The Angel CoFund (ACF) is a UK based venture capital fund that co-invests alongside syndicates of sector-smart Angel investors, to fund and scale some of the best high-potential early-stage businesses. The Angel CoFund (ACF) is an active co-investment fund that seeks to achieve consistent returns by partnering with experienced syndicates of angel investors to help fund and scale early-stage businesses. Launched in 2011, ACF’s experienced team has a track record of backing some of the UK’s best success stories through its proven co-investment model, working alongside the unrivalled skills and expertise of the fund’s network of entrepreneurs and private investor partners.   Since its launch, the fund has invested over £40M, alongside more than £200M from business angels and other investors, creating a portfolio of more than 80 companies. In many cases, the fund has supported companies through multiple rounds of funding as they have scaled.

ACF Investors

MMC Ventures is an investment firm that invests in technology companies at Seed and Series A. MMC commits to a deep understanding of each company’s underlying technology and business model to help make better decisions and be more effective partners. Transformative technology companies MMC has backed to date include Gousto, Interactive Investor, Copper, Signal AI, Synthesia, Peak and more.

MMC Ventures

Unilever Ventures is the venture capital and private equity arm of Unilever. They invest in young, promising companies, accelerating growth by providing access to Unilever’s global ecosystem, assets and expertise. They are looking for tomorrow’s world-beaters in Personal Care and Digital. They provide access to a company with unrivalled global reach. On any given day, two billion people use Unilever products to look good, feel good and get more out of life. With more than 400 brands focused on health and wellbeing, no company touches so many people’s lives in so many different ways. Unilever Ventures works closely with The Unilever Foundry to provide technology innovators with access to paid pilot projects, mentorship and growth financing.

Unilever Ventures

Business Growth Fund is an influential investor in small and mid-sized businesses. It was set up in 2011 to offer growing companies and ambitious entrepreneurs patient capital and strategic support. With 14 offices, they are close and relevant to the businesses they invest in. They have grown to a team of 150+ and a network that’s made up of one of the largest pools of board-level executives. Collectively, the companies in their portfolio employ close to 50,000 people. They want to see more entrepreneurs using their capital not only to scale-up their own business but also, collectively, to drive economic activity and with it increase employment, exports, and growth.

Business Growth Fund

Barclays PLC is a global financial services company that provides various financial products and services worldwide. It is engaged in retail banking, credit cards, corporate and investment banking, and wealth management with an extensive international presence in Europe, the Americas, Africa, and Asia. The company offers current accounts, savings products, Woolwich-branded mortgages, unsecured loans, general insurance, and banking and money transmission services to small- and medium-sized businesses; investment and insurance products; business lending services; bank assurance solutions; and retail, credit and debit card, and corporate services. It also offers international payments services for consumer and business customers, including credit cards and consumer lending services; investment banking services comprising strategic advisory, financing, and risk management services to large corporate, government, and institutional clients; integrated corporate banking solutions, including cash management, lending, and trade financing services to corporate and financial institutions as well as multinationals; and a range of wealth and investment management services such as international and private banking, investment management, fiduciary, and brokerage services. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs more than 147,500 people. Barclays moves, lends, invests, and protects money of more than 48 million customers and clients worldwide. The company was formerly known as Barclays Bank Limited and changed its name to Barclays PLC in January 1985. It was founded in 1896 and is headquartered in London, United Kingdom.

Barclays Corporate Banking

Hargreave Hale Limited offers security trading and brokerage services to institutional and individual clients. The company provides investment advisory, share brokerage and dealing, portfolio management, custodial services, unit trusts, individual savings accounts (ISA’s), personal equity plans (PEP’s), and intermediary services. They understand that no two people are the same, so anything they do will always focus on clients as individuals. They work with their clients to assess their personal circumstances and determine future goals, ensuring that any solution they provide is suited to their specific needs. Their philosophy is to try to give clients what they want rather than tell them what they can have. Hargreave Hale is a leading provider of investment management, stock broking and fund management services in the UK. Their experienced professionals offer private clients, professional intermediaries, companies, trusts and charities a progressive and modern approach to investment coupled with traditional values of customer service.

