My Foodie Box, a rapidly expanding food technology business in WA that prepares and delivers meal kits, has closed its oversubscribed IPO having raised $6 million. It will commence trading on the ASX on 7 January at 11.30am (AWST).
My Foodie Box sources, prepares and delivers quality, local ingredients straight to the doorsteps of its customers, aided by its technology platforms. With a focus on provenance, the meal kits are sourced from ethically responsible local farmers and producers and delivered in compostable, recyclable and reusable packaging.
The meal kits are offered on a weekly subscription-based model with the price per meal ranging between $8 to $13 plus a standard delivery charge. Customers can also add staple pantry items as well as add-on fruit and snack boxes to their delivery.
My Foodie Box now intends to expand both its offerings and its markets.
Funds raised from the IPO were through the subscription of 30 million shares at an issue price of $0.20 per share, with the company receiving substantial support from existing and new investors. One of these includes substantial shareholder, Magnet Investments, the parent company of The Mix Australia – the sole distributor of the Thermomix® kitchen appliance in Australia and New Zealand.
“Through our exceptionally strong meal kit offering and our deployment of technology, My Foodie Box is a highly scalable business that entered the Australian market at the right time,” My Foodie Box executive director and chief executive officer, Parisrat (Mai) Hughes said.
“We are very pleased with the significant investor interest we have received to date – particularly from our cornerstone investor Magnet Investments – which will enable us to further accelerate our strategic plans. 2022 promises to be another massive year for My Foodie Box and I would like to welcome all of our new investors on this exciting journey.”
Magnet Investments holds approximately 15 per cent of the company following a strategic cornerstone investment.
The Mix Australia was introduced to the company following opening of the offer. Since then, there were various discussions around a mutually beneficial relationship including cross-selling and cross-pollination of each businesses subscriber bases, joint product development and joint marketing efforts. The details of a strategic partnership will be negotiated and announced when concluded, but synergies and benefits were immediately obvious to both parties.
The parties consider the investment to be a significant first step towards establishing a strategic long-term relationship. At this stage, Magnet Investments has formally agreed to invest under the offer and there is no certainty of further collaboration.
For more details about My Foodie Box, visit their website.