Waterman invests in New Zealand-based My Food Bag

MFB will use the new capital to fuel its growth plans, according to a release, while Waterman plans to help prepare the company for its IPO, which is expected within the next three years. Financial details of the transaction and the size of Waterman's stake were not disclosed, but local media indicated a valuation of about NZ$80 million ($57.3 million).

Founded in 2013 by celebrity chef Nadia Lim, MFB allows users to pick out recipes and delivers the ingredients to make them, targeting health-conscious professionals with limited time for grocery shopping. The company claims to deliver more than one million meals to 50,000 active users in New Zealand and Australia, though it recently announced it would withdraw from Australia to focus on the New Zealand market.

Waterman seeks to provide expansion capital for later stage companies based in New Zealand, along with capital for small to mid-market buyouts. The firm closed its third fund, Waterman Fund 3, in March, after reaching the hard cap of NZ$200 million.

The firm's portfolio companies include insurance provider Partners Life, in which it invested an undisclosed amount in 2013 for a 5% stake, and which recently received a NZ$200 million investment from The Blackstone Group. Waterman has also supported health foods business Manuka Health New Zealand, acquiring a 20% stake in 2012. It exited last year when Pacific Equity Partners acquired the company.

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• Topics
• Australasia
• Consumer
• Technology
• Expansion
• New Zealand
• Waterman Capital
• TMT
• Growth capital