Over-the-top media company Chernin Group bought a majority stake in Food52, a US-based cooking content and kitchenware e-commerce platform backed by media companies Scripps Networks Interactive and Bertelsmann, for $83m yesterday.
Chernin acquired the stake through investment firm TCG Capital Management at an undisclosed nine-figure valuation, and it is unclear whether Scripps and Bertelsmann retain shares.
Founded in 2009, Food52 operates an online platform that offers recipes and other lifestyle content such as travel tips and interior design inspiration. The site also includes an online shop selling kitchen and homeware products.
The investment will allow Food52 to build an offline retail presence, extend its own-brand product line, Five Two, and drive recruitment with a focus on its content, video, product and engineering teams.
Scripps Networks Interactive, the owner of television channel Food Network, contributed to a $6m series A round for Food52 in 2014 together with Bertelsmann subsidiary Bertelsmann Digital Media Investments (BDMI).
Walden Venture Capital, Vocap Investment Partners and Vayner RSE also participated in the series A round, which followed $2.75m in earlier capital from backers including BDMI.
Amanda Hesser, co-founder and chief executive of Food52, said: “This injection of new capital unlocks tremendous growth opportunities, allowing us to reach new markets, create new retail channels and invest in technologies that will serve our community better.”
