As meal-kit melee stretches on, Sun Basket whips up $30M Series E

TechCrunch | 5/21/2019 | Staff
sheenabeanna (Posted by) Level 3
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Sun Basket, a provider of a healthy meal delivery service, has raised another $30 million in venture capital funding. The round, led by PivotNorth Capital, brings the company’s total raised to $125 million.

The Series E funding delays Sun Basket’s expected initial public offering once again. There’s been unsubstantiated talk of a Sun Basket float for quite some time; in fact, before Blue Apron and Hello Fresh, a pair of fellow meal kit delivery businesses, completed IPOs, Sun Basket was the subject of exit rumors. Alas, we will have to wait a while longer before the company makes the big leap.

Blue - Apron - New - York - Stock

After all, Blue Apron has performed very poorly since going public on the New York Stock Exchange two years ago. Sun Basket chief executive has been honest about the difficulties of being a meal kit startup in a post-Blue Apron IPO universe, telling PitchBook his company’s Series D round “was by far the most challenging fundraise” in his company’s history.

Sun Basket, headquartered in San Francisco, was founded in 2014 by award-winning chefs Adam Zbar and Justine Kelly. The company delivers fresh, organic and sustainable ingredients to customers, setting itself apart from the large number of...
(Excerpt) Read more at: TechCrunch
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