RDIF and Bonduelle invest in meal kits delivery service Elementaree

Press release, 06.05.2020

Moscow, May 6, 2020 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, Bonduelle, the world’s leader in ready-to-use vegetables, and Middle Eastern partners have jointly invested in Elementaree to support its growth strategy.

Elementaree is one of the leading meal kits delivery services in Russia, operating in Moscow and Saint Petersburg. The company has been demonstrating a double-digit growth every year since its inception in 2014 due to its product offering being relevant to the needs of modern city residents and excellence of its operations.

In particular, Elementaree meal kits have gained enormous popularity in the current stay-at-home situation – the company has grown 2 times this year. Elementaree has released its special meal kits designed to support its customers allowing them to effectively spend budget while having all the necessary food at home and safely.

The new funds will be used to support the enhancement of the company’s production capacity, menu expansion and further development of its technological platform. The company also plans to expand its geographical presence in Russia and launch its services in Nizhniy Novgorod, Kazan, Yekaterinburg and Novosibirsk in the next two years.

Bonduelle, being an investor and a strategic partner of Elementaree, will help the company further strengthen its market leadership and integrate its distribution to online and offline retail channels.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:

“The size of the meal kits market is estimated to grow to 1 billion dollars over the next 5-7 years. Alongside our partners we will support the further development in this market of Elementaree, one of the most dynamic growth companies in foodtech. Investment in developing infrastructure for individual orders and food delivery is extremely effective at addressing increasing demand and meeting people’s needs. Bonduelle’s experience and modern production technologies will enable Elementaree’s growth in Moscow and Saint Petersburg, as well as helping it expand in other Russia’s regions. Elementaree has unique personalization technology that maximizes customer satisfaction by providing them with fresh and high-quality products.”

Ekaterina Eliseeva, General Manager Bonduelle Eurasia Markets, commented:

“Convenience is a growing trend across the globe and meal kits are a great solution for consumers in big cities like Moscow. In addition, digital services are a new fast-expanding reality. Digitally native Elementaree is an excellent partner for us to learn to navigate this new world. At the same time, I am sure that Bonduelle as a strong food producer specializing in plant-based products will share its expertise adding value both to Elementaree’s business model and to end consumers. We have already had a successful collaboration with Elementaree launching special meal kits, inspired by our vegetables”.

Olga Zinovyeva, CEO and founder of Elementaree, noted:

“Our goal is to offer Russian consumers high quality and fast solutions for their daily diet. The partnership with Bonduelle, the leading producer of ready-to-use vegetables, will boost our quality and provide us with access to the latest technologies in food production. RDIF brings us one of the best international platforms to support dynamic growth companies”.

Elementaree has a history of successfully attracting investment. Prior to these latest partners, the company has already raised funds from several private investors. All share the conviction that the food delivery sector is one of the most attractive segments to invest in today in Russia.

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Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB1.8 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru

Bonduelle is a family business, was established in 1853. Its mission is to be the world reference in "well-living" through plant-based food. Prioritizing innovation and long-term vision, the group is diversifying its operations and geographical presence. Its vegetables, grown over almost 120,000 hectares all over the world, are sold in 100 countries under various brand names and through various distribution channels and technologies. An expert in agro-industry with 56 industrial sites or owned agricultural production sites, Bonduelle produces quality products by selecting the best crop areas close to its customers.

Further information can be found at https://bonduelle.ru/

For additional information contact:
Arseniy Palagin
Russian Direct Investment Fund
Press Secretary
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
E-mail: arseniy.palagin@rdif.ru

Andrew Leach / Maria Shiryaevskaya
Hudson Sandler

Tel: +44 (0) 20 7796 4133

Violetta Binasheva
Bonduelle Eurasia Markets

E-mail: violetta.binasheva@bonduelle.com

Olga Zinovyeva
Elementaree

CEO and Founder
Mobile: +7 903 6193883
E-mail: olga@elementaree.ru
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