USA – Meal delivery company Sun Basket, provider of organic produce and sustainable ingredients, has announced US$42.8 million worth investment led by August Capital to build on its business with two new facilities set to launch in early 2018.
The company was looking forward to building a US$1 billion through the funding which it partly raised through debt financing from Trinity Capital Investment.
The funds will also be used in building a food-tech company to improve the healthy meal kit delivery service, offering customers healthy meals according to their tastes and preferences.
Sun Basket will also expand its offerings focused on personalized nutrition through food, with the introduction of Vegan, Mediterranean, and Pescatarian menu offerings.
The expansion plan will see the launch of new, larger distribution centers on the East Coast and in the Midwest in 2018.
“Over the past year, Sun Basket has grown immensely in customers served, products offered, team size, and overall sales,” said Adam Zbar, CEO 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.”
Sun Basket’s portfolio include Chef’s Choice meal plan, along with Paleo, Lean & Clean, Gluten-Free, Vegan, Vegetarian, Pescatarian and Mediterranean options
With Tripp Jones, general partner of August Capital joining the company’s Board of Directors will provide August Capital’s wealth of experience in scaling tech companies.
Their Healthy Personal Choice Platform will also focus on providing customers with more choice and personalize their Sun Basket meals.
The company’s scale plan could be attributed to its success in direct-to-consumer service that aims at organic and clean eating.
“Sun Basket has achieved incredible growth and industry-leading unit economics in just a few years since launch,” added Jones.
“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 US$650 billion grocery market by providing consumers a healthier, easier, and more personal way to cook and eat delicious food.”