Hungryroot, a New York-based grocery service company, raised $40M in Series C funding.
The round was led by the Growth Fund of L Catterton.
The company intends to use the funds to further accelerate growth by:
- increasing the number of groceries and recipes they offer,
- growing their team,
- investing in automationtechnology,
- optimizing their proprietary personalization algorithm, and
- scaling marketing.
Led by Founder and CEO Ben McKean, Hungryroot is a an AI-powered personalized grocery service which leverages predictive and automatic deliveries. The company uses machine learning and predictive modeling technologies to build customers’ carts for them with groceries and recipes that best meet their needs and objectives. Hungryroot also supports customers with meal planning, nutritional support, and at-home delivery, and develops its own in-house line of products like its Black Bean Brownie Batter.
The company has been profitable since the beginning of 2020 and is on track to achieve $175 million of revenue this year. The company is forecasting over $300 million of revenue in 2022.