Hargreave Hale

Perwyn is an investment company. They invest in technology, services, healthcare, food, and ingredient sectors. Their capital base allows them to focus time on helping investment companies.

Perwyn

BGF Ventures is a London-based early-stage venture fund of BGF. It is investing in early-stage entrepreneurs with bold ambitions. Its venture stage investments are currently lead by Tim Rea.

BGF Ventures

Gousto

Gousto provides you with all the ingredients in the right proportions to cook delicious meals at home. The produce is organic, fresh, and seasonal. Gousto’s recipes are developed by a team of passionate chefs and tested by all their friends and families first (very picky people). You get to choose the recipes online and every week the selection is updated to make sure there’re plenty of new recipes for you. The recipes are delivered right to your doorstep once a week so you decide when to cook. Whenever you’re on holiday or just don’t have time, simply place the subscription on hold – it’s easy. Gousto was started in 2011 by two friends who share a passion for food and cooking. In their previous lives, Timo and James loved cooking but didn’t have much time to go to various grocery shops. They found it difficult to cook recipes from online databases or follow cook-along TV shows. Ready-meals from supermarkets do the job but the quality isn’t great, they have lots of additives, and they get boring very easily. One day, James and Timo decided that there must be some way to make life easier and the idea for Gousto was born. The first recipes were offered at market stalls and from there the concept has grown into what you see today. Of course, all of Timo and James' friends are Gousto guinea pigs. Today, Gousto has a team of professional chefs and passionate amateurs (thanks mum), making sure that the recipes cover all cuisines and styles.

Gousto is a subscription-based recipe kit startup based in the UK, with operations in the UK and <a href="https://sp-edge.com/updates/31074">Northern Ireland</a>. Customers have the option to select from two-person or family box options, with a choice between two and four recipes that may price a serving between USD 3.80 to USD 7.90. Gousto has a range of recipes catering to different customer preferences such as vegetarian, plant-based, gluten-free, dairy-free, DIY pizza bases, lean in 15, healthy choice, 10-minute meals as well as oven-ready options.

From fast food to fine dining, everything but the kitchen sink is suddenly just a tap away.

Online Food Delivery

Meal kit brand Gousto expands to Northern Ireland

Gousto is a subscription-based recipe kit startup based in the UK, with operations in the UK and <a href="https://sp-edge.com/updates/31074">Northern Ireland</a>. Customers have the option to select from two-person or family box options, with a choice between two and four recipes that may price a serving between USD 3.80 to USD 7.90. Gousto has a range of recipes catering to different customer preferences such as vegetarian, plant-based, gluten-free, dairy-free, DIY pizza bases, lean in 15, healthy choice, 10-minute meals as well as oven-ready options.Gousto <a href="https://sp-edge.com/updates/8713">raised USD 230 million </a>in February 2022. The round followed an infusion of <a href="https://sp-edge.com/updates/7648">USD 150 million </a>in January 2022. Both rounds were led by Softbank’s Vision Fund 2. The company intended to use the funds to double its tech team by the end of 2022.The company reported revenue growth of 67% YoY to GBP 315 million (~USD 393.8 million) in <a href="https://sp-edge.com/updates/10005">FY2021. </a>Gousto reported that it had sold 90 million+ meals in 2021 compared to 53 million meals the previous year. EBITDA was up 10% YoY to GBP 20 million (~USD 25 million) in FY2021, while net cash from operations reported growth of 136% YoY to GBP 37 million (~USD 46.3 million).

<div>
 
 DoorDash operates an online food delivery platform, connecting restaurants with customers, across the US, Australia, Canada and Japan. As of February 2022, the company was the market leader in the US among OFD players, with an estimated 58% market share according to Bloomberg Second Measure. Its US operations span over 4,000 cities, with more than 400,000 restaurant partners servicing over 18 million customers, as of April 2021. DoorDash is one of the first startups (along with Postmates) to offer a delivery facility through an aggregator platform, which competitor GrubHub only started in 2015. The company has also expanded into grocery and convenience store delivery over the last 2-3 years, with a hybrid business model consisting of a mix of supermarket partnerships and its own network of dark stores. As of June 2022, the company operated in 27 countries including the US, Canada, Japan, Germany, Australia, Israel, and New Zealand as well as countries in the Nordics, Baltics, Eastern and Central Europe, and the Caucasus.
 
