Australian regenerative online grocery platform start-up Your Food Collective (YFC) has partnered with crowdfunding platform Equitise to raise $1.2 million for its growth plans.
The grocery delivery business launched in 2017, and has recorded 135 per cent growth year-on-year, a $1.6 million revenue run rate, and 12 per cent market penetration among its founding market. It has forecast $5 million revenue by FY22.
Through public investment, YFC is aiming to increase its commercial operations to become a household name within NSW and further across Australia. It will also use the funds to expand the company’s product range, develop white label products and advance its subscription model.
The online grocer’s technology and marketing model has secured more than 100 growers and producers that follow regenerative practices which reflect across the entirety of YFC’s supply chain in creating a carbon-positive food system.
In its four years, YFC’s motto has been to ‘lead consumer-driven change to a consumer-led problem’. The company has delivered around 50,000 orders, created a 60 per cent reduction in carbon emissions for more than 15,000 households and a 50 per cent reduction in food waste across its supply chain.
YFC co-founder and CEO Lauren Branson said by 2050, 50 per cent of hospitalisations will be due to lifestyle related diseases.
“Food is key to achieving all of the seventeen sustainable development goals outlined by the United Nations and we need to drive rapid, systemic change across all sectors of our food system to create a net zero emissions circular economy.
“If we can get food right, starting with the health of our soil, how our food is going, who it’s grown by and where it’s grown, we can drive significant change and start building a food system that will nourish our people and the planet. It’s not easy but we’ve built technology and an operating system to get better food to more people and celebrate sustainable farming practices,” said Branson.
YFC has near-term plans to grow to $28 million in FY24, aiming to have an impact in the $7 billion Australian online grocery industry which has been growing at an average of 25.7 per cent annually over the past five years.