SA’s Silvertree Brands acquires foodtech UCOOK in $12.3M deal

South Africa’s leading consumer brand Silvertree Brands, has acquired food tech meal kit delivery startup UCOOK in a deal worth ZAR 187 million ($12.3 million).

The South African dinner kit delivery service provides viable and ethically sourced ingredients delivered to users.

The startup was co-founded by David Torr, Katherine Berry, and Chris Verster-Cohen in 2014 to revolutionize the way South Africans eat by helping people conveniently make dinner.

Users on the platform can order meal kits through its meal kit menu online and have them delivered to their doorsteps. UCOOK also offers ready-made flash-frozen Craft Meals, Baby Food, and Wines options at a click.

Silvertree brands are an investment growth partner scaling consumer and digital brands in Africa. It is a direct-to-consumer and niche e-commerce brand in South Africa. Co-founded by Peter Allerstorfer, Paul Cook, and Manuel Koser in 2013, Silvertree provides early- and mid-stage companies with long-term capital, thereby helping businesses to grow and scale.

In Cape Town, Silvertree targets entrepreneurs in South Africa and Sub-Sahara Africa. It launches, operates, and invests in business models that take advantage of technology, mobile, and Internet future and can earmark growing markets and industries.

With over 400 employees, Silvertree has grown its portfolio through equity investments, buyouts, and new ventures to focus on strong and disciplined brands that deliver astounding user experiences.

Having previously received investment from Silvertree, UCOOK founders will exit the business and now hand it over to the Silvertree team. David Torr, commenting on the acquisition, said, “We’re immensely proud of what we built, but I felt it was time to exit the business to allow me to focus on other ventures.”

With the acquisition, Silvertree brands would explore new avenues for the UCOOK platform.