 
 Prior to the pandemic, DoorDash charged restaurants a commission of up to 30% of order value, and a service or delivery fee from customers, depending on the type of service (takeout or delivery). However, during the height of the Covid-19 pandemic, third-party delivery platforms were criticized for their heavy commission fees, with several cities across the US imposing a temporary 15% delivery commission cap to support restaurants, given their higher dependency on third party food delivery providers. In response, DoorDash introduced a new three tiered commission structure for US restaurants (with less than 75 locations) in April 2021, ranging between 15%-30% delivery commission (+6% pickup commission), with limits on 1) delivery area; 2) app visibility; and 3) access to high-value DashPass customers, for the lower commission range. Under the new commission structure, consumers bear a higher share of delivery costs. Consumers who subscribe (USD 9.99 per month) to DashPass, however, are eligible for zero delivery fees on orders over USD 12.00. The company classifies DashPass subscribers as &ldquo;high-value&rdquo;, likely due to their frequency of ordering food delivery. In April 2022, the company launched 
 <a href="https://sp-edge.com/updates/9779">
 &ldquo;DashPass for Students,&rdquo; 
 </a>
 a discounted subscription plan for college students. The new program builds on its existing DashPass (launched in 2018), allowing DoorDash to make its services more accessible to students across the US.&nbsp;
 
 
 DoorDash also operates other business models such as 1) DoorDash Self-Delivery: a platform that allows restaurants and food businesses to have a listing on the DoorDash platform, while using their own delivery people and setting their own delivery zone and fees (lower commission vs. restaurants that use DoorDash&rsquo;s drivers); and 2) DoorDash Drive (Drive): a white-label product, which allows participating restaurants to offer delivery through their own apps or websites (instead of the DoorDash app) with delivery being carried out by DoorDash drivers. In March 2022, the company conducted a beta launch of its new feature &ldquo;Return a Package,&rdquo; allowing customers to return packages to the closest post office, UPS, or FedEx location. In 
 <a href="https://sp-edge.com/updates/19802">
 June 2023
 </a>
 , DoorDash launched a new Earn by Time feature that enables drivers to choose between getting compensated for each delivery or being paid an hourly flat rate. DoorDash also launched a safety feature that allows drivers to share their location with up to five contacts. In 
 <a href="https://sp-edge.com/updates/20692">
 July 2023
 </a>
 , DoorDash tested Dash AI, an AI-powered chatbot, in select markets. DoorDash expects the technology to expedite the ordering process and enable customers to receive personalized restaurant recommendations by using simple text prompts.
 
 
 In contrast to competitor UberEats - which has expanded aggressively through a series of acquisitions - DoorDash has predominantly grown organically, with the support of a few strategic acquisitions. DoorDash&rsquo;s most recent acquisition was in March 2022, when it entered into a definitive agreement to 
 <a href="https://sp-edge.com/updates/8851">
 acquire Bbot,
 </a>
 a contactless ordering and payment solution provider. The purchase allowed the company to expand its in-store operations product suite for merchants, including in-store digital ordering and payments. Previously, the company acquired Chowbotics, the developer of a stationary salad-making robot, &ldquo;Sally,&rdquo; in February 2021. In July 2022, DoorDash announced plans to shut down Chowbotics. &nbsp;In August 2019, the company bought rival online food delivery platform Caviar for USD 410 million. The acquisition strengthened Doordash&rsquo;s market share in Pennsylvania and Oregon, where Caviar had more than 10% market share.
 
