£33m Investment boosts Gousto’s job creation, expansion and innovation plans
April 28, 2020
Angel CoFund portfolio company Gousto, the UK’s leading recipe box company, has raised an additional £33 million in a funding round led by investors: Perwyn, BGF, MMC Ventures and Joe Wicks. This investment takes the total funds raised by Gousto to over £130 million in the last eight years.
As one of the UK’s fastest-growing technology businesses, Gousto is now trading profitably and has seen revenue grow by 70% YoY (Q1), with over 4 million meals delivered to 380,000 UK households monthly. Gousto’s focus on data, artificial intelligence and automation set it on course to have put over 400 million meals on tables by 2025.
This investment means Gousto will continue to harness technology to further propel its market-leading proposition, with a particular focus on expanding its 100-strong tech team in London, accelerating innovation – including Next Day Delivery, customisation and significantly scaling up its fulfilment capacity.
Hiring has already started for around 100 roles at the company’s existing facility in Spalding, Lincolnshire and for its second fulfilment centre opening later this year. Gousto plans to fill over 400 roles within the next four months across teams in Spalding and its HQ in London, with an aim of increasing headcount by over 700 by 2022, whilst supporting the revitalisation of the economy.
The UK’s online recipe box market previously was expected to exceed £1.5 billion by 2022, but because of coronavirus, most of the developed world will shop for their groceries online for the first time. This forced adoption is likely to accelerate structural change in the market by many years.
Dedicating its passion, brains and resources towards the Coronavirus response effort, Gousto is currently engaging with DEFRA (Department for Environment, Food and Rural Affairs) on a response effort for the vulnerable. It has already implemented contactless delivery for customers and donated the equivalent of 6,000 meals to The Trussell Trust foodbank network and to the homeless charity, Shelter.
Timo Boldt, CEO and Founder, said:
“We continue to be laser-focused on our vision to become the UK’s most-loved way to eat dinner. This additional investment is not only a validation of our track record, but it is also an endorsement of our strategic vision of the future which is rooted in investing in innovative technology to transform the way we search for, shop for, and cook our food.
In these challenging times, we want to continue offering people more choice and especially more convenience. We will maintain our close relationships with the government and other charitable partners to ensure those already struggling don’t see their situation worsen.”