Is this the next move for meal kit delivery?
Meal kit company Blue Apron is reportedly considering filing for an IPO within the next 12 months, according to Bloomberg. Sources familiar with the company told Bloomberg it is currently "in talks with banks about options for raising capital, including a possible initial public offering." Those sources said Blue Apron, which was most recently valued at $2 billion, would be valued at about $3 billion in an IPO.
Blue Apron has so far raised more than $193 million in private equity funding, and its popularity has influenced dozens of competitors to enter the market. Both Amazon and the New York Times recently announced they will each enter the meal kit delivery business.
Though still a relatively new phenomenon (the founders of Blue Apron were still testing recipes in 2012), meal kit services are already a multi-billion-dollar industry. Some estimate there are now more than 150 brands competing in the space. According to market research firm Packaged Facts, though, "when sales are counterbalanced by the amount of funding raised by investors, no meal kit delivery service is yet profitable."
Blue Apron has disputed those claims and says it does make money on each box, "inclusive of the cost of ingredients, packaging, and shipping."
When contacted for comment regarding the news of a potential IPO, a spokesperson for Blue Apron said the company had no comment.
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