Subscription-based meal kit Marley Spoon will receive around $8 million from Union Square Ventures and Woolworths Group, extending their current investments.
Woolworths Group will provide a $4 million loan as part of an “approved structured debt transaction” with Marley Spoon, which has a six-month term and a fixed interest rate of seven per cent per annum.
This investment will not increase Woolworths’ equity in the business, which will remain at nine per cent.
“We are happy to see the continued support of key investors and strategic partners in the ongoing growth of Marley Spoon,” said Fabian Siegel, Marley Spoon co-founder and CEO.
“Over the past few years the Marley Spoon team has built a A$200,000,000 run-rate revenue business that continues to grow fast as consumers continue to switch from offline shopping to online meal-kits. We believe we are just witnessing the beginning of consumer adoption in our industry.”
The Marley Spoon and Woolworths partnership was first announced in June, with Woolworths investing $30 million into the business.
