Did Munchery juice their numbers before fundraising?

NOTE: Bloomberg Second Measure launched a new and exclusive transaction dataset in July 2022. Our data continues to be broadly representative of U.S. consumers. As a result of this panel change, however, we recommend using only the latest posts in assessing metrics, and do not support referring to historical blog posts to infer period-over-period comparisons.

In the months before their Series C, Munchery acquired a large number of low-quality customers. While this doubled their customer base, revenue increased just 30%.


The impact on Munchery’s numbers was profound:

  • Monthly revenue per customer dropped from $75 to $53
    revenue per customer
  • Month-over-month retention dropped from 56% to 38%

Comparing the newly-acquired customers to prior cohorts:

  • First-month spend dropped from $45 to less than $25
    lifetime spend
  • One-month churn increased from 65% to nearly 80%
    one-month churn

Check out Munchery’s latest numbers or see how other businesses are changing by requesting access to Second Measure.