Foodhak offers fresh, ready-to-eat meals with the power of medicine, delivered through subscription.
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 |
Investment summary
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
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
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 sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy sharesOnly shareholders can access this page
If you successfully purchase a share lot of this business, you will be granted access.
Buy shares