Mindful Chef Overfunding on Crowdcube at £1.27 Million

Mindful Chef has provided an update on their ongoing crowdfunding campaign on Crowdcube. Launched late last month, Mindful Chef sought £1 million for an equity stake of 15.36% at a pre-money valuation of £7 million. Today, the offer has raised £1.27 million backed by 427 investors.

The health-focused food box company has been backed by sports stars including Victoria Pendleton CBE, Sir Andy Murray and Will Greenwood MBE. The company will use the new funding to increase marketing activity and the development of the technology that supports its farm-to-fork model.

Mindful Chef’s healthy food boxes are delivered to the customer’s door and contains fresh, locally-sourced meat and fish, a wide range of vegetables and delicious herbs and spices, together with recipes for the ingredients. The company’s food boxes are delivered with fresh produce to a household in just 24 hours. The concept is somewhat similar to Hello Fresh or publicly listed company Blue Apron (NYSE:APRN) in the US.

Mindful Chef was founded in 2015 by a trio of friends from Devon, and since then the company reports it has delivered over 500,000 recipes featuring ingredients sourced from Devon. The business reports a current run rate of £4 million in revenues.

Giles Humphries, co-founder of Mindful Chef, explained;

“People are more interested than ever in cooking healthy meals from locally-sourced ingredients, and we’re really proud to be helping them to do that. We’re pleased to be raising on Crowdcube, as this gives all the people who believe in what Mindful Chef does the chance to invest and support our growth.”

Last year, Mindful Chef raised £1 million on Seedrs at a pre-money valuation of £3 million. Luke Lang, co-founder of Crowdcube, commented on the offer being listed on their site;

“With multi-million pound revenues Mindful Chef has proven the popularity of its healthy food recipe products and is led by a talented team who are hugely committed to achieving their vision. We’re proud to be connecting them with the hundreds of thousands of investors on our platform as the company continues its growth. It’s good to be working with a business that has strong roots in the South West too, just like Crowdcube.”