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MinFarm BIA AB

Be part of their next upcoming round, sign up your interest here


MinFarm har reached their maximum target for this round of funding, but there will be a second round coming later in the fall! 

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Become an owner in a dynamic food tech business that is bridging the gap between small sustainable farms and local busy households!

With MinFarm’s new local meal kit, Stockholm households can enjoy five seasonal recipes with ingredients direct from local farms, direct to their door every month.

Investor proposal

Be part of an amazing growth journey, as we build a very special company that combines an ethical argument of supporting small local sustainable farms with a great business opportunity.
Terms for shareholders are stipulated under the shareholders agreement attached in the document section entitled "Aktieägaravtal Minfarm Bia AB".

Product

The problem this product solves

As the home delivery meal kit market grows rapidly into a billion dollar industry, small farms have been largely left behind as potential ingredient suppliers. Why? Although consumers have repeatedly shown a desire to buy food that comes from the small farms in their area, the food industry has found it too difficult to fit these type of suppliers into their warehouse based sorting and supply chains, which are often centralized and globally supplied, and it is this sort of global industrialized food that is supplying today’s growing meal kit industry in Sweden, Europe and the US.

How the product solves it

Over the past 5 years we have built a unique platform that brings local farmers into every aspect of the customer food experience, from how they order their meal kit, to the food they eat, to how they follow the local farms that supply each bag on social media. It is a platform built to scale to international markets while onboarding small farms. Our recently launched, meal kit in Stockholm, already supplies over 500 households in a month, has low Cost of  Acquisition (COA) and shows good Average Customer Value (ACV) and is 100% supplied by local small farms.

Product features

Online ordering: Customers learn about the farms behind this month’s meal kit. Over 46,000 people visited minfarm.se in the first 5 months of 2017.  

Meal kit recipe creation: Our inspired chefs work to cook fantastic meals with what is available that month on the local farms.

Meal kit packaging and delivering.

Getting your delivery: It is something special to unpack a MinFarm meal kit delivery. Everything is truly seasonal and local, direct from the farms in your area.

Farm open days: MinFarm meal kit farms hold open days, letting all customers visit their farms.

Product use cases

Household: A typical family household of four, interested in where their food comes from, places an order for our meal kit (e.g. vegetarian version), for home delivery to their apartment in Stockholm.
Farmer:
"Thanks to it, it is now MinFarm for almost half our turnover. We have been able to get money in the time of the year when we were otherwise almost completely without, and it has helped us to grow. I as a person have also grown and become more confident." Karin, Tvetalunds Lantbruk

