Meal-kit provider Marley Spoon has launched a fully underwritten $56 million institutional placement, with the proceeds go toward investing in its future growth and invest in the flexibility of its balance sheet.
Approximately 17 million CHESS depository interests (CDIs) are being issued at an price of $3.22 each, which represents a discount of 5 per cent on the average price of $3.39.
The announcement came alongside the news that its Q3 revenue had more than doubled since the same time last year, up 109 per cent to $114 million, and that it is operating with a positive EBITDA of $0.6 million.
“We saw good demand across all regions as more consumers adopt online grocery shopping. This demand, combined with a favourable customer acquisition environment, helped generate better than usual unit economics,” said Marley Spoon CEO Fabien Siegel.
“In 2020, many new customers have experienced the advantages of ordering online and cooking with a meal-kit versus going to the traditional supermarket. We expect to continue to build scale and maintain our high levels of customer retention as the channel switch from offline to online shopping continuous.”
Siegel said this level of success allowed Marley Spoon to more accurately provide guidance for the year, now expecting to grow FY20 revenue by 100 per cent.