Nearly a year after its first campaign on Crowdcube garnished nearly £130,000, Northampton-based health snack brand Earlybird announced that it is returning to the UK equity crowdfunding platform to raise £300,000 for more expansion of its products.
EarlyBird, which was founded by entrepreneurs Oliver Pugh and Jamie Trinder. is a subscription snacking service that allows customers to order various types of healthy snacks, lunches and drinks online and have them delivered to their workplace.
The company revealed:
“Our product the TasteBox contains 5 healthy gourmet snacks, amazing artwork and access to independent musicians, that we promote through the TasteBox and EarlyBird website. All in a package that pops through your letterbox or onto your desk every Monday. Each box costs the consumer £4.50 and With our current churn per delivery at 10% the average subscriber stays for 10 boxes (customer lifetime is calculated based on the regular LTV formula). Currently we make a 42% gross margin per box packed[9] and we forecast this to increase to 50% with scale.”
According to the Northampton Chronicle, since its establishment in 2014, the company now has more than 80 different snacks and delivered more than 10,000 “TasteBoxes” to customers.
Pugh stated:
“As the snack market is constantly growing and evolving, this money will allow us to continue expanding, making us more able to create and deliver new, healthy and exciting snacks to the people who need them.”
Pugh and Trinder revealed that EarlyBird differs from its competitors, such as the company Graze, because its snack boxes come with added art, music and fashion.
The campaign is set to close at the beginning of October.
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