Chefmarket, the ‘HelloFresh of Russia’, raises $5 million at a $25 million valuation

Robin Wauters

Robin Wauters

Co-founder and editor-in-chief of Tech.eu, with previous stints at The Next Web and TechCrunch under his belt. Deeply in love with his family, technology, traveling and Belgian beer.
robin@tech.eu

Chefmarket, a Russian startup that can easily be described as a HelloFresh / Blue Apron clone, albeit with a few twists, has raised $5 million in funding at a $25 million valuation from Russian early-stage investment firm AddVenture, tech.eu has learned.

Coincidentally, AddVenture was also an investor in Delivery Club, which was acquired by Rocket Internet-backed Foodpanda in June last year.

Chefmarket allows you to order ingredients for ready-to-cook meals as well as "ready-to-blend smoothies", on a subscription basis. Currently the company delivers over 60.000 meals per month and has self-reportedly grown more than threefold year-over-year with minimal marketing efforts.

Its delivery geography covers main cities of Central Russia: Moscow, St.-Petersburg, Nizhny Novgorod and Kazan.

Chefmarket founder and CEO Sergey Ashin indicates that the startup will add more subscription-based products (e.g. 'Fruits' and 'Snacks and Wine') in the near future.

Ultimately, the self-described goal is to grow Chefmarket to 'unicorn status' - the startup estimates total market size in Russia at $100 billion, and thinks it can reach a $1 billion valuation in 5-7 years.

Meanwhile, HelloFresh is growing rapidly, having raised cash at a $2.9 billion valuation just a few months ago, although the company was forced to put its planned IPO on ice.

Share this:
Share on linkedin
Share on facebook
Share on twitter

Get exclusive access to news, data and actionable insights on the European Tech innovation ecosystem(s)

By subscribing to Tech.eu, you gain instant access to curated European technology news, market intelligence and interviews with leading startup founders, investors and more. Sign up now in under a minute to deepen your knowledge on the European Tech innovation ecosystems on a daily basis.