Fikabox – Personalized snacks brought to your door
(UPDATE: We now accept OVERFUNDING (!)) Invest in Sweden’s first mail-order snack business. Fikabox delivered effectively to your mailbox each week for only 49SEK (€5.29).
UPDATE: Amrit Singh, CEO and Founder of Fikabox is the award winner of "Best Startup Entrepreneur 2015!" A huge success and a great achivement for Fikabox. With that in mind, there is only 3 days left to invest! We have reached nearly 101% of the total fundings. Invest today and share our journey!
Fikabox, whose CEO has been nominated as the “Startup Entrepreneur of the year 2015 in Sweden” has a proof of concept in a completely untapped niche in the Swedish market of sweet and savory snacks. Fikabox provides healthy and personalized snacks for any taste, diet or occasion. Our business has been successful since its launch in May of 2015. Our fully food-licensed facility has the capacity to expand beyond current production levels. In order to outperform our current growth, we are asking YOU to be a part of our journey to the next level of customer experience.
Our unique proprietary algorithm, a convenient and flexible delivery system together with a straightforward business model and high conversion rate, has instantly proven the high potential of Fikabox business concept. Attracting nearly 10,000 visitors to the website and generating well over 1000 registrations in the first 10 days of launch, we’re currently experiencing a growth rate of 49% in number of registered accounts since launch and a 25% retention rate.
Fikabox is an innovative company, always finding new ways to deliver excellence to our customers. We have taken an already existing and proven concept from the US and UK and developed it further to suit the Scandinavian market. Fikabox also partnered with both ALMI and Handelsbanken during 2014 as our financial advisors and received €83 000 in seed funding.
In order to increase future growth we have established strategic partnerships with both Bring Citymail and Postnord, which are the largest logistic companies in Sweden and Norway. Additionally a strategic partnership with Foodlink, which is one of the largest snack producers in Europe, allows us to diversify our cost structure, optimize an efficient delivery system and expand into Nordics.
By using crowdfunding, we would like to share our passion for snacks and raise funds for further product development and internationalization.
At Fikabox we see a need to change the way we snack, to challenge the traditional “fika” (Swedish coffee-breaks) and to show that quick food such as snacks can be healthy and fun. We provide our customers with an “easier way to snack smarter”.
You now have a unique opportunity to become a part of our progressive snacking culture and develop Fikabox together with us by enjoying our prospected growth rates of at least 15%.
How does it work?
Our subscribers choose between two meal themes including breakfast or snack variety. We have developed over 100 unique snack recipes giving our customers a variety of choice. Our customers can also use our preference options (ratings) on each snack and give us immediate feedback and tell us what their likes/dislikes are. Our specially computed proprietary algorithm then personalizes each order by selecting four snacks from your likings (ignoring the dislikes) and also ensures that each order is unique taking into account the customers’ previous order history and inventory on-hand.
Our boxes have also been specially designed to fit through a letterbox and are sent as ‘letters’ through Postnords' mailbox network. In addition, we also work with Bring Citymail which helps us diversify our cost-structure and further opens up opportunities for expansion into Norway. We work with some of the largest snack suppliers in Europe as well as local farms and nut-roasters in England to maintain a stable supply chain and a high product quality.
In result our customers get four delicious and personalized snacks delivered to their door each week. The more they love a certain type of snack, the more often we send it.
Our business model is very simple, we curate delicious and mouth-watering snack recipes combining over 120 different ingredients, allow subscribers to pick the mix that best suits their tastes and then deliver a Fikabox filled with four snacks, through the mailbox, directly to your home or office each week – all for only 49SEK.
Current partnerships with both Postnord and Bring Citymail allow us to send a Fikabox across Sweden with the lowest shipping costs and the shortest time of delivery.
Semi-automated processes that are about to become fully automated after the crowdfunding round will contribute to higher margins.
In the long run, the development of the subscription model will also contribute to the higher economies of scale.
What problem are we solving?
We at Fikabox fulfill the need for healthy, nutritious and personalized snacks for all kinds of tastes and food preferences.
With urbanization and an increasingly active lifestyle, people have a higher need for maintaining constant energy levels throughout the day and therefore want something to munch on –quick food or simply a treat. The problem is that quick food generally isn't healthy and the selection is fairly limited and fragmented.
Fikabox solves this problem by offering healthier snacks of large variety with a convenient and customized delivery service. We simply provide our customers with “an easier way to snack smarter”.
Committed to giving back, Fikabox also works closely with the Swedish Childhood Cancer Foundation (Barncancerfonden), which is a non-profit organization dedicated to preventing and combating cancer diseases in children. Our customers can help and contribute by simply enjoying the product and sharing it with friends online.
It all started one day in 2013, when Amrit Singh, then a Sales Manager, working in the United Kingdom at Clas Ohlson, one of the largest Swedish retailers, came across an article referring to a recent startup in the UK, delivering healthier snacks to their customers through the letterbox.
