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