US-based meal kit delivery company Home Chef secured $40m yesterday in a series B round led by L Catterton, the private equity firm backed by luxury consumer goods producer LVMH.
Founded in 2013, Home Chef operates a subscription service for pre-proportioned ingredients for home-cooked meals. Users can customise their weekly dinner options and also order other items such as breakfasts, smoothies and fruit baskets.
The company previously closed a $10m series A round in April 2016 co-led by Shining Capital and Guild Capital. It also raised $2m in seed capital from Guild in 2014.
L Catterton was established in January 2016 to combine the investment activities of LVMH and Groupe Arnault in Europe and Asia with buyout firm Catterton’s efforts in North and Latin America. It focuses on the consumer sector.
Michael Farello, managing partner of L Catterton Partners’ Growth Fund, said: “We are impressed by Home Chef’s rapid expansion and growth, demonstrating their ability to capture an increasing share of this exciting category.
“Home Chef’s ability to provide consumers a wide variety of home-cooked favourites – at prices that are often lower than the cost of separately purchased ingredients – is a clear recipe for success.”