The idea of deliciously curated snacks, perfectly controlled portions and four little surprises in a box was intriguing and fresh. Amrit, who had held various managerial positions in the retail sector for the last 17 years, instantly saw a clear potential in this unique and strongly emerging business sector for the Swedish market. The potential of this idea was powerful enough to attract 7 additional skilled professionals and to form a team with all the key competences required to further develop and implement this idea in Sweden.
In May 2014 Fikabox was born and the following 12 months were spent putting an infrastructure in place, sourcing suppliers around the world and building a team of innovative and creative team members to work out and execute a perfectly planned go-to market strategy and plan next steps in our business development.
Finally, on the May 18th 2015, Fikabox was launched. The concept resulted in an instant success with well over 1000 new registered accounts in the first 10 days and nearly 10,000 visitors during the initial period, acknowledging the need and potential for our unique and highly lucrative business model.
Our customer data has proven to be very diverse, which allows us to target different segments of the market. Customers can adjust the subscription according to their diet and activity. A gluten, lactose-free, raw food, vegetarian or LCHF proponent, we welcome them all by delivering personalized, healthier snack choices directly to their door. Our boxes are fully recyclable and limit the used material to minimum. By providing a stylish packaging in an optimal size, customers can conveniently have it in their bags on-the-go, at the gym, offices, and parties or just in front of the TV on Friday evenings.
A constant growth of snack consumption in Sweden and our viral subscription model has currently resulted in (i) an average conversion rate of 7% over the last 3 months, (ii) a 49% increase in number of registered accounts and (iii) a 25% retention rate. By end of August 2015 we had sent out a total of 5000 boxes since the launch on May 18th 2015. This instant interest in Fikabox and a consequent sales growth didn’t require any substantial marketing costs and allowed us to plan for the next step – expansion via other sales channels such as retail and aero-catering.
Global consumers spent €331bn on snack foods annually between 2013 and 2014, making up 1/4 of the total food consumption. Moreover, the global market for “snacks eaten as main meals” is expected to grow by steady 5% and to hit €76bn by 2018 according to a report by the NDP Group.
Europe is considered to be the largest savory market for snacks with Europeans spending around €147bn on snacks and consuming nearly 1,850,000 ton of savory snacks in 2014. Consumption of savory snacks across Europe varies from country to country but on average around 3.6kg is purchased per year per capita.
Consumers are eating traditional snack foods, particularly snacks with perceived health benefits, in between and at meals, and this behavior will drive the growth of snack foods eaten at main meals over next five years. According to Euromonitor International, the global demand for healthier snacks is growing by a steady average rate of 2% per year and is expected to maintain at this level for the next five years.
Future trends in global market:
- Personalized flavours
- Demand driven mainly by taste and health consideration
- Large variety of choices, alternative taste trends
- Meal replacement alternative for busy lifestyle
- Consumers demanding right product to the right consumer at the right time
- A growing consumer group of Millennia’s –breakfast skippers and physically active, eats in-between meals, and prefers various alternative food diets.
The Swedish sweet and savory snack market grew by 4% (faster than world average rate) to €745m in 2014. Healthier living and the consumption of more natural food was one of the main impacting factors on sweet and savory snacks in Sweden during 2014. Sweden’s newfound interest in wholesome food and an increased knowledge of nutritional values sparked an increased demand for more natural snacks. Occupying a current 9th place in the global per capita spending on health and wellness products, Sweden is considered to be one of the world's most promising markets for health and wellness products.
By embracing all the future market trends and generating high margins, Fikabox will take the lead in mail-order snack landscape in Sweden. The qualities of our products place Fikabox right into the busy, active and healthy lifestyle of our target customers. In addition, Fikabox provides a convenient choice -put Fikabox into your bag when you’re on-the-go, or grab a snack during your coffee break.
Because the demand for snacks is more universal than for meals, Fikabox sees immense growth opportunities. In particular, Fikabox will expand into other Nordic countries and, eventually become a lead player in Europe.
Fikabox occupies a unique niche in the Swedish sweet and savory snack market, and no direct competition currently exists for the offering and business model of Fikabox, in terms of snack combinations, variety, value, subscription and delivery.
Even though the current Swedish snack market is governed by big manufactures as OLW Sverige AB, Estrella AB and ICA Sverige AB with the respective proportion of total retail value of 31%, 19% and 5%, their highly segmented product portfolio does not affect Fikabox directly. In addition, the lack of innovation in standard grocery and convenience stores, which are more focused on the bottom line than selling unique and independent labels, is a key reason behind why Fikabox is fast-growing in Sweden. By offering a product, which is in line with current global trends towards healthier and unprocessed food, and by creating convenient delivery and viral subscriptions – Fikabox have created a higher value for money.
