Chairman of My Food Bag Kevin Roberts has increased his stake in the home meal delivery service to five per cent as the company looks at capital raising options.
Roberts is the New York based executive chairman of global advertising agency Saatchi & Saatchi and was an independent director at Telecom from 2008 to 2014. He joined My Food Bag in March last year and has worked with companies including PepsiCo, Gillette, Procter & Gamble and Lion Nathan.
At the time, Roberts said his marketing background and expertise would be an asset to My Food Bag.
Last month co-chief executive Cecilia Robinson said the company was seeking expressions of interest from equity investors as it reviewed its capital structure.
Robinson said it had received a number of unsolicited approaches and had asked PricewaterhouseCoopers to manage approaches with investors both in New Zealand and overseas.
Forecast revenue for 2017 is $135 million-plus.
My Food Bag is a home delivery service which delivers weekly food bags to its customers with recipes, ingredients and cooking tips for the week's meals.
Robinson founded My Food Bag in March 2013 with her husband James, Masterchef winner and dietician Nadia Lim and her husband Carlos Bagrie and former Telecom chief executive Theresa Gattung.