Online grocer Blue Apron Inc., the fastest growing e-retailer in the Internet Retailer 2015 Top 500 Guide, has raised $135 million in a funding round led by Fidelity Management and Research Co., with participation from existing investors.
The web-only retailer, which launched in 2012, delivers make-at-home meals based on seasonal ingredients. It has raised at least $190 million to date, according to a CrunchBase estimate (the retailer could not be reached to confirm the figure). The company had Internet Retailer-estimated sales of approximately $65 million in 2014, up 550.2% from the previous year. Data available at Internet Retailer’s Top500Guide.com also shows that the average Blue Apron customer spends an estimated $100 per purchase.
Blue Apron says the new capital will help grow its network of “farms, suppliers and fulfillment capabilities throughout the country.”
The company, while not providing its own sales figures, says it delivers more than 3 million meals a month, double the volume of six months ago. “Our mission is to make incredible home cooking accessible to everyone,” says Blue Apron co-founder and CEO Matt Salzberg. “This financing will allow us to further improve the efficiency of our model, from sourcing to fulfillment, in order to bring our customers a level of quality that has never been available at scale before.”
The grocer sells meals for two people or a four-person family, and sells kitchenware on the Blue Apron Market section of its website.