Hungryroot's Rapid Growth Continues: Company Reports $333M of Revenue and Over $9M of Profit in 2023

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Feb 06, 2024, 08:55 ET

The Healthy Living Service Delivers Unique and Highly Valued Customer Experience

NEW YORK, Feb. 6, 2024 /PRNewswire/ -- Hungryroot, the personal assistant for healthy living, announced its 2023 financial results today. The company grew a staggering 40% year-over-year to $333M in net revenue and generated over $9M in profit, demonstrating the value its unique model delivers.

"Our customers trust us to recommend and deliver healthy groceries, simple recipes, and essential supplements to help them feel their best," said Ben McKean, Founder and CEO of Hungryroot. "This saves them time and stress, helps them accomplish health objectives, discover new foods, and save money by ordering out less and reducing food waste."

Highly personalized to support a range of household sizes, diets, budgets, and preferences, Hungryroot delivers a range of nourishing groceries — fresh produce, premium meats and seafood, pastas, grains, sauces, and more — with simple, 3-4 ingredient recipes that can be cooked in minutes. They also offer prepared meals, smoothies, shakes, juices, healthy snacks and sweets, and essential vitamins and supplements. Customers have complete control to choose exactly what they want, but they trust Hungryroot to largely choose for them. In fact, two-thirds of what they buy is picked by Hungryroot's proprietary AI.

This unique value proposition of health, convenience, and discovery sets the company apart. Hungryroot is more convenient than grocery shopping, it's cheaper than takeout, and it's easier and quicker than a meal kit. In January, the company launched its Best Price Program, which offers the best prices on popular brands, such as Annie's, Koia, Once Upon a Farm, Sir Kensington's, Harvest Snaps, and Unreal, among others.

Hungryroot has the best customer retention in the industry (and it has improved 50% over the past two years). The average customer spends more than $1,000 in their first year with the service – 50% higher than other leading online services based on data from Earnest Analytics.

"At Hungryroot, our work is centered on our customers' wellness," said McKean. "We help people feel better on a daily basis. That's why we do what we do, and it's ultimately what drives our success."

Learn more about Hungryroot at: www.hungryroot.com.

About Hungryroot
Hungryroot is your personal assistant for healthy living. We get to know your preferences, lifestyle, budget, health objectives, and more, and we recommend and deliver healthy groceries, simple recipes and essential supplements to help you feel your best. Founded on the belief that food is the foundation of health, convenience should not mean compromise, and we're all unique in how we eat and live, Hungryroot is building a future in which healthy living is easy and enjoyable. Learn more at www.hungryroot.com.

SOURCE Hungryroot