We chose to compare Blue Apron to Whole Foods and Kroger, as they represent some of the closest comparable public companies.īecause Blue Apron’s earnings show a net loss of $54.8M for 2016, we did not compare the companies on a price-to-earnings basis, and instead relied on trailing year price-to-sales. HelloFresh’s recent down round is a reminder that the food delivery space has continued to struggle with unit economics, as well as a number of high-profile shutdowns, including Maple and Sprig most recently. However in Q4’16, the company’s value declined to $2.09B after the company received $88.5M as part of a Series G down round.
The startup’s value increased dramatically from $680M to $2.9B after an $84.7M Series F round of funding in Q3’15. As discussed above, Blue Apron was planning on pricing its IPO in the $15 to $17 per share range, but ultimately had to set the price at $10 per share in the wake of Amazon’s acquisition of Whole Foods, and amid heightened general competition in the grocery and food delivery space.Ĭomparatively, HelloFresh’s valuation history has taken a different path. However, the higher valuation was short-lived as the company’s value dropped to approximately $1.9B during its IPO today, marking a down exit for the company. Subsequently, Blue Apron’s valuation rose to $2.6B in May 2017 due to a recent stock option issuance at a price approximately 20% higher than the price-per-share of $13.33, which was determined during the Series D round. Often a company’s post-money valuation can still rise amidst a drop in share price due to an infusion of cash from the round and other factors.
However, it should be noted that this round of funding actually represented a downround in which the startup’s price per share dropped from $16.66 to $13.33.
In Q2’15, after a $135M Series D round of funding from Fidelity Investments and Bessemer Venture Partners, among others, Blue Apron’s valuation shot to $2B. Valuation historyīelow, we compare the private market valuation histories of Blue Apron and HelloFresh.īlue Apron jumped in value from $32M to $500M in Q2’14, after a $50M Series C round of funding from high-profile investors including Bessemer Venture Partners and First Round Capital. We also compare Blue Apron’s private market metrics relative to its valuation on a price-to-sales basis against larger supermarket comparables such as Kroger and Whole Foods, as well as HelloFresh. We used CB Insights’ Enhanced Valuation capability to track the historical value rise (and fall) of Blue Apron against another food delivery startup, HelloFresh.
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