Since Blue Apron’s disappointing IPO last summer, meal kit delivery startups have been under pressure to sell or fold. But at least one smaller competitor, Sun Basket, is showing decent growth, according to credit card data. Now the firm is raising money—and offering big protections to investors to limit their risk.
Sun Basket, which sells meal kits with organic and sustainable ingredients, has authorized $51 million in Series D shares at a price equal to the previous fundraising round, according to a November filing. The company was previously valued at around $460 million, according to PitchBook. Whether the new round has closed couldn’t be learned, nor the identity of potential investors. If Sun Basket succeeds in raising the money at that valuation, it would suggest investors still have some faith in the sector.