Team

Stephen Lynam avatar
Stephen Lynam VD
Bachelor of Philosophy from Trinity College Dublin. A co-owner in Klas Ltd, an IT start-up founded in Ireland, Stephen spent eight years working in marketing in the United States and Europe. There he worked with product development and marketing strategy for satellite based secure communication services. Stephen managed a successful ... See more
Bachelor of Philosophy from Trinity College Dublin. A co-owner in Klas Ltd, an IT start-up founded in Ireland, Stephen spent eight years working in marketing in the United States and Europe. There he worked with product development and marketing strategy for satellite based secure communication services. Stephen managed a successful exit for the original founders of Klas in 2015, at a valuation of 12 million USD. Stephen lives today with his wife Anna, a co-founder of MinFarm, and their family in Stockholm. See less
Carl Tano avatar
Carl Tano Chief Operations Officer
Carl holds a Masters degree in Business Administration and Accounting from Umeå University. His background includes movie production and sales, and debt negotiation with clients for Citibank. Carl runs the daily operations and supply planning. He is also responsible for financial reporting, accounting, budget and administration. Has been with MinFarm ... See more
Carl holds a Masters degree in Business Administration and Accounting from Umeå University. His background includes movie production and sales, and debt negotiation with clients for Citibank. Carl runs the daily operations and supply planning. He is also responsible for financial reporting, accounting, budget and administration. Has been with MinFarm since February 2014. See less
Henry Lynam avatar
Henry Lynam Chief Technology Officer
Henry has worked in the IT communications industry for over 20 years. Co-owner of Klas Ltd, he has held positions of Managing Director, Head of Engineering and Senior Programmer in the company. He has project managed multiple developments of satellite and encryption communication products. His core area of programming is ... See more
Henry has worked in the IT communications industry for over 20 years. Co-owner of Klas Ltd, he has held positions of Managing Director, Head of Engineering and Senior Programmer in the company. He has project managed multiple developments of satellite and encryption communication products. His core area of programming is on real time communication devices in C. Henry also holds a degree of Ancient Greek and Theology from Trinity College Dublin. See less
Ronan Hurley avatar
Ronan Hurley Senior engineer
Ronan holds a diploma in Mechanical Engineering from the Dublin Institute of Technology. He has worked as an interactive website software engineer for over ten years in Dublin. He has extensive experience in HTML, CSS, PHP, MySQL and JQuery coding of online content management systems. Responsible for building the IT ... See more
Ronan holds a diploma in Mechanical Engineering from the Dublin Institute of Technology. He has worked as an interactive website software engineer for over ten years in Dublin. He has extensive experience in HTML, CSS, PHP, MySQL and JQuery coding of online content management systems. Responsible for building the IT platform for MinFarm, together with Henry Lynam. See less
Sofia Dahlberg avatar
Sofia Dahlberg Regional farmer manager
Sofia has a background in communications and graphic design. She has worked in the print media industry for several years and part time with MinFarm. She now works in a full time position with MinFarm working with bringing new farmers into the service.
Elin Magndahl avatar
Elin Magndahl Chef
Elin lived for two years in Portugal working on organic farms and discovering a passion for sustainability, design and farm food. For six months in 2014 was a part of the core crew of Ridgedale permaculture as the "farm chef" planning, cooking and serving farm style meals for groups (15-50ppl) ... See more
Elin lived for two years in Portugal working on organic farms and discovering a passion for sustainability, design and farm food. For six months in 2014 was a part of the core crew of Ridgedale permaculture as the "farm chef" planning, cooking and serving farm style meals for groups (15-50ppl) and PDC-students. This role included harvesting, foraging, baking, making cheese, yoghurt, sauerkraut, slaughter, keeping to a budget and offering workshops in foodcraft. Currently finishing part time studies of Mealecology at the university of Örebro. See less
Folke Nilsson avatar
Folke Nilsson Quality assurance management
Folke Nilsson. MSc in Computer Science from Linköping University, and has been working with software development, project management and consulting in quality assurance, QMS development and quality improvement for over 30 years. He was responsible for the implementation of TickIT in Sweden and has participated in the Development of TickITplus. ... See more
Folke Nilsson. MSc in Computer Science from Linköping University, and has been working with software development, project management and consulting in quality assurance, QMS development and quality improvement for over 30 years. He was responsible for the implementation of TickIT in Sweden and has participated in the Development of TickITplus. He is also responsible for ITQuality Nordic Institute in Sweden and member in JTISC, Joint TickIT Industry Committee. See less

Market

Target Market

The meal kit market has grown rapidly in the past five years. Blue Apron, established 4 years ago and the US market leader, has reached an IPO valuation of 2 billion USD purely by focusing on servicing this new sector. Our home market of Sweden, has been an earlier adopter of the meal kit service (see below). In 2015 online sales of groceries in Sweden were over 4 billion SEK having grown at a rate of 39 % in 2015 and 38% in 2016. The total grocery market in Sweden was valued at 259 billion SEK in 2015.

Competitive landscape

Market leading meal kit: Linas Matkasse
Price per portion: 40 - 65 kr
Financials: 968 million kr revenue internationally with a 6 percent operating margin in Sweden with an international revenue growth of 44% in 2015. 900 million kr valuation.

