What had apparently been working in Blue Apron’s favor - $200 million in venture capital and first-mover advantage - ultimately worked against it, as it became evident that going public was a strategic move not for the business itself, but for its investors who were looking for a payout. In the first quarter of 2019, its subscriber count had fallen to little more than half of what it had been at the same time in 2017: 550,000, compared to 1 million. At the end of May, it moved to pursue plans for a reverse stock split, hoping to salvage its standing on the stock market after share prices fell below $1 at the end of 2018. In two years, Blue Apron has only lost more footing as a consumer startup success story: The company has cycled through two CEOs, most recently hiring Linda Kozlowski as its third in the post in April. After raising $200 million in venture capital, Blue Apron was valued at $3 billion before it hit the stock market. When it went public in 2017, Blue Apron’s share prices were cut to $10 a piece, below the estimated $17, which landed the company a $1.9 billion valuation. ![]() Today, Blue Apron is more a cautionary tale than a next-generation retail success story.
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