New Zealand-based food delivery firm WOOP, or World on Our Plate, is turning to crowdfunding to raise money in order to get into the gourmet home meals business.
Already in operation on Auckland, the company is looking to raise $800,000 on equity-based crowdfunding platform Snowball Effect to offer its service in Wellington by early 2016, worth the longer-term goal of reaching Australian markets in 2017.
In just one day online they have already raised 65% of their minimum target on Snowball Effect.
Funds raised will be used to build a strong operations team, purchase capital equipment, investment in a robust IT system for processing orders, and marketing the service to metro North Islanders in their target catchment regions.
WOOP targets time-poor professionals and families.
Thomas Dietz, who launched the startup, says he started WOOP to provide a home delivery solution that will capitalise on the growing global demand for semi-prepared meals to create at home.
“The New Zealand market for these kinds of food services is relatively underdeveloped compared to overseas home food distribution,” says Dietz.
He cites a leading American food delivery service, which delivers over 3 million meals a month at $10 per meal, giving it more than US$300m in revenue per year.
“Our research has found that one of the main barriers to more Kiwis using home food delivery services is the amount of preparation time for meals,” he explains.
“WOOP’s point of difference is that ingredients are pre-chopped, sauces are freshly made, and vegetables and meat are par-cooked if necessary, to ensure anyone can whip up a delicious dinner in just quarter of an hour.”
Dietz aims to raise up to $800,000 via the investment initiative, which will represent a 42% per cent share in the company when met.
Investors will be offered a range of incentives for various levels of investment, from dinner parties to product discounts.
“This is a chance for people to get their own slice of this food revolution which is taking off in New Zealand just as it already has in other Western nations around the world,” says Dietz.
The WOOP investment offer is live from 25th of August for 30 days or until fully subscribed.