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- SunBasket
SunBasket Acquisition, Valuation, Funding & Investors
SunBasket was acquired by Prüvit for $1.3B in December 2021.
SunBasket acquisition price
$1.3B
Acquired by Prüvit · Dec 2021
Cumulative funding SunBasket raised
$128M
across 7 funding rounds
Key investors in SunBasket
Baseline Ventures
Vulcan Capital
PivotNorth Capital
Relevance Ventures
Correlation Ventures
Sapphire Ventures
Accolade Partners
August Capital
About SunBasket
Sun Basket delivers weekly meal kits featuring organic produce, antibiotic-free meats, and sustainably sourced seafood from over 135 U.S. farms, ranches, and fisheries adhering to Monterey Bay Aquarium guidelines. Customers select from Paleo, gluten-free, vegetarian, diabetes-friendly, and Mediterranean plans with recipes requiring under 30 minutes preparation. Launched in 2014 and headquartered in San Francisco, the company scaled to nationwide shipping before its acquisition by HelloFresh in 2020. Sun Basket maintains non-GMO verification and compostable packaging.
Founded
2014
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Subscription
Valuation
$142M (Jul 2016)
Sectors
SunBasket Acquisition
SunBasket was acquired by Prüvit for $1.3B on 19 December 2021.
Before the acquisition SunBasket had raised $128M across 7 funding rounds.
Sunbasket, a San Francisco-based subscription meal delivery service founded in 2014, specializes in fresh, organic, sustainable ingredients with options for paleo, gluten-free, and special diets, delivering restaurant-quality meals, breakfasts, lunches, dinners, and pantry items. Prüvit Ventures, a Dallas-based ketogenic lifestyle company founded in 2015, is known for its KETO//OS ketone supplement drink sold via multilevel marketing. The companies merged in an all-stock transaction completed around December 2021, forming PSB Holdings as the new holding company valued at $1.3 billion, with Prüvit and Sunbasket operating as wholly owned subsidiaries. Prüvit shareholders received 60% ownership and Sunbasket shareholders 40% of PSB Holdings. The strategic rationale is to create the first personalized wellness platform combining Sunbasket's chef-crafted nutrient-rich meals with Prüvit's supplements and health community, targeting the booming ketogenic market to help consumers lead healthier lives through broader distribution of ketogenic meal kits. Don Barnett and Brian Underwood remained CEOs of Sunbasket and Prüvit respectively, with recruitment underway for a CEO to oversee the combined entity, which plans to expand wellness offerings and add jobs in manufacturing and distribution.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 19 Dec 2021 | Strategic M&A | $1.3B |
SunBasket Valuation
SunBasket is currently valued at $142M, based on its Series B in July 2016.
The $15M round was led by Accolade Partners, with participation from Relevance Ventures, Baseline Ventures, Vulcan Capital, PivotNorth Capital and Shea Ventures.
SunBasket's valuation has moved from $142M at its Series A in May 2016 to $142M in July 2016, across 2 priced rounds.
SunBasket valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2016 | Series B | $142M |
| May 2016 | Series A | $142M |
SunBasket Funding History
SunBasket has raised a total of $128M across 7 funding rounds.
SunBasket's first fundraising round was a $5M seed round in September 2015. The most recent completed round was a $30M Series E in May 2019.
