Photo - Foodly
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Foodly

Online marketplace for groceries based recipes

Germany
Market: Internet and IT, Food industry
Stage of the project: Operating business

Date of last change: 31.01.2020
Min investment
$  150.000
Show contacts
Total required
$ 700.000
Rating
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Idea

On Foodly (www.getfoodly.com) you discover delicious recipes according to your nutrition preferences and easily order all ingredients at regular supermarket prices. The service is 100% flexible, on-demand (no subscription), same-day delivery and includes other groceries too (not just ingredients). Foodly is the easiest way of grocery shopping and helps you enjoy a varied diet and more time with you loved ones. Foodly is set up as an online marketplace based on sales commissions that seamlessly integrates food publishers (content) and grocery delivery services (fullfillment).

Current Status

25000 EUR GMV per month
400 Orders per month
GMV growing at >20% per month

Market

The global market for online groceries is 55 billion EUR growing at with 15% CAGR. All this while online penetration rates are still low (1%-6%, depending on the country) which means that the market potential is huge.

Solution (product or service)

Foodly makes grocery shopping quick and easy and helps you enjoy varied diet and more time with your loved ones. On Foodly you discover delicious recipes based on your nutrition preferences and may order all ingredients easily at regular supermarkt prices. It's 100% flexible, on-demand (no-subscription), same-day delivery and even includes other groceries you may need at home.

Competitors

Competitors are meal kit providers and offline grocery shops.

Advantages or differentiators

Differentiation from meal kit providers:
- significantly less expensive (regular supermarket prices)
- on-demand, 100% flexible
- no subscription
- same-day delivery (instead of 5-8 days waiting)
- including other groceries in the delivery (not just ingredients)
- more choice (100+ of recipes available, instead of a few)

Differentiation from offline groceres:
- it's a cooking and nutrition service (not just a shop for groceries)
- more convenient & time-saving (ordered online & delivered home/picked up at store)

Finance

The average basket size of recurring customers is 72 EUR (for 1st time customers it is 62 EUR).
In 2024 we are going to facilitate 7.75 Mio. orders resulting in 545 Mio. EUR GMV.

Business model

Foodly is an online marketplace based on sales commissions. We charge between 25% (new customers) and 5% (recurring customers) of the basket size.

Money will be spent on

The money will finance our business for 1 year, covering costs as following:

7% Cogs
56% Salaries
30% Marketing expenditures
7% Other OPEX

Salaries: money is used to cover salaries, including new hires in software development (+1,5 FTE) and marketing tech (+2 FTE) for a total workforce of 10,5 FTE

Offer for investor

The funding will allow us to keep up current traction (25k EUR GMV per month, at >20% monthly growth) all through 2020 (resulting in >300k EUR GMV and 30k EUR revenue in December) and prepare a significant series A round by the end of the year.
For investors, we offer convertibles notes that will convert in equity at the series A round. The convertibles come with a 20% discount and at 5% interest rate (more specifics upon request).

Team or Management

Incubation/Acceleration programs accomplishment

Received the EXIST startup grant

Won the competition and other awards

Won startup excellence award at Technical University Berlin 2018
Won startup pitch at Retail Innovation Days 2019

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address