Supermarket branded meal kit, with in-store collection option: City gross,  ICA, COOP, Willys

Online grocery and meal kit offering: Mathem

All-organic meal kit: Ecoviva*
Financials: 19 million kr sales in 2015, with a 1,5% profit margin.

*They are a good role model in regards costs and profitability for MinFarm as we pursue our 2019 sales and profit milestones.

Unique differentiator from competitors

The key difference to what MinFarm offers and what no other meal kit of scale in the market does today, is to produce a meal kit with 100% of the ingredients supplied direct from local small farms, rather than from the warehouse logistics chains which are international and often industrial in the scale of their supply. We have been able to bring these small farms through the development of a unique local logistics chain that allows genuine local farm food delivery direct to a final modern food sorting and home delivery warehouse facility.    

Company revenue streams

Every online order from either our meal kit product line or online farm shop category generates a profit for MinFarm after all variable costs are calculated, including ingredients, packaging and logistics. This gross profit is 22% of the total price of 970 kr incl. VAT for our most popular and original meal kit product. Our cohort analysis of customer retention or churn for our subscription revenue model products, meal kit products, show a projected profit per customer after 1 year due to low Cost of Acquisition (COA) and good Average Customer Value (ACV).

Product/service distribution

All our products are available for home delivery, with some offering options for customers to collect at market days. Physical distribution of the products to each customer’s home, after sorting and packaging in our warehouse in Årsta, takes place by a third party cold storage van fleet which is fully integrated into our IT logistics system. Customers can track their order via their smartphone with a real time map showing the location of their delivery van and estimated arrival time of their order.

Execution

Previous milestones/traction

2013 First pilot of service carried out in Jämtland.
2014 Larger scale launch in Västerbotten, with over 250 households and 12 farms, for similar ‘Gårdsbutik’ or online farm shop products.
2015 Launch of Gårdsbutik service in Stockholm to over 1000 households
2016 Sales of over 3,6 million kr of Gårdsbutik products from over 40 small sustainable farms direct to local households.
2016 Meal kit service launched for Stockholm households. Over 250 units shipped on first delivery
2017 Over 530 units of meal kit delivered to households in single month

Next key objectives

2017 Supply 600 households with local meal kit direct from local small farms in a single month.
2017 Launch of kindergarten Matkasse to 10 pre-schools.
2017 Revenue of 6 million kr
2018 Successful 2nd round investment in new share issues for 3 year growth plan from private investors 2018 Decrease of Cost of  Acquisition (COA) costs to 200 kr and increase of 1 year Average Customer Value (ACV) to 1400 kr
2018 Revenue of 22 million kr,
2019 Company break even
2019 Revenue of 45 million kr

Previous Financing

2013 - 2017 Share purchases and shareholder contributions from original founding member team totalling 6,4 million kr, and one external private investor of 700 000 kr

Use of funds

Social media advertising and product development

Return on Investment

As MinFarm increases turnover due to an increased marketing budget and improve sales related KPI the share price is expected to increase. The company's value for larger e-retailers (or traditional retailers developing an online strategy) is the uniqueness of the product offering and the compatibility with larger online food retailers systems with online ordering and home delivery. Customers that are offered more categories of products buy more which logically leads to consolidation of services and companies in the sector. This creates an opportunity for shareholders to sell their shares and realize potential share price increases over the coming three years.

Risk Analysis

Future profitability of the company and ability to attract large capital investment needed for substantial growth depend on maintaining and improving customer Cost of Acquisition (COA)  and Average Customer Value (ACV). These numbers depend on many small incremental steps and tests, that can fail in their goals, with enough failed tests the larger targets become harder to achieve. To manage this risk MinFarm is extremely data driven, with each small change reviewed and future forecasts realigned to each outcome, giving good transparency to shareholders on setbacks and breakthroughs and their impact on forecasts.