SunBasket funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2019 | Series E | PivotNorth Capital (lead); Relevance Ventures; Unilever Ventures; Accolade Partners; August Capital; Baseline Ventures; Founders Circle Capital; Sapphire Ventures; Correlation Ventures | $30M | - | Sun Basket is a direct-to-consumer healthy meal delivery service offering personalized meals for various dietary preferences, positioning itself as a leader in the meal kit market with a focus on health, ease, and customization. On May 21, 2019, it raised $30 million in a Series E funding round led by PivotNorth Capital, with participation from Accolade Partners, August Capital, Baseline Ventures, Correlation Ventures, Founders Circle Capital, Relevance Capital (also referred to as Relevance Ventures), Sapphire Ventures, and Unilever Ventures, bringing total funding to $125 million. The funds were intended to expand offerings into breakfast, lunch, and dinner options, enhance automation in production and material handling, develop AI-powered personalization, and explore new distribution channels including potential physical retail concepts. The company reported strong growth, citing an 80% compound annual growth rate (CAGR) over the prior three years and claiming the best unit economics in the meal kit space, amid a competitive landscape featuring players like Blue Apron and HelloFresh, whose post-IPO struggles influenced Sun Basket's delayed IPO plans. CEO Adam Zbar highlighted the $1 trillion food market's potential for online disruption, with investors like PivotNorth's Tim Connors emphasizing its appeal to health-focused millennials and path to profitability. This Series E followed a January 2018 Series D round of $42.8 million at a $508 million valuation, with some overlapping investors. Sun Basket continued operations post-2019, closing a Midwest distribution center in 2018 but maintaining West and East Coast facilities, before merging with Prüvit Ventures in an all-stock deal in January 2022 under PSB Holdings. |
| Jan 2018 | Series D | August Capital (lead); Rembrandt Venture Partners; Sapphire Ventures | $43M | - | Sun Basket is a health-focused meal kit delivery service offering organic, sustainable ingredients tailored to diets like Paleo, Mediterranean, and gluten-free, with customizable recipes and recyclable packaging. In January 2018, it announced a Series D funding round of $42.8 million led by August Capital, with participation from Sapphire Ventures, Rembrandt Venture Partners, Accolade Partners, Founders Circle, Vulcan Capital, Relevance Capital, Unilever Ventures, and Correlation Ventures, following $15 million in debt from Trinity Capital Investment and prior $9.2 million from Unilever. The funds were earmarked for expanding automated facilities in New Jersey and Missouri to reach 98% of the US population, enhancing personalization via its Healthy Personal Choice Platform, streamlining marketing, improving data collection, and pursuing partnerships. The company reported explosive growth, with revenue increasing over 280% in 2017 and achieving a $275 million annual revenue run rate at the start of Q1 2018, positioning it as the fastest-growing healthy meal kit service in the US. It boasted three times the customer retention of major competitors, serving 1.5 to 2 million meals monthly, with over 50% of users customizing recipes, and average customer spend of $150-200 per month. Sun Basket differentiated through data-driven personalization, premium 'clean' eating, and superior execution amid industry challenges. Despite strong traction, Sun Basket was not profitable in early 2018 due to high marketing costs, though CEO Adam Zbar stated it could achieve instant profitability by halting marketing, with ambitions to scale to a $1 billion business. The meal kit sector faced funding difficulties and competition from HelloFresh, Blue Apron, and Plated, but Sun Basket targeted high-value, health-conscious users. This round preceded a Series E of $30 million in May 2019. |
| May 2017 | Series C | Unilever Ventures (lead); Baseline Ventures | $9M | - | Sun Basket operates as a healthy, organic meal kit service delivering recipes and pre-measured non-GMO ingredients tailored for gluten-free, paleo, or vegetarian diets. The company focuses on healthful recipes curated by executive chef Justine Kelly and uses fully recyclable, compostable packaging to appeal to environmentally conscious customers. On May 11, 2017, Sun Basket raised $9.2 million in a Series C-2 extension led by Unilever Ventures, with participation from Baseline Ventures and Founders Circle Capital, bringing the total Series C to $24.2 million after a prior $15 million tranche and overall funding to $52 million. The capital supports national scaling, including a new Midwest facility enabling delivery to 98% of U.S. zip codes, expanded marketing, operations, and packaging innovations. Sun Basket demonstrated strong traction with sales growing 1,300% in 2016 and adding $124 million in new annual revenue run rate (ARR) since Labor Day 2016. The company boasts customer retention rates up to three times higher than competitors, based on Unilever's Second Measure data and internal metrics over 24 months. This positioned Sun Basket as the largest direct-to-consumer organic food distributor in the U.S. |
