US-based meal delivery service Sun Basket has increased its series C round to $24.2m with a $9.2m C-2 tranche led by consumer goods manufacturer Unilever’s corporate venturing unit, Unilever Ventures.
The tranche also featured Baseline Ventures and Founders Circle Capital, both of which also contributed to the $15m first tranche of the round, which closed in February 2017.
Sun Basket runs an organic, personalised service that delivers ingredients and recipes to consumers’ doors. Its meals can be specified for individual diets and it offers gluten-free, paleo and vegetarian meal selections.
Sun Basket did not disclose a valuation for the round but Reuters reported in March this year the company has hired banks for an initial public offering that would value it between $500m and $1bn.
Olivier Garel, head of Unilever Ventures, said: “Having reviewed a large number of meal kit players in the United States, we have been really impressed by Sun Basket’s extremely fast growth and category leading customer retention rates.
“Over a relatively short period of time, Sun Basket has built a clear leadership position as the best healthy, organic meals service platform, addressing consumers’ growing demand for healthy, tasty, diet-specific but convenient solutions.
“That, coupled with Sun Basket’s values and commitment to sustainability made it a natural fit into the Unilever Ventures family.”
The first tranche was led by Sapphire Ventures and included Shea Ventures, the corporate venturing subsidiary of real estate developer JF Shea, as well as PivotNorth Capital, Accolade Partners, Relevance Capital, Filter 14 and Vulcan Capital.
Shea Ventures had also taken part in the company’s $15m series B round in July 2016 together with Baseline Ventures, Founders Circle Capital, Accolade Partners, Vulcan Capital, PivotNorth Capital, Relevance Capital and Filter14.
Kitchenware producer Tyler Florence Group is also an investor in Sun Basket, which has now raised more than $52m in total, as are Rembrandt Ventures, Correlation Ventures, Robertson Stephens Advisors and Roth Capital.