Marley Spoon

Canaccord Genuity acts as Financial Advisor to a ~ € 22m Jeremy Dunlopfinancing package for Marley Spoon AG

Canaccord Genuity is pleased to announce the successful completion of a ~ € 22m debt financing (“the Transaction”) by Marley Spoon AG (“Marley Spoon” or “the Company”) (ASX:MMM). Canaccord Genuity was appointed as the Company’s financial advisor for the Transaction.

Cornerstone funding of ~ € 10m will be provided by two funds affiliated with US based venture capital firm Union Square Ventures, which will initially take the form of a bridging loan facility. Subject to shareholder approval, the Company may elect to substitute the loan facility for two non-pro rata convertible bond instruments under German law.

Proceeds from the financing package will be used to fund ongoing marketing expenditure and further capital investments relating to the Company’s manufacturing center, new production equipment and software to support the ongoing automation and menu expansion.

Marley Spoon is a leading global subscription-based meal kit provider, having sold more than 15 million portions in CY2018 (75% of orders from repeat customers) to generate € 92m of net revenue. The recent introduction of 20 menu choices in Germany and Australia has been well received and is translating to higher sales per customer. The Company’s strong growth and customer acquisition is expected to continue to grow rapidly into CY2019 as more menu options are introduced globally.

Canaccord Genuity facilitated Marley Spoon’s IPO in July 2018 in which it raised A$70m. The Canaccord Genuity Corporate Finance team comprised Jeremy Dunlop, Carl Henschke, Peter Cheetham, Stefan Collins and Melissa George. Significant support was provided by Alex Unsworth, Head of Equities.