(Bloomberg) -- SoftBank Vision Fund 2, the equity arm of the Japanese tech giant, has increased its stake in Gousto, a U.K. meal-kit company.
The Vision Fund led a $230 million secondary placing for Gousto, replacing other investors. SoftBank already invested $100 million in the online food subscription service last month in a round that valued Gousto at $1.7 billion.
Known for its red recipe boxes delivered to customers' front doors, Gousto was well positioned for the pandemic, reporting its first profit in 2020 and selling 53 million meals. Grocery deliveries are becoming more and more popular with dozens of startups aiming to deliver food in less than 30 minutes.
Gousto has “succeeded in disrupting the traditional grocery channel when it comes to how we consume the evening meal,” Max Ohrstrand, director at SoftBank Investment Advisers, said Thursday in a statement announcing the investment.
Other investors in the secondary placing include Fidelity International, Grosvenor Food & AgTech and Railpen, the U.K.'s seventh-largest pension fund, Gousto said in the statement.
Gousto said it wants to double the number of workers in its tech team by the end of 2022.
“I'm thrilled that following on from their initial investment, SoftBank has increased its stake, which speaks volumes for where they see the business heading,” Gousto founder and Chief Executive Officer Timo Boldt said in the statement.
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