No longer facing competition from outside dining, and due to the fact that families were essentially forced to gather at home for meals, demand for Blue Apron's meal kits soared in 2020 - staving off years of sequential decline owing to both heightened competition from other meal-kit vendors such as HelloFresh as well as takeout competitors like Grubhub ( GRUB ) and Uber Eats ( UBER ). Four years into its career as a public company, Blue Apron's market value has shrunk by more than 90% and the company had to do a five-for-one reverse split in 2019 to prevent its stock from sinking to penny-stock territory and getting delisted.Ĭoronavirus lockdowns, however, breathed second life into the company. Blue Apron is the original meal kit company: before it went public in 2017, it was a revered unicorn worth ~$2 billion that counted some of the most prominent VCs in Silicon Valley as its backers. The pandemic may have killed many small businesses, but it rescued Blue Apron ( NYSE: APRN).
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