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Leila Abboud

Rocket Internet Leaves Us Groping in the Dark

HelloFresh highlights disclosure problems.

Writing about Rocket Internet sometimes feels like assembling a puzzle in the dark. Investors deciding whether to back the German start-up incubator will wish they could find the light switch too.

A French tech publication called le Journal du Net seemed to have found a missing piece of the jigsaw last week. It published a story that included slides of undisclosed and bullish financial projections for HelloFresh, a meal kit start-up backed by Rocket Internet that competes with Blue Apron in the U.S. The slides appeared to show it would more than double revenue this year, turn profitable on an adjusted Ebitda basis next year, and hit a 15 percent margin on the same basis in 2018.