UK-based recipe box provider Gousto has achieved tech unicorn status following its latest funding round.
The firm becomes the fourth UK firm to achieve the title this year, following the likes of car sales platform Cazoo and cybersecurity firm Snyk.
It raised £25m (US$ 33m) of new equity from existing investors Perwyn and BGF at a valuation in excess of US$1 billion. The new equity funds will add additional growth capital to Gousto’s own positive cashflow.
The latest fund raising is in-line with Gousto’s stated strategy, of at least tripling capacity by 2022, with the opening of three new customer fulfilment centres and the creation of 1,000 new jobs over the period.
Its second fulfilment centre in Lincolnshire is scheduled to go live before the end of 2020 and the development of centres three and four are being brought forward to meet the customer demand.
The firm’s fulfilment centres use proprietary algorithms designed to maximise speed of pick, daily volumes and pick accuracy, whilst minimising cost and food waste.
Timo Boldt, Founder & CEO of Gousto commented:“Achieving tech unicorn status and joining the ranks of those elite companies that have attained a billion dollar valuation is a proud moment for the entire Gousto team and all of our shareholders but we are still only just getting started.
“The latest £25m fund raise will enable Gousto to scale further and faster, triple capacity to serve more families during these difficult times, ensure the safety of our teams and create jobs across the entire business.”