Blue Apron is raising a $30 million round, according to sources familiar with the matter. Fortune reports that the latest round is on a $500 million valuation. It has not been revealed which investors are participating in the round.
The latest funding would be a Series C, following up a $5 million Series B in August of last year, and a $3 million Series A in February. Bessemer Ventures led both rounds.
Blue Apron, capitalizing on the subscription delivery trend, sends customers all the ingredients and directions they need to make themselves a meal each night. A meal costs $10 per person and they are sold on a weekly subscription basis.
The company has a number of competitors, most notably Plated, another NY-based company. Both offer a similar product, but in a head-to-head test I found that Blue Apron has better ingredients and slightly better customer care.
As of August last year, Blue Apron was delivering over 100,000 meals each month. At the time, the company had plans to expand across the west coast, which it accomplished. As it stands now, Blue Apron covers most of the population of the United States, except for many of the midwestern states.
As of March 2014, the company announced it was serving up 500,000 meals per month, which comes out to a $60 million revenue run rate.
And it makes sense. Blue Apron has the ability to order food by the bulk at a discount, with the exact amount of food it needs determined by the pre-order structure.
We reached out to Blue Apron as well as Bessemer Ventures, but neither parties have confirmed or denied the rumored round.