My Food Bag seeks investors after 'a number' of offers
Home delivery service My Food Bag, which expects revenue to be at least $135 million in the 2017 financial year, is seeking investors after receiving “a number of unsolicited” approaches.
The company was launched in 2013 by entrepreneur Cecilia Robinson, chef Nadia Lim and prominent businesswoman Theresa Gattung, delivering customers food bags of ingredients and recipes for a week’s worth of dinners.
Today it announced it is seeking expressions of interest from investors as it reviews its capital structure.
Ms Robinson says it has received a number of unsolicited approaches and asked PwC to manage these with investors from New Zealand and overseas.
It is open to a range of equity options and outcomes as it looks to “accelerate” its growth plans.
“My Food Bag is growing at a phenomenal rate,” Ms Robinson says. “We believe the company has further potential to expand its product range as well as extending to other markets.”
The company says it has 35,000 active customers in Australasia and forecasts revenue for the 2017 financial year will be at least $135 million.
It claims to be one of the fastest growing food brands in the region.
Last March, NBR reported the company had 15,000 New Zealand customers and $40 million annual revenue, as Saatchi & Saatchi Worldwide executive chairman Kevin Roberts came onboard as investor and chairman.