Oddbox has plunged into the red as the wonky veg DTC brand continued to invest heavily in winning new customers.
Newly filed accounts for the year ended 30 June 2022 revealed the business fell to a £4.8m pre-tax loss, compared with profits of £540k in the previous financial year.
The loss came despite Oddbox increasing revenues 8.4% to £32.3m.
“We expect the 2022/23 to be another exciting year in the history of Oddbox, with development of the existing market in the UK and the continued fight against food waste,” CEO and co-founder Emilie Vanpoperinghe said in the Companies House filing.
The accounts come after Oddbox secured another £5.6m in backing from the crowd in a recent Seedrs campaign, attracting more than 2,600 investors to help the delivery service step up its UK food waste fight.
It has now raised almost £30m investment since Vanpoperinghe founded the business with Deepak Ravindran in 2016, including £12.7m across four crowd rounds and £16m from Burda Principal Investments in a 2021 series B round.
As a result, the business is valued at more than £100m.
Oddbox works directly with growers to rescue odd-shaped and surplus produce at risk of going to waste, delivering boxes direct to customers.
The business has so far rescued more than 35,000 tonnes of surplus food and delivered about six-million fruit and veg boxes.
The group saw its average employee count jump from 55 to 89 in 2021/22, with its staff base standing at 99-strong by the year end, according to the accounts.
Oddbox did not respond to a request for comment on the latest accounts.
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