TechCrunch is reporting on this subscription box funding, and it’s exciting for a couple of reasons. First of all, $40 million is a big deal. Perhaps more importantly, it’s proof that the big brands, like LVMH believe in the subscription model.
Home Chef just announced that it’s raised a new $40 million round of funding.
This Series B comes on top of the $10 million round that Home Chef raised earlier this year. It was led by L Catterton, the private equity firm formed by the recent merger of Catterton with the PE arm of luxury conglomerate LVMH.
The standard pricing for Home Chef meal kits is $9.95 per serving, and the company delivers its meals nationwide.
The Home Chef approach seems to be working, since the company says it’s now delivering 1.5 million meals each month, with a team of more than 600 employees. It also opened a new distribution facility in Atlanta to complement existing facilities in Los Angeles and Chicago.