Love With Food, a US based delivery service for healthy snacks has announced its international expansion, includes Singapore reports Tech In Asia.
The startup launched in 2012 by Aihui Ong, a US based Singaporean who noticed a missing gap in the food business.
In the US, a consumer can discover food through grocery stores, supermarkets and so on. The problem with them is that there’s limited shelf space, and new products get rejected because of this, as shelf space is reserved for bigger brands. – Aihui Ong, Founder of Love With Food.
What is Love With Food?
The startup is a subscription-based service that sends you a box of all-natural, organic, and gluten-free snacks. Everything in the box comes from smaller food brands that want to get their product in front of customers.
The company sells consumer data to companies looking to benefit from insights (product feedback and preferences).
Monetizing its data contributes about 10% of Love With Food’s current revenue, as the company started charging for that service only last year. The rest comes in through subscriptions. Over time, the company hopes the data business will bring in around half of the revenue.
By owning valuable consumer data, Love With Food is able to protect itself from a competitive grocery delivery market.
The startup also has a social impact component; Love With Food is in the process of coordinating with a global food bank network, so it can provide meals to countries where the purchases come from.
So far, Love With Food has raised $4 million in external funding and has acquired four other startups like gluten-free meal service G-Free Foodie Box Club and subscription food provider Taste Guru. Its revenue last year was $4.5 million and this year it expects to double that to about $10 million.
The company will expand to 25 new countries simultaneously because it has seen enough demand from other markets to justify the move. It has also achieved a big enough scale in the US market to be able to negotiate better shipping rates.
A version of this appeared in Tech In Asia on August 2. Read the full version here.