 
 In June 2022, DoorDash completed its acquisition of Wolt, a Finland-based online food delivery platform. The acquisition expanded DoorDash&rsquo;s global presence from four countries to 27. The deal was closed at a value close to USD 3.5 billion, although it was initially valued at USD 8.1 billion when announced in November 2021. This is a result of DoorDash's share price falling by more than 55% since November. DoorDash issued over 46 million shares to Wolt shareholders in the transaction. Wolt CEO Miki Kuusi was to head the company's operations outside the US, including Wolt&rsquo;s 23 markets as well as Australia, Canada, and Japan. In less than two weeks following the acquisition, Wolt launched its new subscription service
 <a href="https://sp-edge.com/updates/11037">
 
 Wolt+
 </a>
 in Prague and scaled its operations in Israel by launching operations in Israel&rsquo;s northern region.&nbsp;
 
 
 Key customers and partnerships
 
 
 DoorDash has restaurant partnerships with Chipotle, Denny&rsquo;s, Wingstop and Little Caesars. In February 2022, DoorDash launched 
 <a href="https://sp-edge.com/updates/8416">
 DoorDash Capital 
 </a>
 in partnership with Parafin, a financial services technology company, to provide revenue-based financing to eligible restaurants and DoorDash merchants. It would support investments in growth including purchasing equipment, hiring, marketing costs, rent, and payroll. That same month, DoorDash Storefront (launched in 2020) integrated with Google to offer commission-free online orders to restaurant partners in the US. In March 2021 Doordash partnered with Missouri-based family-owned supermarket retailer Schnuck Markets to deliver prepared meals from five store locations in St. Louis, Missouri, to addresses within a six-mile radius of the stores. In July 2022 the two companies expanded the partnership to include 25 locations across Missouri, Illinois, and Indiana. In January 2023 expanded its delivery 
 <a href="https://techcrunch.com/2022/09/13/starbucks-and-doordash-to-launch-delivery-partnership-in-atlanta-expand-nationwide-in-2023/">
 partnership
 </a>
 with Starbucks to include the delivery of&nbsp; Starbucks products across all 50 US states by March 2023. In 
 <a href="https://sp-edge.com/updates/19802">
 June 2023
 </a>
 , the company partnered with Amazon Canada to offer a free one-year membership of the company's subscription service, DashPass, to Amazon Prime members.
 
 
 Funding and financials
 
 
 DoorDash generated a revenue of USD 8,635 million and incurred an operating loss of USD 579 million during the year ended December 2023.
 
</div>

DoorDash

Mindful Chef, founded in the UK, provides health-focused meal kits with pre-portioned fresh ingredients, free-range chicken, 100% grass-fed beef and UK-landed fresh fish. A weekly box contains between two to five recipes and customers are able to choose from 16 recipes which are changed weekly, with vegan options as well as gluten-free and dairy-free options. The company caters to flexitarians, vegetarians and pescatarians, too. Additionally, the company donates a meal to a child in poverty for each meal purchased. Customers are able to skip, pause, cancel or schedule one-off deliveries at any time. The company also offers frozen meals and smoothies. As of September 2020, the company states that more than 5 million meals have been sold to more than 100,000 customers. In <a href="https://sp-edge.com/updates/31072">June 2024</a>, Mindful Chef launched its services in Northern Ireland.In December 2021, the company partnered with the British supermarket brand <a href="https://www.forbes.com/sites/kevinrozario/2021/12/28/waitrose-pioneers-recipe-box-service-with-mindful-chef/?sh=214ea7df40d5">Waitrose </a>to offer a co-branded recipe box that featured a Waitrose Cooks’ Ingredient product. In April 2022, the company expanded its partnership with Waitrose by launching a quartet of chilled ready meals available via Waitrose stores. In August 2022, the company partnered with Diabetes UK to launch a new meal range for customers with type 2 diabetes. The menus came with extensive nutritional labeling and include gluten-free, dairy-free, and plant-based options. In September 2023, Mindful Chef partnered with the fast food brand LEON to launch four healthy fast food recipes.

Mindful Chef

<div>
 
 HelloFresh delivers weekly meal kits, containing pre-portioned fresh ingredients and step-by-step recipes, to its subscribers in 18 countries (as of October 2022) across Europe, North America, Australia, and New Zealand, with a global base of 8.0 million active customers as of Q2 2022. Its meal kits are priced between USD 7.49&ndash;10.99 per meal, in-line with competitors Blue Apron and Marley Spoon, with consumers subscribing to a weekly (rather than monthly) service, which enables more flexibility to skip weeks. HelloFresh launched its own delivery fleets in the 
 <a href="https://sp-edge.com/updates/24686">
 US
 </a>
 and the 
 <a href="https://sp-edge.com/updates/18306">
 UK
 </a>
 in 2023. 
 
