Hungryroot Delivers Strong Growth in First Half of 2022

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Jun 13, 2022, 09:03 ET

Company Achieves Double-Digit Growth, Expands Grocery Offerings and Appoints New Leadership

NEW YORK, June 13, 2022 /PRNewswire/ -- Hungryroot, the first and only AI-powered personalized grocery and recipe delivery service, announced an impressive 35% year-over-year growth for Q1 2022. Achieving a robust net revenue increase of 142% in 2021, the company has rapidly expanded despite a highly challenging macro environment, including post-pandemic labor shortages, supply chain disruptions and inflation. Currently the 10^th fastest growing food and beverage company in the United States, Hungryroot forecasts additional growth in 2022 as it places a continued focus on customer experience.

Throughout 2021, Hungryroot expanded its selection by doubling its grocery and recipe offerings, now shipping over 450 unique groceries and nearly 4,000 distinct and proprietary recipes each week. Additional impactful initiatives include the launch of a mobile app to enhance its user experience and the opening of a best-in-class fulfillment center on the East Coast to support ongoing demand.

"Despite challenges experienced industry-wide, Hungryroot has seen tremendous growth," said Ben McKean, Founder and CEO of Hungryroot. "I believe our customer-centric experience is a huge reason why we continue to see success. Today, consumers want to spend less time on shopping and meal planning; they want their grocer to make their experience better with each visit, and in this inflationary climate, they seek value more than ever. Hungryroot checks all those boxes, while making the experience more sustainable from start to finish."

Looking ahead, Hungryroot is laser-focused on taking its personalized shopping experience to the next level. In particular, Hungryroot is working to expand its machine learning models to collect more actionable feedback and improve accuracy. With each and every customer interaction, Hungryroot's AI-powered platform will become smarter at pre-filling their carts with groceries and recipes they'll love, so they don't have to. Also to improve shopper satisfaction, the company plans to introduce a weekly staples plan, lunch-specific recipes and the ability to identify macronutrient preferences to better suit individual customers and families alike.

To support these initiatives, Hungryroot recently added several new strategic leadership hires to help bring the company through its next phase of growth. The new hires include Wajeeha Ahmed, CFO; Jen Turner, SVP of People; Phil Jeffs, VP of Product; Mike Lorenzen, VP of Analytics and Strategic Insights; and Jim Bulger, Controller. All join the company with impressive backgrounds, including Ahmed, who most recently held the position as CFO of Barstool Sports; Turner, who recently served as VP of Global People Experience at CSG; Jeffs, who previously oversaw digital product teams at both Grubhub and Better.com; Lorenzen, who held similar roles at Kayak and Doordash; and Bulger, who brings audit and accounting advisory experience from PwC and CFGI.

Hungryroot also added several new industry experts to its Board of Directors: Mindy Grossman, Mark Nelson and Romitha Mally. Each new board member shares its vision of making eating healthy easy, personal, and sustainable and brings extensive industry experience to Hungryroot including Grossman, who is the former President & CEO of WW (formerly Weight Watchers); Nelson who previously served as CFO and COO of Beyond Meat and CFO of Farmer Brothers; and Mally who recently served as Vice Chairman, Investment Banking at UBS and has since founded The Mally Collective, a boutique consumer-focused M&A advisory firm.

"Most consumers today don't want the stress of planning, shopping or prepping healthy meals at home," said Mindy Grossman, Board Member of Hungryroot. "Hungryroot is doing what no other store or service does by creating an AI-powered grocery experience that removes these pain points completely. I'm beyond excited to join Hungryroot's board and support them while they continue to reinvent the grocery category entirely."

"We know how important leadership and industry expertise will be to continue momentum and further our vision of building a better grocery experience through personalization," added Ben McKean. "We're thrilled to welcome new leadership and board members to the team, and know they'll be essential in helping take Hungryroot through our next phase of growth."

Learn more about Hungryroot at: www.hungryroot.com

About Hungryroot:

Hungryroot is your personal grocer, powered by AI and the belief that food deeply impacts your daily life. You tell us a little about yourself, and we use our proprietary predictive technology to deliver groceries and recipes that best suit your individual needs and goals. We also assist with meal planning and nutritional support, helping you save time, save money, shop sustainably, and eat what makes you feel your best.

Hungryroot first launched in 2015 as a better-for-you foods brand. Now six years later, Hungryroot is pioneering an entirely new way to grocery shop through predictive, personalized grocery delivery. Along with offering the best modern brands, Hungryroot continues to develop its own line of innovative healthy products, including the brand's award-winning Black Bean Brownie Batter. Check us out at: www.hungryroot.com.

SOURCE Hungryroot