Our USP’s represent a one of a kind product for the Swedish market:
- Healthier products of large variety
- Calorie count-box where all snacks are fewer than 150 calories
- Personalized snacks from a collection of over 100 delicious and delightfully themed recipes
- A moment of discovery and delight, which comes with new flavours in a box
- Suitability for any occasion, diet and snack preferences
- Unique and efficient distribution model
- Viral subscription model and a Customer loyalty program, which is based on a highly automated process that keeps the program fresh for subscribers and allows full scalability in the business model for future growth
We’ve built our brand and product to encourage customers to become friends of Fikabox. Over 57% of our customer acquisitions come through friend referrals, and clearly proves that our customer loyalty program is highly successful as customers have to love Fikabox and our products in order to suggest us further.
We see immense growth opportunities in front of us. As an example, UK based snack producer Graze had sales of €74m in 2014, shipping over 300,000 boxes per week. The US based Naturebox, in its turn, has grown at 20-30% per month since its launch and shipped 3 million snack boxes in 2014.
We built Fikabox with the aim and vision to be the market leader in mail-order snacks in the Scandinavia from day one. Our mid-term future plans include expanding into Denmark and Norway latest by 2018.
At our current market in Sweden, we have calculated that we are able to attract about 11,3 % of the population in the next 2 years. This goal is leveraging not only on the high interest for health and wellness products, growth of online payment or willingness to pay more for convenience but also on our automated processes, personalized offerings and viral subscription services.
We also see a tremendous opportunity in the data and feedback we get from our customers. We have so far received over 30,000 ratings from our consumers, pinpointing their likes/dislikes. The competitive landscape in the snacking industry is increasing as the consumers move towards the internet from the traditional means of consuming. By leveraging on the huge amount of data we gain from our customers we are able to understand ‘why before the buy’ which gives us the foresight necessary to deliver the right product to the right consumer at the right time.
What will the money be used for?
With the current crowdfunding campaign at FundedByMe, we want to develop our product further in order to exceed customer expectations and accelerate our business. In addition, we will expand marketing activities to increase a conversion rate in Sweden and start internationalization in Norway.
We will also focus on the following three main areas:
Product development: As the amount of incoming data grows (product likes/dislikes), we will invest a part of received funds into improving our proprietary algorithm, elaborating new recipes, new themes and manufacturing of packages. In particular, the amount of themes will increase to 9 alternative options.
Expand the team: We will recruit new developers in order to improve our proprietary algorithm further. In addition, we will attract new competences within business development and marketing in order to accelerate the development in Sweden as well as to start expansion to Norway.
Marketing: We are now in the process of implementing our marketing strategy and preparing to accelerate and grow the business. The money will primarily be used to raise awareness of the Fikabox brand and concept in Sweden. By utilizing bloggers, social-and traditional media channels we will increase the traffic to the website and focus on conversion. In addition, the collected funds will be used for the marketing strategy that will bring us to Norway.
By the end of 2019 we see Fikabox as a market leader and are open to different possibilities, e.g. IPO or merge/acquisition. To compare, in 2012 the US private equity firm The Carlyle Group is thought to have lined up nearly €70m to buy a controlling stake in the British mail-order snack company, Nature Delivered Ltd. (Graze).
As the company is new and we have only been trading for a few weeks, these are all hypothetical scenarios but we we have a strong product and concept which are highly desirable for future investment, merge or acquisition proposals.
If you are an investor and would like to know more about our investment proposal or see additional aspects on how you might help us to develop, please feel free to contact Amrit Singh, CEO at +46 (0) 76 075 66 89 or email [email protected] to schedule a meeting.
Help us grow and be a part of our exciting journey. Welcome on board!
Investeraravdraget (applicable to Swedish nationals only)
Ett nytt så kallat investeraravdrag infördes den 1 december 2013. Det tillämpas på investeringar gjorda efter den 30 november 2013. Investeraravdraget innebär att fysiska personer som förvärvar andelar i ett företag av mindre storlek i samband med företagets bildande eller vid en nyemission kan få göra avdrag för hälften av betalningen för andelar i inkomstslaget kapital. Avdrag ges med högst 650 000 kronor per person och år, vilket motsvarar förvärv av andelar för 1 300 000 kronor. Investerarnas sammanlagda betalning för andelar i ett och samma företag får uppgå till högst 20 000 000 kronor per år.
Exempel: Företaget Mindre AB erbjuder befintliga aktieägare att teckna nya aktier i företaget för 100 kronor styck. Företaget uppger att alla villkor för investeraravdraget är uppfyllda. Karl tecknar sig för 500 nya aktier, och han betalar 50 000 kronor för dessa. Investeraravdragets storlek blir 25 000 kronor (hälften av 50 000 kronor), vilket ger en skattereduktion på 7 500 kr (25 000 kr x 30 %).
Fikabox Sverige AB uppfyller alla villkor för att din investering skall vara avdragsgill enligt ovan.