 
 HelloFresh has grown its US presence and product offerings through a combination of acquisitions and organic growth, aligned to its multi-tier brand strategy. The company acquired premium brand Green Chef in March 2018, and subsequently, extended its menu offerings to include organic meals for US customers, including special diets such as ketogenic and paleo. In 
 <a href="https://www.thegrocer.co.uk/online/hellofresh-launches-specialist-diet-meal-kit-brand-green-chef-in-uk/655593.article">
 April 2021
 </a>
 , following its success in the US market, Green Chef was expanded to the UK. In August 2022, Green Chef was also launched in the Netherlands. The company&rsquo;s acquisition of Factor (a ready-to-eat meal company) in December 2020 was aimed at expanding into the convenience-focused customer segment. In terms of organic growth, the company launched its value brand, EveryPlate, in 2018 for budget-conscious consumers, featuring meal kits that average around USD 4.99 per serving.
 
 
 Overseas, HelloFresh acquired a ~10% stake in Russia&rsquo;s largest meal-kit provider Chefmarket, in September 2021, through a cash capital increase. HelloFresh has also announced plans to acquire Australia-based ready-meals firm Youfoodz (announced in July 2021), which would expand its customer base in Australia as well as its presence in the ready-to-heat category.&nbsp;
 
 
 Funding and financials
 
 
 In December 2021, the company announced plans to invest EUR 450 million&ndash;550 million (~USD 507 million&ndash;620 million) and plans to strengthen its 
 <a href="https://sp-edge.com/updates/7315">
 capacity expansion
 </a>
 and customer experience
 
 <a href="https://sp-edge.com/updates/7315">
 plan
 </a>
 by further opening fulfillment centers and increasing its theoretical revenue capacity across all verticals to over EUR 10 billion (~USD 14 billion). Two months later, HelloFresh-owned prepared meal delivery company Factor announced the 
 <a href="https://sp-edge.com/updates/8234">
 opening of a new distribution center
 </a>
 in Lake Zurich, IL.
 
</div>

HelloFresh

Territory Foods offers more than 35 different meals that are updated weekly and are either cooked prior to delivery or delivered as meal kits containing produce. Customers can choose to select delivery of weekly meal plans, individually customize a plan, or market boxes with fresh products to cook at home. Meals are free of refined sugars, gluten, and dairy, however, the company is not certified dairy-free, gluten-free or other allergen-free.In April 2021, the company raised USD 22 million in a venture round led by US Venture Partners and celebrity athletes Abby Wambach and Vernon Davis. The company intends to divert the fresh funds for its expansion into new cities. The investment round brings the total funds raised to date to USD 44 million.

Territory Foods

Platforms that offer ready-to-cook meal kits to individuals who are interested in cooking, but have limited time or skills. Meal kits usually include recipes with step-by-step instructions along with pre-portioned ingredients. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

Platforms that prepare and deliver meals based on rotating menus that allow the customer to choose a meal plan of up to multiple dishes for a week with a low level of consumer involvement in cooking and plating. Food delivery is often carried out by independent contract workers who are either registered with the platform or employed directly by the platform.

On-demand delivery platforms that offer a wide range of items (such as various cuisines, groceries, etc)

On-demand delivery platforms that offer specific types of food or cuisine

Infrastructure providers that offer delivery or dispatch management systems

Infrastructure providers that offer white label online ordering websites and apps for restaurants to build their own in-house solutions

Infrastructure providers that offer solutions to help restaurants integrate and centralize online ordering and delivery systems from multiple third party vendors

Solutions in the "in-house ordering solutions" segment allow restaurants to build custom websites, menus, etc.

Most solutions available in "in-house ordering solutions" provide B2B SaaS solutions

Some OFD players such as Uber and Grubhub provide autonomous food delivery services

<div>
 Gousto, a recipe kit startup based on a subscription model, has broadened its reach into Northern Ireland. This marks the company's initial venture outside the mainland UK. Now, consumers in Northern Ireland have access to 100 weekly recipes offered by the company.&nbsp;
 
</div>

Gousto

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