Participated · Equity · Jan 2019

Gousto provides customers with all ingredients in the right proportions to cook meals at home, using organic, fresh and seasonal produce and chef-developed recipes. Customers choose recipes online from a weekly-updated selection. The founders, Timo Boldt and James Carter, started the company in 2012 out of a shared passion for cooking. In 2021 Gousto achieved B-Corp certification. Financially, the company has been raising large funding packages in recent periods to navigate economic uncertainty. Most recently it closed a £50M share sale from existing investors that will provide additional cash during a volatile period. Gousto operates a meal-kit delivery service that aims to help consumers eat healthily and affordably. The company emphasizes sustainability, saying it plays a role in reducing food waste and carbon emissions in the food supply chain. Gousto is a profitable B Corp unicorn founded by Timo Boldt in 2012 and is based in London. Management has framed the business as disrupting the traditional grocery channel for evening meals and targeting further growth. CEO Timo Boldt has said the company is embarking on its next stage of growth to become the UK’s most loved way to eat dinner. Financially, Gousto recently completed a large financing transaction following a prior $100 million financing in January 2022 that valued the company at $1.7 billion. Gousto is a London-based meal-kit company providing consumers with a steady stream of over 60 recipe-box kits delivered fresh to their doorsteps. The company is a certified B Corporation and emphasises convenience, health and sustainability. Gousto plans to launch an automated, AI-driven fulfilment centre near Birmingham and has four additional hubs on its roadmap. The new fulfilment capability is expected to increase overall capacity by 40%. Financially, the company completed a $150 million financing that gives it a $1.7 billion valuation and brings cumulative funds raised to $361.5 million since late September 2013. Management says the funds will be used in part to scale fulfilment and capitalise on accelerated grocery-market trends. Gousto is an online meal-kit manufacturer that delivers pre-portioned ingredients and weekly updated recipes to customers' doorsteps. The company uses proprietary algorithms to maximise pick speed, daily volumes and pick accuracy while minimising cost and food waste. Founded in 2012 by James Carter and Timo Boldt and based in London, Gousto scaled rapidly during the COVID-19 pandemic. Revenues increased sixfold between 2016 and 2019, and H1 2020 revenue surpassed the £83M reported for the whole of 2019. Monthly meal deliveries doubled from 2.5m in January to 5m in June 2020, and the company has been profitable since Q4 2019. With new funding, Gousto plans to open three customer fulfilment centres, triple capacity, and create over 1,000 new jobs, with a second fulfilment centre in Lincolnshire scheduled to go live before the end of 2020. Gousto operates a subscription meal-kit service offering more than 50 weekly recipes and automated packing that enables customers to tailor orders. The company currently delivers about 4 million meals to 380,000 UK households each month and aims to cross 400 million meals delivered by 2025. Average price per meal, per person is £2.98. Gousto is investing in its AI recommendation engine and backend logistics technology and plans to build more capacity and expand next-day delivery. It reported rapid growth pre-COVID (forecasting 70% year-on-year) and has temporarily paused new customer sign-ups to prioritize existing demand. The business has 550 employees (100 in tech) and plans to grow headcount to 700 by 2022.

Participated · Equity · Jul 2017

HaloSource, based in Bothell, Wash., develops consumer water-filtration products and says its new devices remove 99.9% of bacteria and viruses as well as heavy metals. The company plans to bring a new line of filtration devices—including water bottles, pitchers and replacement cartridges—to market. HaloSource reports it brings clean, drinkable water to more than 10 million people across China, India and Latin America. The company has 60 employees, down from 110 at the start of 2015, after selling its recreational and environmental water businesses and closing a manufacturing plant in India. HaloSource raised $2.2 million in the current funding round and inked a five-year Chinese distribution agreement that could generate more than $10 million in revenue. CEO James Thompson said the company has raised a total of $120 million in its history and this was its first cash infusion since 2014. HaloSource develops water purification technology that delivers low-cost disinfection without the need for electricity or piped water, targeting safe drinking water production by killing viruses and bacteria. The company supplies regional, super-regional and multinational water device manufacturers seeking improved primary disinfection, bio-film inhibition and safe storage. The newly raised funds will support further commercialization of its water purification business. Since 2007, HaloSource has raised more than $30M from investors including the Masdar Clean Tech Fund, Unilever Technology Ventures, Origo Partners PLC and Mars Inc. Operations include manufacturing plants and offices in Raymond, Washington, as well as locations in Shanghai, China and Bangalore, India. HaloSource is a US-based clean water and antimicrobial technology company that commercializes HaloPure, a patented bromine-based drinking water disinfection technology. Its consumer product AquaSure is sold in a jug-and-cartridge form priced around $40–$60; replacement cartridges cost $7–$10 and typically last about six months. The company has distributed around 250,000 units in India through a distribution tie-up with EurekaForbes. HaloSource also develops HaloShield antimicrobial treatments and water-treatment products such as SeaKlear and StormKlear, and has a partnership with Clorox. The company targets the global water purification market, estimated at roughly $18 billion and growing 15–20% annually, and plans to expand operations across BRIC countries and other markets with less developed infrastructure. The recent funding is intended to support continued commercialization of HaloPure in India and beyond.

Led · Series A · Feb 2017

Zappar builds AR experiences and a creative suite for AR/VR/MR content, accessible via its free-to-download mobile app on iOS and Android or embedded in third-party apps. The company’s ZapWorks suite enables creation of interactive short-form content and is a focal product for further investment. Led by CEO Caspar Thykier, Zappar works with global brands and partners including Rovio, Sony Pictures, Warner Bros, Hasbro, Coca-Cola and Manchester City Football Club. The company plans to accelerate development of new products and expand internationally using fresh capital. Zappar also intends to grow its team with hires across SaaS sales, user success, R&D and marketing. The article does not disclose operating metrics such as revenue or user counts.

Participated · Equity · Jan 2017

My 1st Years is a U.K.-based e-commerce business that sells personalised gifts for babies and children. The product idea, inspired by NikeID tags, was developed by founders Daniel Price and Jonny Sitton while at university. The company emphasises same-day shipping and high-quality personalised items and cites celebrity customers including Dannii Minogue, Elton John and members of the British royal family. Management says it has grown with the personalisation trend and continues to invest in its technology and product offering. The firm highlights the sizeable baby-gift market in the U.K. and the broader growth in personalised-gift spending. Plans include using new capital to support operations, marketing and international expansion into the U.S.

Participated · Series A · Aug 2015

Portr operates AirPortr, a mobile app-driven on-demand luggage delivery service that lets customers book luggage collection or drop-off in advance or on the day of travel. Luggage is transported to or from the airport after being booked through the app. The company launched a same-day delivery service at London City Airport the year prior to the article and has secured a long-term agreement to operate at London Gatwick, launching AirPortr in Gatwick South Terminal. Portr intends to use the new funding to expand its luggage delivery service into additional airports. Leadership includes CEO & Founder Randel Darby, and Sean McDonald will join the board as a non-executive director. The article does not disclose detailed operating metrics or prior funding rounds.