| Feb 2017 | Series C | Sapphire Ventures (lead); Relevance Ventures; Filter14; Accolade Partners; Baseline Ventures; Vulcan Capital; PivotNorth Capital; Shea Ventures | $15M | - | Sun Basket is a healthy meal delivery service offering organic, sustainable meals tailored to dietary preferences like paleo, gluten-free, and vegetarian. The company raised $15 million in a Series C funding round on February 17, 2017, led by Sapphire Ventures, with participation from Accolade Partners, Baseline Ventures, Filter14, PivotNorth Capital, Relevance Ventures, Shea Ventures, and Vulcan Capital. This investment supported scaling operations in 2017 while maintaining strong unit economics. At the time of the round, Sun Basket reported $80 million in annual run rate (ARR), grown since Labor Day 2016, reflecting rapid consumer adoption driven by its focus on health, sustainability, and personalization. A follow-on Series C-2 tranche of $9.2 million in May 2017 from Unilever Ventures brought the total Series C to $24.2 million and expanded distribution to nearly 98% of US zip codes via a new Midwest facility. Sun Basket's sales grew 1,300% in 2016, adding significant ARR since September 2016. The funding positioned Sun Basket to compete in the meal kit market, leveraging technology for personalized food delivery amid rising demand for healthy eating options. |
| Jul 2016 | Series B | Accolade Partners (lead); Relevance Ventures; Baseline Ventures; Vulcan Capital; PivotNorth Capital; Shea Ventures | $15M | $142M | Sun Basket is a healthy, organic meal kit delivery service providing non-GMO ingredients and recipes tailored for diets like gluten-free, paleo, and vegetarian. The company raised $15 million in a Series B funding round on July 26, 2016, led by Accolade Partners, with participation from Baseline Ventures, PivotNorth Capital, Relevance Ventures, Shea Ventures, and Vulcan Capital. This round had a pre-money valuation of $141.93 million. The funding supported Sun Basket's expansion in the competitive meal kit market, focusing on health-conscious consumers. In 2016, the company achieved 1,300% sales growth and added significant annual revenue run rate since Labor Day that year, enabling national scaling and new facilities on the West, East Coast, and Midwest to reach 98% of the U.S.. Sun Basket continued raising capital post-Series B, including a Series C that closed at $24.2 million in May 2017 with overlapping investors, and later rounds culminating in a $508 million valuation in January 2018 Series D and a merger in 2022. |
| May 2016 | Series A | Vulcan Capital (lead); Relevance Ventures; Filter14; Baseline Ventures; Rembrandt Venture Partners; Robertson Stephens Partners; PivotNorth Capital; ROTH Capital Partners; Correlation Ventures; Tyler Florence Group | $12M | $142M | Sun Basket is a meal delivery service offering organic ingredients and recipes tailored for diets including gluten-free, paleo, and vegetarian. In July 2016, it raised $15 million in a Series B round led by Accolade Partners with participation from Vulcan Capital, Baseline Ventures, PivotNorth Capital, Relevance Capital, Filter14, and others including Shea Ventures, putting pre-money valuation at $141.93 million. An earlier $11.6 million Series A round was led by Vulcan Capital with investors matching the query: Baseline Ventures, Correlation Ventures, Filter14, PivotNorth Capital, Relevance Ventures, Rembrandt Venture Partners, Robertson Stephens Partners, ROTH Capital Partners, and Tyler Florence Group. The company demonstrated rapid growth, with revenues increasing 1300 percent in 2016 alongside employee expansion from 100 to 700, and reached $80 million annual run rate by late 2016. |
| Sep 2015 | Seed | Dov Zimring; Lucas Venture Group; Alan S. Knitowski; Cooley; Baseline Ventures; Don Barnett; Vulcan Capital; Byron Roth; Correlation Ventures; Gordon Rauser; Andrew Cader; Ian Prager | $5M | - | Sunbasket raised $4.5 million in venture funding in September 2015, led by PivotNorth Capital and Baseline Ventures, with participation from Vulcan Capital and angels including Alan S. Knitowski, Andrew Cader, Byron Roth, Cooley, Correlation Ventures, Don A. Lucas, Don Barnett, Dov Zimring, Gordon Rauser, and Ian Prager. Sunbasket is a meal kit delivery service specializing in organic, healthy meals for diets like vegetarian, paleo, and gluten-free. |
Who has invested in SunBasket?
