Recipe box specialist Gousto has raised $150m (£111m) to finance expansion in the developing direct-to-consumer market.

The business has won $100m in primary equity capital from tech investment giant SoftBank’s Vision Fund 2. Alongside $50m of new debt from banks HSBC and Barclays, the financing took Gousto’s valuation to $1.7bn (£1.3bn) – up from $1bn (£739m) in November 2020.

Gousto founder Timo Boldt in kitchen

Founder Timo Boldt wants Gousto to be ‘the UK’s most loved way to eat dinner’

Gousto, which describes itself as ”the only profitable B Corp unicorn in the UK”, will use the money to ”invest in capacity and technology to drive sustainable long-term growth and service strong and accelerating demand”.

That will include a new fifth “highly automated and AI-driven fulfilment centre” at Burton-upon-Trent and add 40% more capacity for Gousto.

Gousto also said the funding from HSBC and Barclays was ”aligned to sustainability goals that when achieved will reduce the interest rate”.

The investment comes after online food sales rose steeply during the pandemic and as consumers increasingly order recipe boxes in pursuit of convenience and healthier diets. Waitrose, for instance, has just launched a recipe box pilot with Gousto’s rival Mindful Chef.

Gousto founder and chief executive Timo Boldt said: “2022 is set to be another impressive year for Gousto as we capitalise on the accelerated mega-trends driving change in the grocery market – convenience, health and sustainability. This successful raise is further testament to the relevance and appetite for our recipe box solution.

“I’m delighted to welcome our new shareholders on board and look forward to working with them as we embark on our next stage of growth and get closer to achieving our vision of becoming the UK’s most loved way to eat dinner.”

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