Capital, Accolade Partners and Correlation Ventures.
Sun Basket is looking to expand in the growing meal kit segment by delivering fresh organic and sustainable ingredients and recipes to customers.
The company said it will use the capital to expand its offerings to include breakfast, lunch and dinner “personalized for any lifestyle”.
Headquartered in San Francisco, Sun Basket was founded in 2014 by Webby Award winner Zbar and chef Justine Kelly.
“We’re thrilled to have the strong support of our investors who share our vision for building the leading personalized healthy eating platform,” Zbar said in a statement.
“Food is a $1 trillion market ripe for online disruption, and Sun Basket will continue to innovate, focusing on our customers’ top three needs: health, ease, and personalization.”
The meal delivery service is growing fast in the US, and according to Sun Basket, it has witnessed a compound annual growth rate of 80% over the last three years.
Sun Basket said it plans to roll-out innovative healthy food products, a personal AI-powered digital user experience and strategic partnerships that drive user acquisition and brand awareness.
It will utilise automation in a move to increase margins and focus the business on its highest value revenue initiatives.
“Adam has built a platform which personalises and curates meals to optimise a healthy lifestyle for people with a wide variety of dietary preferences,” said Tim Connors, founder of PivotNorth Capital.
“With the incredibly large and influential millennial population increasingly prioritizing healthy meals and snacks, we believe they have the ability to build a category-defining, profitable company that has huge growth potential.”
Last year, Sun Basket secured US$57.8 million in funding following a series D investment led by August Capital, something it said would provide it with the capacity to build a US$1 billion revenue business.