Pitch Deck Teardown: HomeCooks's $3.2m Seed deck
- 1. Eat Well, Support Small Registered Company Name: Juno Food Ltd.
- 2. Our Mission: To keep human connection at the heart of food commerce.
- 3. We are the Etsy of food A two sided marketplace where food creators offer a large variety of high quality, low cost, pre-prepped meals.
- 4. How it works for Eaters: 1. Order: Choose from 100s of High Quality Pre- Prepped Meals 2. Save Money: Restaurant quality food for a fraction of the cost of a takeout. 3. Delivery: Dropped to your doorstep in our insulated, recyclable packaging. Ambient or frozen. 4. Easy Reheating: Super convenient cooking for the best value, highest quality food at home.
- 5. How it works for Food Creators: 1. Easy Onboarding: Easy onboarding with close to £0 upfront spend. 2. Create: Develop your recipes and produce high quality dishes in bulk. 3. Outsource Logistics: We pick up, freeze store and dispatch your dishes when they are ordered. 4. Sell: Sell your food passively to tens of thousand of users and make serious money.
- 6. We are growing fast... £40 6,000+ 100+ 50,000+ 200+ 2 24% Customers Av. Basket Value Active Chefs Meals ordered Available Meals Orders per customer p/m Average Monthy Growth Revenue £10k £36k £67k £105k 158k* Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 £81k Q4 23* (run rate) £40 Av. Basket Value
- 7. The "at home" food service industry is broken.
- 8. Expensive 1. Eating food at home is: Deliveroo, Uber Eats 3. Depressing Cooking from scratch, HelloFresh 2. Inconvenient Ready meals etc The Problem for Eaters Ordering from HomeCooks is: Low Cost 1. 60% less than the price of a takeout 2. Convenient Reheat in under 10 minutes. 3. Vibrant 100s of restaurant quality meals available.
- 9. Starting and operating a food brand is expensive and borderline impossible. 60% of food brands fail in their first year and 80% in their first five years. The Problem for Food Creators As energy prices increase, recession bites and staff costs increase, this will exacerbate problems.
- 10. HomeCooks is the easiest, cheapest and most efficient way to sell food: The Solution for Food Creators Get started in a week with £0 CapEx Bulk cooking makes staff, food costs, energy, property costs super efficient Sell food in the background while focusing on creation & development It's why we have 900+ food brands on our waiting list
- 11. The Market is Massive & Growing: Our TAM is home food service in the UK: £10bn 2015 £18bn 2021 Takeaway Delivery: £11bn Ready Meals: £4bn Meal Kits: £2bn The Global Eat at Home Market is worth £250bn ....and then the rest of the world Food Creator Marketplaces are being validated in the US: $20m Series A (Andreessen Horowitz) $47m Series B $100m Series B
- 12. Food delivery platforms cannot compete with HomeCooks on Price, Quality or Coverage: Metropolitan Hubs Non- Metropolitan Hubs There is a clear gap in the price + quality proposition when Our chefs are incentivised to offer Outside metropolitan hubs Low quality food High quality food Low quality food High quality food Low price point High price point Low price point High price point Average Meal Price on Deliveroo: Average Meal Price on HomeCooks: £9-£15 £5-£8 We deliver to the whole of the UK
- 13. Meal-kit platforms cannot compete with the Variety and Convenience offered on HomeCooks: Prep Time: 5-10 mins Prep Time: 10-45 mins Prep Time: 20-45 mins 200+ Dishes 75+ Dishes 50+ Dishes And we're just getting started - 500+ by the end of 2023
- 14. Limiting food waste from start to finish Orders in Advance: Chefs know what they need to make well in advance, so they only order the ingredient they need. Smart Ordering: HomeCooks scales chefs up slowly - we only order what we know will sell. Frozen Storage: Food is stored under frozen conditions, increasing shelf life and reducing wastage likelihood. Small Batch Cooking: Chefs batch cook 1-2 dishes at a time, so ingredient ordering is easy and efficient. £1bn+ food wasted in the UK food service industry per year. The HomeCooks supply chain is designed to produce zero food waste: A typical restaurant will see 5% of their food costs wasted due to operational inefficiencies.
