Innovestor makes follow-on investment in Ruokaboksi, leading Finnish meal-kit delivery provider

With the growing trend of consumers moving their purchases to e-commerce sites, the online grocery market has grown rapidly. Although the Finnish market is still smaller compared to our Nordic neighbours, it is catching up fast. Within this segment, and particularly in covid-19 stricken times, subscription-based FoodTech platforms have experienced sharp increases in sales.

Ruokaboksi’s service is based on a weekly subscription meal box, which is delivered straight to the customers door and includes all the ingredients with dinner recipes needed for the week. The company has 3 different sized meal boxes to choose from, based on preferences for e.g. vegetarian or child-friendly recipes. Also the number of recipes can be altered.

By delivering ready-made meal boxes with all the ingredients needed to prepare dinner, the service eases everyday by eliminating the age-old question of ‘what to eat today’ and cuts down the hassle of supermarket trips. Especially in the current covid-19 climate, services such as Ruokaboksi’s allow customers to stay safe at home as much as possible.

The co-founding team lead by CEO Juhana Rintala came up with the idea and joined forces when they all had small children, and were looking for ways to handle the weekly food shopping in a stress-free way.

“We see that rapid growth is needed in this is the type of business. With Innovestor’s help we have been able to invest in marketing and sales, aspects needed for growth. During our first year of operation, our revenue was around 200–300k euro, in June it was around 3 million euro. By the end of this year, we forecast our revenue will hit close to 10 million euro. Our growth curve continues to be quite steep” stated Ruokaboksi’s CEO Juhana Rintala.

 

Ruokaboksi

Innovestor was lead investor in Ruokaboksi’s seed funding round in 2018. Since then the team has made great headway on their growth plans, resulting in us now making a follow-on investment during the summer of 2020. We were joined by the company’s previous investors bringing the total funding round to 600k euro.

“The company has continued to execute strongly in a very interesting market, and we are glad support the company into their next growth phase” commented Innovestor’s Wilhelm Lindholm.

 

For more information: 

Juhana Rintala

CEO, Ruokaboksi

juhana.rintala(a)ruokaboksi.fi +358 45 2268320

 

Wilhelm Lindholm

Managing Partner, Innovestor Ltd.

wilhelm.lindholm(a)innovestor.fi +358 40 5811051

 

Ruokaboksi in the Media:

Koronakriisi mullisti ruoan verkkokaupan – myös ateriakassien myynti on moninkertaistunut: ”Meillä keräily ei ruuhkaudu”

Ruoan verkkokauppa ja kirjolohen kasvattaja pörssiin?– Katso pääomasijoittajien tuore lista 54 mahdollisesta pörssilistautujasta

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