Gousto’s founder is EY Entrepreneur Of The Year™ 2022 UK overall winner

Timo Boldt, the Founder and CEO of Gousto, has been named the EY Entrepreneur Of The Year^TM 2022 UK overall winner. 

This year, over 100 finalists entered the programme, which aims to recognise the vision, insight and determination of entrepreneurs on a regional, national and international level through a judging process undertaken by a diverse panel of independent experts.    

Gousto, one of the country’s leading meal kit companies, has enjoyed a remarkable journey since its formation in 2012, achieving the rare status of becoming both a unicorn — a private company with a valuation of at least $1 billion — and certified B Corp; a designation which confirms the business is meeting a high standard of performance, transparency and accountability and matters including employee benefits, supply chain practices and more. 

Timo’s inspiration for setting up the company came from his early career as a banker, where he was often working long hours and relying on takeaway deliveries. These eating habits were both expensive and wasteful, and prompted him to realise there was a gap in the market for healthy, responsible, and cost-friendly convenience dinners to eat at home.  

He decided to leave his banking job at the age of 26 and move into university accommodation to help finance the project, packing all meals by hand and delivering them himself. By not taking a salary for the first three years, he took an enormous financial risk in getting the organisation off the ground. 

Timo’s hunch (and gamble), however, has emphatically proven successful. Since 2012, the firm has raised over £230 million in equity funding. Today, Gousto produces 250,000 meal kits per week from its Lincolnshire factory, with its 60-plus menus fulfilling the needs of modern consumers, whose focus is increasingly on sustainable and healthy choices. 

Timo is clear that Gousto is a data business which loves food. It is Gousto’s proprietary technology that enables success, offering customers the widest choice, best price and most convenient delivery options – the platform has intensified competition in the meal delivery sector, elevating convenience and choice to a whole new level. 

Indeed, such has been the success of this, that Gousto is now selling its 13 data products to companies around the world through a new business venture which is expected to drive 85% of Gousto’s earnings before interest, taxes, depreciation, and amortization (EBITDA) within two years.  

The data collected and processed by Gousto offers invaluable consumer insights, and allows the company to meticulously track performance across key metrics around sustainability and cost competitiveness. These two areas are important priorities for consumers, and spaces where Gousto is having a transformative impact. 

A recent study by Foodsteps¹ found that, thanks to shorter supply chains and minimal food waste, Gousto customers cut their emissions by 23% compared to buying equivalent meals from supermarkets¹. If every home in the UK replaced supermarket dinners with Gousto meals for a year, 10.3 million tons of carbon dioxide emissions would be saved. And this is all coming from the meal kit company that is the most price competitive on the market. 

As well as creating a better working world by offering a sustainable alternative to supermarket meals, Timo’s overarching ambition is for Gousto to have a greater positive impact on people and planet as it grows. That includes the people within the business, an area where the judges were notably impressed by, the emphasis on building a people-centric culture that champions inclusivity and fairness. Indeed, a hallmark of the firm’s success has been its recruitment of talented people and giving them ownership of decision-making, with 95% of staff being shareholders in the business. 

Commenting on this year’s EY Entrepreneur Of The Year 2022 overall winner, Chair of the Judging Panel, Shravin Bharti Mittal, Founder & CEO of Unbound, said: 

“This year’s cohort are exceptionally talented and have all demonstrated entrepreneurial qualities within their respective industries across the UK. 

After careful consideration, the judging panel is proud to recognised Timo Boldt as UK overall winner. Timo’s passion for his purpose shines through, which is a crucial attribute to have as an entrepreneur. Throughout his journey he's focussed on bringing others along with him and places importance on human talent and culture. We are excited to see him represent the UK at EY World Entrepreneur Of The Year next year.”

Looking ahead, Timo will be representing the UK at the EY World Entrepreneur of the Year^TM in June 2023. Held in Monaco, the event brings together national winners from more than 60 countries.