HelloFresh closes Series C round with USD 7.5 million
Berlin-based ecommerce food site HelloFresh secured USD 7.5 million for its Series C round. The financing was led by Phenomen VC. It was also participated in by Vorwerk Ventures and Holtzbrinck Ventures. AB Kinnevik and Rocket Internet, both current investors of HelloFresh, also participated in the financing. The latest amount brought the total proceeds of HelloFresh to USD 20 million.
HelloFresh Chief Executive Officer Dominik Richter said the new funding would enable them to grow in their existing markets while scaling their operations. It would also allow them to improve the service they provide. Richter said, "It is our aim to use this funding to increase our market share in the US market and expand our very clear market leadership in all other markets by continuing our double-digit month-over-month growth."
Since its launch last year, HelloFresh said it had quadrupled revenues and doubled margins. It had also shipped millions of meals to its customers. The website allows customers to choose a box with three to five recipes and the properly measured ingredients are delivered right to homes.