- 15. Our Food Creators make serious money: We have 3 main types of food creator. Together there are 500,000 of them in the UK. Amateurs/ Hobbyists Professional Chefs Micro Brands 1000+ Dishes p/m £0.6k-£0.8k revenue p/m £3k-£4.8k revenue p/m £6.5k-£8.5k revenue p/m 100 Dishes p/m 500 Dishes p/m Micro Brands 39% Professional Chefs 29% Amateurs/Hobbyists 23% Other 9%
- 16. Food Creator growth is fast: Low Churn Rate Very rarely does a chef churn out of choice. (We will occasionally churn chefs if their quality scores are below 4/5. No. Active Food Creators Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 0 20 40 60 80 100 120 140 28 45 56 85 129
- 17. New Food Creator New creators & dishes drive orders New Dishes New Users: Chefs often bring their own user base. Increased Engagement and Conversion Existing Food Creators MORE ORDERS (Encouraging existing chefs to develop new dishes) This powerful and robust network effect increases the defensibility and fast scalability of the model.
- 18. We are building social features to further increase defensibility, engagement and virality. Chefs create profiles and menus empowering them to build a local brand. Eaters explore a wide variety of menus and order food to be delivered to their door. Eaters and chefs can directly message each other and interact with community content. Eaters can view what other people in their community are ordering, influence and engage with them.
- 19. Eater Referral 33.3% Paid Online 19% Influencer 14.3% Creator Referral 14.3% Social 11.4% Offline Direct 7.6% We have a healthy multi channel acquisition mix that sees a quick user payback Network effects give us a competitive advantage Our chefs are heavily incentivised to direct their own customer bases to HomeCooks, so they can grow their brand nationally. This subsidises our CPA. Which is much healthier than traditional meal kit companies.
- 20. SpeedInvest Daniel Murray-Serter Founder, Heights Leonard Picardo Founding Team, Deliveroo Love Ventures Islington Council Josh Magidson Founder, CEO Founded online takeout marketplace Eatstudent, later acquired by Just Eat. Later founded Zing Zing, which grew to the largest Chinese food delivery chain in the UK A founder and team with 20+ years of success (and failure) in Food Tech Investors and Advisors Alex Waddingham Partner Growth - Ex Abel & Cole Dusan Koutny CTO (non Exec) Charlotte Litman Product Team Nick Collins Operations Lead Ex Yo Sushi Selin Erkut Community Miao Chen Head of Growth Laurens Grojendijk Founder, Just Eat
- 21. Where do we go from here? Our three areas of focus for the next 12 months: UK Growth New Tech Releases Team Build £150k monthly revenue By Q2 24 - Social Feed Q3 2024 App Release Q2 2024 - 5x Key Hires In growth, tech and product, ready for Series A 500 Active Meals By Q4 24
- 22. Our route to a £500m revenue business: Revenue £682k 2024 Release of app, UK Growth phase 1 Revenue £5.6m 2025 UK Growth Phase 2 Revenue £36m 2026 European Launch Revenue £161m 2027 European Growth Revenue £556m 2028 Global Expansion No. Active Chefs: 400 No. Orders: 59k Transaction Value: £1.8m No. Active Chefs: 1.3k No. Orders: 459k Transaction Value: £14.2m No. Active Chefs: 2.4k No. Orders: 2.7m Transaction Value: £87m No. Active Chefs: 23k No. Orders: 11.8m Transaction Value: £388m No. Active Chefs: 57k No. Orders: 40m Transaction Value: £1.35b
- 24. Social Impact EMPOWERING CHEFS: The food delivery economy is mainly powered by minimum wage workers. Long hours, zero-hour contracts, and poor working conditions are rife. We turn this on its head, by allowing chefs to make more money working from home and doing what they love. NO LONGER A MAN’S WORLD: According to the ONS 17% of chefs in professional positions are female. Professional kitchens are notoriously a male-dominated environment but at HomeCooks 70% of our chefs are female. EQUAL OPPORTUNITIES FOR FOOD ENTREPRENEURS. It is often capital and time-intensive to launch a food concept. Even most dark kitchen opportunities cost money. At HomeCooks, any food entrepreneur, regardless of background, can launch their food business with almost no upfront costs or commitments. CONNECTING LOCAL COMMUNITIES: HomeCooks isn’t just about buying and selling food. We bring communities together - like-minded foodies, local chefs and other local businesses. Through the power of the community, we’ve seen some amazing local social efforts launch. From sending meals to vulnerable people, to raising money for local school events, to supporting/ helping the chefs themselves. COMPOSTABLE PACKAGING: We require all our chefs to use compostable and recyclable packaging (we have a deal in place with BioPack to supply them). ZERO FOOD WASTE: Our chefs inherently waste less food than a traditional on-demand food business due to orders and volumes being known a few days in advance. Our frozen storage solutions means that much less food is wasted in comparison with traditional food operations.
- 25. For further information, get in touch at [email protected]