An Australian online grocery platform focussing on local, ethical and regenerative produce, has raised $609,338 in their recent equity crowdfunding campaign to fund their growth and expansion across the country.
From their launch in 2017, female-founded food delivery business Your Food Collective has been taking a slice of Australia’s $7 billion online grocery sector. The company has achieved 135% year on year growth, a $1.6 million revenue run rate with profitable operations, and achieved 12% market penetration within their founding market. The sustainability focused food company is on track for $5 million in revenue in FY22.
“Food is key to achieving all of the 17 SDG outlined by the UN and we need to drive rapid, systemic change across all sectors of our food system to create a net zero emissions circular economy,” shares Your Food Collective Co-Founder and CEO Lauren Branson.
Over 95% of the fruit and veggies sourced by the company is grown within 250 kilometres of its headquarters. The business also works with local growers such as Hunter Valley Produce and Riverbank Organic who prioritise soil health and use regenerative farming practices
“If we can get food right, starting with the health of our soil, how our food is going, who it’s grown by and where it’s grown we can drive significant change and start building a food system that will nourish our people and the planet,” said Branson.
Research from the International FMCG/ CPG Report 2021 reveals that more than 54% of consumers are looking for sustainable, local brands they can trust. Your Food Collective is making responsibly grown food more accessible to Aussie consumers. It has built its own unique back-end fulfilment with a short supply food chain from local diverse producers, inventory predicting and just-in-time order to improve customer impact.
To date, the company has delivered nearly 50,000 orders, achieved over 60% reduction in household carbon emissions for over 15,000 households, and reduced food waste by up to 50% across the supply chain. Its technology and operating model has enabled market opportunities for over 100 Australian growers and producers.
The equity raise will enable the online grocery business to execute its growth strategy, with near-term plans to grow to $28 million in revenue from the Sydney and Newcastle markets. The company has its sights set on a nationwide service to scale its offering and impact across Australia.
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