Marley Spoon reportedly seeking IPO, says it’s “perfectly positioned for growth”
According to a report in the AFR yesterday, brokers at Canaccord Genuity and Macquarie Capital have approached fund managers on behalf of the Berlin-headquartered meal-in-a-box business, which has been valued at about $200 million.
Marley Spoon declined to comment when asked about the report.
However, a recent statement released on the third anniversary of Marley Spoon’s launch in Australia said the company finds itself “perfectly positioned for growth”. The statement noted that Marley Spoon’s investment in manufacturing and distribution, as well as its local team, over the past three years will enable the company to “further skyrocket their growth going forward”.
Locally, the meal kit business delivers around 400,000 meals with recipes to customers in Australia, according to the AFR. It supports delivery to Sydney, Canberra, Melbourne, Adelaide, Brisbane, the Gold Coast, Wollongong, Newcastle and the Central Coast of NSW – representing around 65 per cent of the population – and says it is working on further expanding its network. In April, the company launched a budget-friendly meal kit option called Dinnerly.
While the proportion of grocery sales that occur online is notoriously low – online makes up a mere 2 per cent of total grocery sales – consumers have been more willing to purchase meal kits online, presumably due to the convenience of receiving a recipe and ingredients in one package.
The competition in the space is tough, with Frankfurt-based HelloFresh leading in several markets where Marley Spoon is active, including Australia, and Blue Apron also in the mix in the US market. Since launching in Germany in 2014, Marley Spoon has raised US$27.5 million, according Crunchbase. It currently operates in Germany, Belgium, the Netherlands, Austria, the US and Australia.