Australasian meal kit brand, My Food Bag, is seeking expressions of interest from equity investors as part of a capital structure rethink.
My Food Bag said it had already received a number of unsolicited approaches and its shareholders are open to a range of equity options.
The business was founded in New Zealand by entrepreneur Cecilia Robinson, co-CEO alongside her husband James Robinson.
Prominent New Zealand businesswoman Theresa Gattung is also involved in the business as an active shareholder, co-founder and director.
The company has now appointed PricewaterhouseCoopers (PwC) New Zealand to manage approaches from potential investors in New Zealand and internationally.
My Food Bag offers a subscription-based home delivery service where customers who order online receive food bags containing the ingredients and recipes for a week’s main dinner meals.
The service is available throughout New Zealand as well as in Sydney and Melbourne.
The company said it now has 35,000 active customers in New Zealand and Australia and annual growth of 120 per cent in number of weekly deliveries.
It is forecasting revenue of NZ$135 million-plus in Australasia for the 2017 financial year.
“My Food Bag is growing at a phenomenal rate. We believe the company has further potential to expand its product range as well as extending to other markets,” My Food Bag chairman Kevin Roberts said. “We’re seeking investment to accelerate our strategic growth plans.”
In March, competing meal kit service, Marley Spoon, secured €15m ($A22m) in funding and €40m ($A58m) in media services to fund its expansion in Australia and the US.
