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bgf.co.uk/ventures-2

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Investments

60

Portfolio Exits

5

Funds

4

Service Providers

1

About BGF Ventures

BGF Ventures is a UK venture capital company dedicated to early stage UK technology companies.

BGF Ventures Headquarter Location

21 Palmer Street

London, England, SW1H 0AD,

United Kingdom

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Latest BGF Ventures News

Backers dish up more dosh with Gousto

Apr 19, 2020

With dining in now ‘de rigeur’, food delivery startups are seizing the opportunity and investors are too. Witness a £33m Series G raise for London-based recipe box delivery startup, Gousto, led by Perwyn, with participation also from other existing backers BGF Ventures, MMC Ventures and Joe Wicks (yes, that Joe Wicks). This follows a Series F raise in July 2019 and Series E in January that year (see Backers add more gusto to Gousto’s recipes ), and brings the total raised so far to some £130m (Source: CrunchBase). Gousto’s pricing hasn’t changed since then – starter boxes (2 meals, 2 people) still cost £25 and family boxes £47.75 for 4 meals for couples with 2.5 kids. According to TechCrunch, the average price per meal is also still £2.98 (really? still?) with a claimed four million meals shipped to 380k households each month. Just whipping out my abacus. I calculate implied revenues of some £12m p.m. In January 2019 they claimed to have been shipping 1.5 million meals a month. Gousto’s filed accounts show losses of £15.6m on revenues of £49.3m in 2018. By way of comparison, Gousto’s main archrival, Berlin-based HelloFresh, ended 2019 with revenues of €1.8bn on which it lost a net €10.1m, significantly less than the €82.1m loss in 2018. HelloFresh generated over €1bn from the US market but does not give a country breakout for the rest of its business. HelloFresh charges from £5.00 per meal, reducing to £3.40 for 5 recipes a week for 4 people. May the best box win!

BGF Ventures Investments

60 Investments

BGF Ventures has made 60 investments. Their latest investment was in Gousto as part of their Series F - II on November 11, 2020.

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BGF Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/3/2020

Series F - II

Gousto

$32.4M

No

3

8/3/2020

Series A

Bramble Energy

$6.52M

Yes

2

7/1/2020

Series B

MIP Diagnostics

$5.74M

Yes

2

4/16/2020

Series F

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$99M

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10

7/15/2019

Series E - II

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$99M

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10

Date

11/3/2020

8/3/2020

7/1/2020

4/16/2020

7/15/2019

Round

Series F - II

Series A

Series B

Series F

Series E - II

Company

Gousto

Bramble Energy

MIP Diagnostics

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Amount

$32.4M

$6.52M

$5.74M

$99M

$99M

New?

No

Yes

Yes

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Co-Investors

Sources

3

2

2

10

10

BGF Ventures Portfolio Exits

5 Portfolio Exits

BGF Ventures has 5 portfolio exits. Their latest portfolio exit was AimBrain on February 11, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/11/2020

Acquired

2

00/00/0000

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10

00/00/0000

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10

00/00/0000

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$991

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10

00/00/0000

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10

Date

2/11/2020

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

Acquirer

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Sources

2

10

10

10

10

BGF Ventures Acquisitions

3 Acquisitions

BGF Ventures acquired 3 companies. Their latest acquisition was The Clearway Group on September 03, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/3/2021

Secondary Market

$32.3M

Shareholder Liquidity

1

10/1/2014

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$99M

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10

10/19/2011

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$99M

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10

Date

9/3/2021

10/1/2014

10/19/2011

Investment Stage

Secondary Market

Companies

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Valuation

Total Funding

$32.3M

$99M

$99M

Note

Shareholder Liquidity

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Sources

1

10

10

BGF Ventures Fund History

4 Fund Histories

BGF Ventures has 4 funds, including BGF Venture Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

9/1/2015

BGF Venture Fund

Early-Stage Venture Capital

$306.1M

1

6/1/2015

BGF Ventures

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$99M

10

12/31/2012

Business Growth Fund

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$99M

10

BGF Ventures Irish Fund I

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$99M

10

Closing Date

9/1/2015

6/1/2015

12/31/2012

Fund

BGF Venture Fund

BGF Ventures

Business Growth Fund

BGF Ventures Irish Fund I

Fund Type

Early-Stage Venture Capital

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Status

Amount

$306.1M

$99M

$99M

$99M

Sources

1

10

10

10

BGF Ventures Service Providers

1 Service Provider

BGF Ventures has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

General Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

General Counsel

Partnership data by VentureSource

BGF Ventures Team

5 Team Members

BGF Ventures has 5 team members, including current Chief Executive Officer, Stephen Welton.

Name

Work History

Title

Status

Stephen Welton

Chief Executive Officer

Current

Rob Johnson

Investment Partner

Current

Pinesh Mehta

Investment Partner

Current

Alex Snodgrass

Investment Partner

Current

Malcolm Brookes

Chief Operating Officer

Former

Name

Stephen Welton

Rob Johnson

Pinesh Mehta

Alex Snodgrass

Malcolm Brookes

Work History

Title

Chief Executive Officer

Investment Partner

Investment Partner

Investment Partner

Chief Operating Officer

Status

Current

Current

Current

Current

Former

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