HelloFresh raises $88 million as German company looks toward possible IPO

HelloFresh, the Berlin-based company that delivers meal kits and recipes to subscribers, has reportedly raised another $88 million as the company continues its march toward a possible public offering.

According to German news site Gründerszene, HelloFresh disclosed the funding on Monday but did not update its overall valuation from its last publicly stated $2.9 billion. The story was spotted by Tech.eu.

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The company, which is a product of German startup factory Rocket Internet, has been on a fundraising tear. HelloFresh raised $149 million back in February 2015, primarily from Rocket. In September 2015, it raised another $85 million in a round led by Baillie Gifford, a Scottish investment firm. The latest round would bring its total VC backing to almost $360 million.

According to the latest report, Baillie participated in the new round, along with a mystery investor. The size of Rocket’s holding in HelloFresh has now dipped to 53 percent.

There were reports that Rocket had wanted to take HelloFresh public in November 2015 but postponed the plans due to skepticism over the company’s high valuation and burn rate. Gründerszene, however, says there are indications, including the creation of an investor relations section on its website, that HelloFresh is moving toward a 2017 IPO.

The company has reported revenues of $455.25 million for the first nine months of 2016, up from $205.66 million for the same period one year ago. However, losses continued to climb to $80.19 million in 2016, compared to $66.06 million for the first nine months of 2016.