Home Chef has been acquired by grocery chain Kroger for $200 million.
Chicago-based Home Chef, the third-largest meal kit delivery service in the country and one of Chicago’s top consumer startups, will now be available to Kroger shoppers in stores and online. The deal could be worth an additional $500 million over five years if Home Chef hits certain growth milestones, Kroger said in a press release.
The acquisition comes as Home Chef’s growth has skyrocketed in recent years. Home Chef did $250 million in revenue last year, a 150 percent year-over-year increase. Founded in 2013, Home Chef has raised $57 million in venture capital. Its investors include L Catterton, Shining Capital and Guild Capital.