Blue Apron, the meal kit delivery service, has announced its sale to Wonder Group for around $100 million. This marks the end of Blue Apron’s life as a public company. Blue Apron raised $135 million in Series D funding in 2015 before going public in 2017 with a valuation of nearly $1.9 billion. However, its value had significantly decreased before the acquisition by Wonder Group, who agreed to buy it for $13 per share, representing a premium of 77% above its previous worth.
The story of Blue Apron’s journey to this point is an interesting one. At the time of its IPO, the company showed impressive growth, generating nearly $800 million in revenue in 2016, up from $341 million in the previous year. However, Blue Apron had to reduce its IPO price range from $15 to $17 per share to $10 to $11 per share. It sold stock in its debut for $10 per unit, but struggled to maintain that price.
Overall, Blue Apron’s sale to Wonder Group highlights the challenges the company faced as a public company and the decline in its valuation.