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My Foodie Box raises $6 million in IPO, plans expansion

(Source: My Foodie Box (Facebook).)

My Foodie Box, the food and logistics technology business that provides meal kits to Western Australian households, lists on the Australian Stock Exchange on Friday (January 7) after raising $6 million in an IPO. 

The online retailer uses ingredients sourced from ethically responsible local farmers and producers. From its launch in 2019, My Foodie Box has grown from 35 subscribers to more than 1650 and delivers around 1000 boxes per week. Now, using its fresh capital, it plans to expand into a broader online food retail offer, ramping up its marketing activity and further developing its technology platform to expand its geographical footprint.

Executive director and CEO Mai Hughes says the business is highly scalable and anticipates “another massive year” ahead for the business that sits within the intersection of the large and growing groceries, takeaway and restaurant markets. Online grocery sales in Australia reached an estimated $7.1 billion last year, representing a growth rate of 46.2 per cent. 

Mai Hughes, head of My Foodie Box.

My Foodie Box sells meal kits on a weekly subscription-based model with prices ranging between $8 and $13 per meal, plus delivery.

Customers can also add staple pantry items including milk, eggs, olive oil, butter, salt and pepper, and fruit and snack boxes to their orders. 

Anchoring the IPO is Magnet Investments, the parent of the Australian and New Zealand distributor of Thermomix kitchen appliances, The Mix Australia, which will assume a 15-per-cent stake in My Foodie Box. 

Both companies believe there is significant growth potential for the meal kits market in Australia as consumers opt for their convenience and health properties.

“The meal-kit market is comparatively young compared to the established groceries, takeaway and restaurant markets and its exact size is more challenging to forecast,” the company said in a statement.

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