Jump to:

Foodhak hero image

Foodhak

Follow

Foodhak offers fresh, ready-to-eat meals with the power of medicine, delivered through subscription.

106%
 - 
Funded 23 Dec 2022
£2,045,831 target
£2,180,390 from 63 investors
More
Less

Business overview

Location London, United Kingdom
Social media
Website www.foodhak.com/
Sectors Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 12038695
Incorporation date 7 Jun 2019
More
Less

Investment summary

Type Equity
Valuation (pre-money) £27.9M
Equity offered 7.26%
Tax relief N/A
More
Less

Business highlights

  • 6x higher monthly repeat compared to industry incumbents
  • Collaborating with Holland and Barrett
  • 10k meals sold
  • Oversubscribed on our funding round and have closed $5.6M
More
Less

Key features

  • Secondary Market
  • Nominee investment min. £15.44 +

Idea

Introduction

Our founder Sakshi Chhabra Mittal, a Biotech undergrad and Wharton MBA with her own personal healthcare story around food, is on a mission to change the food that surrounds us to reduce chronic disease and help the planet.

We create delicious, fresh, ready-to-eat meals that are anti-inflammatory, low Glycaemic Index, gluten free, refined sugar free & dairy free. We use machine learning to create proprietary data models (on ingredient swaps) that allow us to personalise your food based on your goals, with the aim to improving your biomarkers.

Foodhak is at the intersection of technology/sustainability/food & healthcare (plus it tastes amazing!). Our gourmet chefs use highest quality & locally sourced ingredients to prepare meals that are offered through a flexible subscription plan (you can change your choice of meals every week, pause, skip/cancel anytime).

We believe food is the key to preventative and curative medicine and our mission is to enable this in every category of food!

Substantial accomplishments to date

• A food manufacturing unit, delivering fresh ready to eat food (with a long shelf life) to nationwide UK.
• 6x higher monthly repeat compared to industry incumbents.
• Oversubscribed on our funding round - we set out to raise $5M and have closed $5.6M from the best investors in VCs, Strategic institutions and business angels.
• Built a best in class cap table to help us scale especially on the B2B side. Investors include prominent VCs like First Minute Capital and Urania Ventures, Strategic institutions like Holland and Barrett and business angels like Rajeev Misra (CEO of Softbank Vision Fund), Nikesh Arora (CEO of Palo Alto Networks), Jim Mellon, Jeremy Collar, Lydia Jett, Mervyn Davies, Kevin Adeson.
• Collaborating with Holland and Barrett.
• We are signing other large B2B contracts.
• We have hired a diverse team of 25-30 people and are >50% women!

We care about sustainability and community;
Over 100 meals donated to NHS Hospitals & lifetime 25% off to all NHS staff
We have donated meals to local charities such as The Felix Project
We contribute 0.5% of revenue for carbon removal
Featured in The Times, Sky News Business with Ian King, BBC Radio London with Gaby Roslin, The Evening Standard, The Grocer & have been featured as top recommendations by The Stylist, Sun Health, The Robb Report and many more

Monetisation strategy

We launched our B2C offering where we offer our meals through a flexible subscription plan (you can change your choice of meals every week, pause, skip/cancel anytime). We chose this model because in order to be able to experience the power of preventative and curative medicine, we want to push our customers to eat these meals at regular intervals.
We are also launching our B2B offering by rolling out with retail stores like Holland & Barrett, first as a post diagnostic tool where you can do a blood test and personalize your food and see your biomarkers improve without any drugs.
We are in discussions for other B2B contracts with an airlines.
On the food side, we launched chilled fresh ready to eat meals and have added a shelf stable line. We are now expanding and working on expanding products in all these categories.

Use of proceeds

People, marketing & tech.

We are significantly ramping up our hiring efforts, particularly around Growth Marketing and Tech, including converting some of our advisors into our C suite.

We are in the process of developing an app for customers to further personalize nutrition plans, book blood tests and also manage their subscription.

New product & category launches.

Key Information

Share Classes

The company currently has two classes of shares in issue, Ordinary shares and Series Seed shares. All investors in this round, including Seedrs investors, will be receiving Series Seed shares.

The rights attached to the share classes are as follows:

Series Seed shares:
Voting rights
1x non-participating preference on liquidation and exit: Series Seed shareholders will first receive their initial investment amount before the remaining surplus proceeds are distributed between the Ordinary shareholders pro rata. Series Seed shareholders will have the option to convert their shares into Ordinary shares.
Broad-based weighted average anti-dilution rights: the right to be issued additional Series Seed Shares at nominal value in the event of a down round.

Ordinary shares:
Voting rights
No exit or liquidation preference and no anti-dilution rights

Debt

The company has the following outstanding loan:
£500,000 founder loan at an interest rate of 0% per annum. The loan is to be repaid after the next financing round of the company.

The funds raised from this investment round will not be used to repay these loans.

Pre-money Valuation

Please note that:
(1) premoney figures exclude 126,025 series seed shares which have been subscribed by direct investors as part of this round and have been issued;
(2) the pre-money valuation includes 4,544 ordinary shares to a commercial contractor, against amounts invoiced by such contractor, which remain outstanding.

We have converted the pre-money valuation and $17.40 share price into GBP based on an FX rate of 0.88753, and have reflected this in the Campaign accordingly. Any amounts to be subscribed will be paid to the Company in GBP.

$1,692,800.07 of lead investment in this round was taken in 29th April 2022. This is reflected in the campaign with a FX rate of 0.88753.

Open an account to get access to the team members of Foodhak

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Foodhak has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 10 November 2022 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £27,853,312

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

ContinueCancel