25 investors have backed SunBasket across its funding rounds, including Baseline Ventures, Vulcan Capital, PivotNorth Capital, Relevance Ventures, Correlation Ventures and Sapphire Ventures.
Lead investors include PivotNorth Capital, August Capital, Unilever Ventures, Sapphire Ventures, Accolade Partners and 1 other investor.
SunBasket Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Participant | Sep 2015 | ||
| 4 | Participant | May 2016 | ||
| 4 | Lead | Sep 2015 | ||
| 4 | Lead | May 2016 | ||
| 3 | Lead | Jul 2016 | ||
| 3 | Lead | Feb 2017 | ||
| 3 | Participant | Sep 2015 | ||
| 2 | Lead | May 2017 | ||
| 2 | Participant | May 2016 | ||
| 2 | Lead | Jan 2018 | ||
| 2 | Participant | May 2016 | ||
| 2 | Participant | Jul 2016 | ||
| -- | 1 | Participant | Sep 2015 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSunBasket Competitors
SunBasket competitors include listed companies like Bega Cheese, Flowers Foods, Podravka and Utz Brands, and private ones like 6 Tea and Liquid Death.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.7B | $143M | $1.3B | 0.6x | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $5.3B | $359M | $1.3B | 0.6x | ||
| Publicly listed | $1.2B | $260M | $1.3B | 1.4x | ||
| Publicly listed | $1.4B | $124M | $1.3B | 1.9x | ||
| Private | $333M | - | $1.4B | 4.2x |
SunBasket Public Comps
SunBasket is no longer listed, but its public comps include Bega Cheese, Flowers Foods, Podravka, Utz Brands, Seneca Foods, Aker BioMarine, AIR Global, Italmobiliare, Izumi Co and Dole.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $143M | 0.6x | 0.6x | 10.8x | 9.4x | |||
| $5.3B | $359M | 0.6x | 0.6x | 9.0x | 6.7x | |||
| $1.2B | $260M | 1.5x | 1.4x | 6.6x | 8.4x | |||
| $1.4B | $124M | 2.0x | 1.9x | 23.1x | 12.6x | |||
| $1.7B | $211M | 0.8x | 0.8x | 6.6x | 7.3x | |||
| $218M | $32M | 6.6x | 6.2x | 45.4x | 29.2x | |||
| $400M | $103M | 4.0x | - | 15.4x | - | |||
| $892M | $199M | 2.1x | 2.0x | 9.3x | 10.6x | |||
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Common questions about SunBasket
| When was SunBasket founded? | SunBasket was founded in 2014. |
| Where is SunBasket headquartered? | SunBasket is headquartered in San Francisco, CA, United States. |
| Is SunBasket publicly listed? | No, SunBasket was acquired by Prüvit in December 2021. |
| Who acquired SunBasket? | SunBasket was acquired by Prüvit in December 2021. |
| How much was SunBasket acquired for? | SunBasket was acquired for $1.3B in December 2021. |
| What is SunBasket's valuation? | SunBasket was last valued at $142M in its Series B in July 2016. |
| How much funding has SunBasket raised? | SunBasket has raised $128M across 7 funding rounds. |
| What was SunBasket's last funding round? | SunBasket's last funding round was a $30M Series E in May 2019, led by PivotNorth Capital. |
| Who are SunBasket's investors? | SunBasket's investors include Baseline Ventures, Relevance Ventures, Vulcan Capital, PivotNorth Capital, Accolade Partners, Sapphire Ventures, Correlation Ventures, Unilever Ventures, Filter14, August Capital and 15 others. |
| Which companies are comparable to SunBasket? | Companies comparable to SunBasket include Bega Cheese, 6 Tea, Flowers Foods, Podravka, Utz Brands and Liquid Death. |
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