Sun Basket Nabs $15M Series C Funding
SAN FRANCISCO, CA, Sun Basket, the leading healthy meal kit delivering the best organic, non-GMO ingredients and delicious, easy-to-make recipes weekly to your door, today announced a Series C investment of $15 million.
The round was led by Sapphire Ventures, a $2.4 billion venture capital firm focused on taking innovative, technology-driven companies to the next level. Additional investors in the round include Baseline Ventures, PivotNorth Capital, Accolade Partners, Founders Circle Capital, Shea Ventures, Relevance Capital, Vulcan Capital, Filter 14, and top angels.
Sun Basket hit record growth in 2016, increasing revenues 1300 percent and its employee base from 100 to 700. The company plans to utilize the new funding to open its third distribution center in the Midwest, which will make Sun Basket accessible to 98 percent of the continental United States. Given Sun Basket's highly-positive unit economics, strong margins, and industry-leading retention rates, Sun Basket has been able to accomplish this growth in a highly capital-efficient manner. With this new round, the company will have raised a total of $43 million in funding.
'Sun Basket's values of health, sustainability, and personal choice are really resonating with consumers, resulting in the company growing $80 million in annual run rate (ARR) since Labor Day 2016,' said Adam Zbar, CEO of Sun Basket. 'As we scale the business in 2017, we are excited to have Sapphire Ventures on board, given its track record of helping numerous Silicon Valley companies grow exponentially while simultaneously maintaining strong unit economics and great product quality.'
Sapphire's partnership brings a wealth of experience in scaling technology giants, including FitBit, Square and LinkedIn, to name a few. With the investment in Sun Basket, Kevin Diestel, principal of Sapphire Ventures, will join the company's board of directors. Sapphire Ventures currently manages over $2.4 billion in capital and has orchestrated 41 IPOs and mergers and acquisitions since 2011.
'At the intersection of food, health and technology, Sun Basket has the ability to redefine the purchase and eating habits of consumers, all through the click of a simple button,' said Diestel. 'At Sapphire we look to invest in companies with the potential to achieve truly massive scale. We can't wait to help Sun Basket as it continues its growth trajectory to become one of the largest food delivery companies in the nation.'
For more information about Sun Basket, please visit www.sunbasket.com.
About Sun Basket
Founded in San Francisco in 2014 by Webby-winner Adam Zbar and San Francisco's James Beard Award-winning Chef Justine Kelly, Sun Basket is an innovative healthy cooking service, which delivers the best organic, pre-measured ingredients and easy-to-cook, delicious recipes weekly to your door. Sun Basket saves busy people the time of planning and shopping so they can focus on the fun part of cooking and enjoying the meal. Personalized for your lifestyle and diet, Sun Basket provides a seasonally inspired Chef's Basket, along with Gluten-Free, Paleo and Vegetarian meal options. Located in San Francisco, Sun Basket is backed by top-tier venture capitalists including the investor behind Instagram. Celebrity Chef Tyler Florence acts as Culinary Co-Founder, and is joined by COO/Board Member Don Barnett, Co-Founder of organicgirl produce. For more information, please visit https://sunbasket.com or find the brand on Facebook, Instagram, Pinterest or Twitter.
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