Meal box delivery service HelloFresh is preparing an IPO in Frankfurt for later this year. The income will be used to help the company's worldwide growth and to quickly boost its number of subscribers.
250,000 customers in 6 countries
The IPO could happen as soon as October, according to press agency Reuters' insider sources. Majority shareholder Rocket Internet, the German internet start-up investor (known for Zalando), has apparently approached two business banks to help guide the IPO. HelloFresh is currently being valued at more than 1 billion euro.
In an investment round in February, HelloFresh attracted 110 million euro in cash from its current shareholders, including Insight Venture Partners, Phenomen Ventures and Vorwerk Direct Selling Ventures. At that time, the company was valued at 624 million euro.
The meal box delivery service is currently active in the Benelux, Germany, the United Kingdom and the United States. It has 250,000 subscribers (with 75,000 "active" subscribers in the Benelux) and delivers more than four million boxes with ingredients and recipes per month. Its yearly turnover is said to be 120 million euro, with no insight into its profits.