Blue Apron, a company that delivers ingredients for meals people can cook at home, on Thursday submitted a filing kicking off the process to go public on the New York Stock Exchange (NYSE), under the symbol APRN. The company aims to raise $100 million although it could raise more in the deal.
Typical of venture-backed start-ups filing to go public, Blue Apron is seeing rapidly expanding revenues: net revenue grew more than 10 times between 2014 ($77 million) and 2016 ($795 million). But its losses are also growing rapidly: It lost nearly as much money in the first quarter of 2017 ($52 million, on quarterly revenue of $244 million) as it did in all of 2016 (when it lost $55 million on $795 million in revenue).
Based in New York, Blue Apron had more than 5,200 employees at the end of March, according to the filing. The company also claims more than 1.03 million customers at the end of March, up from 879,000 at the end of last year.