Hungryroot Reports Highest Revenue Growth in the Company's History
Online Grocery & Recipe Service Grew 47% Year-Over-Year
NEW YORK, March 30, 2023 /PRNewswire/ -- Hungryroot, the only grocery and recipe delivery service designed to make healthy eating easy, personal, and sustainable, announced today that 2022 marked its strongest year of revenue growth since the company's inception in 2015, closing the year with over $237M in net revenue (+47% YoY). The company has also seen tremendous growth in January, even beyond the strength of 2022.
"2022 brought a lot of challenges to the entire grocery delivery industry, with many services faltering or shutting down completely," said Ben McKean, Founder and CEO of Hungryroot. "Despite a highly challenging macro environment, 2022 was a breakout year for Hungryroot having grown nearly tenfold in the past three years from $25M net revenue in 2019 to $237M in 2022. We attribute this success to the investments we've made to our AI-driven customer experience, including healthy groceries and simple recipes that our customers love, as well as our unique value proposition of convenience, health and discovery."
With Hungryroot, customers start by filling out a survey so the company can get to know them. They learn about their health and time-saving goals, how they like to eat, the types of flavors they like, and more. Hungryroot uses that data and their proprietary AI technology to recommend and deliver healthy groceries and simple recipes to support customers through their week. The company gets to understand their customers so well that 70% of the groceries they sell are selected by their algorithm.
"One of the reasons why a lot of grocery delivery companies have been struggling is they are building their services around narrow product offerings," added Ben McKean. "These services aren't providing customers enough convenience or product breadth to support them through their entire week, and instead they're left spending countless hours on meal planning, shopping, and cooking. With Hungryroot's unique grocery and recipe model, we're able to offer broader product offerings and expand into new categories to meet our customers' needs. This approach has been resonating with customers as evident in our continued growth and increased customer retention."
Over the next six months, Hungryroot will launch additional enhancements to the company's one-of-a-kind personalization technology to better recommend groceries and will further optimize its deliveries to reduce even more food waste in customers' homes. Developments will also be made to the overall user and customization experience to make it easier and more convenient than ever for customers to receive their weekly deliveries. Additionally, the company will further expand its product offering while better supporting functional health objectives.
To meet even more customer needs, Hungryroot will introduce new offerings to better support families with kids, as well as expand into new categories to support added health benefits. These changes support its mission of helping people live better through personalized nutrition and simple, convenient meal planning.
"It's incredible to think we've grown from offering just six products back in 2015, to 600+ groceries and 4,000+ recipes today," said Ben McKean. "Over the next three years, we plan to significantly expand our grocery and recipe offerings, which will not only aid company growth, but will further solidify Hungryroot as a core part of our customers' health routine."
The company also recently opened its first fully managed, semi-automated fulfillment center in Indianapolis, IN, to support ongoing demand and deliver a truly best-in-class experience for its customers. The new facility, along with its two other fulfillment centers, supports a consolidated warehouse footprint to help with increased product variety and order volume in a highly efficient and sustainable way.
Learn more about Hungryroot at: www.hungryroot.com.
Hungryroot is the only grocery and recipe delivery service designed to make healthy eating easy, personal, and sustainable. Take a short quiz to tell us about yourself, and our proprietary technology fills your cart each week with healthy groceries and simple recipes that best suit your needs and goals. Grocery shopping doesn't have to be time-consuming and meal planning shouldn't be stressful. We're doing what no other store or service does by blending recipe discovery, food planning and shopping to create a stress-relieving, personalized experience that gets better with every visit.
Hungryroot currently offers 500+ groceries that meet our high-quality Root Standard and 4,000+ chef-crafted recipes that are nutritious, easy-to-follow, and aim to reduce food waste wherever possible. Learn more at www.hungryroot.com.
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