New York grocery delivery service Blue Apron looks to raise $50M in Series C funding

By VCPOST Staff Reporter

Apr 26, 2014 08:27 AM EDT

Blue Apron is currently raising $50 million in its third funding round with a valuation of $450 million, several sources said. Stripes Group is the lead investor in the said round, wrote TechCrunch.

Blue Apron delivers ingredients and recipes to let customers cook their own food. Every meal is priced at $10 per person. Customers get fresh ingredients and complete cooking instructions. In addition, they can get the items at discounted prices if they order by the bulk. The firm competes with Plated, which is another up-and-coming company offering a similar service, the report detailed. 

As of March 2014, Blue Apron had delivered 500,000 meals every month. In August, it had delivered 100,000 meals per month. This information shows significant growth in the company. Recent sales figures show that the firm's revenue has already reached the $60-million mark, the report added.

To date, Blue Apron has raised a total capital of $8 million. Bessemer Ventures had led the company's first two funding rounds, TechCrunch reported.

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