Price per Share: €11
B-Shares Offered: 5,000
Issue Amount: €55,000
Fooever offers you a great possibility to join us in entering our markets now when the app is ready. This new way of facilitating for people to get the food they want or need is welcomed by very many groups of people and will revolutionize the way we trade food.
The problem this product solves
The sharing economy is flourishing. Airbnb has over 3 M transactions per month. Uber has made over 1 billion rides. Fooever has found that the potential within the food sector is still untapped. Today, many sharing economy solutions for restaurants exist, but the market for sharing food products on a local level is not yet saturated. Fooever takes on the bigger picture by hosting a platform for actors where food can be sold locally to the end consumers without crossing larger food chains.
How the product solves it
With the help of tags (origin, type of dish, type of food, allergy friendly, preparation time, etc) and geo-location, Fooever matches the providers with the buyers in one single solution. We include a payment solution, which helps pre-ordering and administration. We include a rating system, to reward quality. Fooever is for both food professionals and people who have food interests. The idea applies to everyone from the local tomato farmer to the seafood buffet caterer to meat sold directly from the hunter. In other words, Fooever includes all sorts of food in one app.
The platform is servicing two actors:
Fooders: The providers publish their merchandise (or service) in our web site. He or she adds the correct tags.
Foodies: The buyers search for the food products wanted in our app based on geo-location and tags. The payment takes place in the application after the order has been made.
In order to secure high quality products, the Fooder and Foodie rates one another after the purchase.
The site and the app is already produced and are currently in beta mode, being tested and will be ready to be published in April.
Product use cases
Fooders can be anyone from farmers, fisher men, hunters to wine-yards, breweries, juice makers, growers to chefs, caterers, bee keepers or people having certain knowledge within food and are willing to sell their services in a class or an event.
Foodies can be anyone interested in specific foods (organic, lactose free, locally produced…), who wants to save time (pre-order) or is looking for better prices.
Through Fooever people might also act on environmental grounds as transport and waste is minimized. Fooever can stimulate integration by helping immigrants to dine with locals, or earn money from cooking.
Fooever will start operating in Sweden by targeting food bloggers, journalists (interested in food, integration, evironmental improvements, and entrepreneurship), farmers market participants, home chefs and bakers, restaurants, etc. These actors will make a good case presenting Fooever also to other countries.
More than 40% of the Swedish population has used their mobile device for purchasing products in 2014. That is a 163% increase since 2012.
People want to know the Food’s origin and use less E-numbers (study by Bonnier, dec 2015).
Most people can be Foodies also for other reasons: saving money and time. Of course not only in Sweden.
Today, many sites facilitate meal sharing at people’s homes such as Airdine. Moreover, networks for farm shops such as Gardsnara.se and Garsbutiker-skane.se exist in addition to sites such as Direktfran.se where people can buy products directly from the producer. Regarding restaurants, the market offers help within transportation (Godsmak.se and Aptit.se) and pre-ordering (Waitress.se).
However, no solution exists for covering the online market for a seamless solution within peer-to-peer food sharing. Fooever offers all features above – searchable with tags, with user ratings, payment, and geolocalisation.
Unique differentiator from competitors
Fooever differentiates from other market actors by being the full solution and market place for people providing food and people wanting to buy food. Furthermore, Fooever clearly adds to the environment by decreasing waste and transportation. Fooever is also a platform for immigrants to dine with locals, to help integration.
There is also a time saving aspect included in the application as people are given the possibility to pre-order food. With tags, we facilitate for people to eat according to their wants (LCHF, vegan, etc.) and needs (allergies).
Company revenue streams
- Fooever makes revenues through transaction fees, and yearly fees for Fooders’ membership.
- Fooever takes a 35% cut of the transaction cost (after fees have been paid). This is at least €0,1/transaction to Fooever (depending on the amount of the transaction) and already built into the app.
- During 2016 Fooever will offer free memberships in order to gain content. However, in the following years Fooever will charge different amounts depending on what benefits the users are interested in on the site.
Advertising, ambassadors (Kickstarter), and social media campaigns are needed to get Foodies into the app.
In the app (the Foodie downloads it from Google Play or Apple Store) and through the web (the Fooder logs in to upload what he or she wants to offer). We use Stripe as payment solution and Azure as platform.
- Business idea: May 2015
- Business idea development: Summer 2015
- Ordering the specifications of the app, home page: August 2015
- Beta version ready: March 2016
- Kickstarter and Fundedbyme campaigns: March-April 2016
Social media and the Kickstarter campaign, plus PR work will help us gain content by Fooders. Foodies will then discover the app and the Fooders’ offers, to start make the transactions and hence generate money to Fooever. To reach the Foodies, we need more social media and advertisement campaigns.
Next key objectives
Fundedbyme and Kickstarter are tools to reach out to the market. We expect to get PR from being successful here, and get the word out that we are starting this revolution. And of course to raise money to go on with our marketing strategy.
First we need content from Fooders, to be able to advertise to Foodies. This means we will not open up other countries/cities than Sweden before we see that we have enough content. We expect social media effects when people who see their own benefit with Fooever share it as our ambassadors (also generated by Kickstarter campaign).
Up to this moment, the founder Fredrik Losman has invested €60.000 of his own capital to get the app and the site to its full functionality.
Use of Funds
Development of more functionality in the app: 50%
Marketing funds: 50%
Since there will be sales from transactions already this year, that will cover for even more app development and marketing, which is specified in the Forecast document.
The funds mean that we can be much faster and efficient in penetrating the important Swedish market, to make the most of our launch. That’s why you should invest now and not wait if you believe in our idea. If you see the potential as we do – this has the power to grow exponentially – we welcome you to join us!