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Eat My Lunch
By Eat My Lunch
97 people pledged
29 days left
NZ$675,000 minimum target
Pledges will only be confirmed if the target is reached by: 19/06/2019 at 7:00 PM (NZST)Make a Pledge
Eat My Lunch
Three and a half years ago, Eat My Lunch (EML) set off on a journey to give lunches to hungry kiwi kids.
We are a for-profit social enterprise that has grown to a $4million revenue company, employing 50+ people in Auckland and Wellington. With this commercial model, we've been able to Give more than 1.2 million lunches to kiwi kids in need.
With your help, we’ve been able to have an impact on thousands of kids who know that despite some of the challenges they might face, they will be fed a healthy lunch at school. We’re really proud of what we’ve achieved to date, but there is still a long way to go. To reach even more kiwi kids in need, we need to scale.
We are excited to be opening our first Eat My Lunch store to reach the impulse lunch market. We are also looking at how we can make even more impact to the kids through education and enabling families to make their own lunches. This is the next stage of growth for Eat My Lunch and we want to give you the opportunity to be part of this solution through this capital raise. Child hunger is not a problem we can solve alone.
To find out more about how you can help us scale our impact, please read our Information Memorandum.
THE PEOPLE BEHIND EML
Lisa, a mum of two, had spent 15 years in Marketing for companies such as Unilever, Fonterra, Heinz Watties, Bluebird and Cadbury's. After seeing a news piece about kids going to school without food, Lisa used her commercial skills and desire to do good, to bring EML to life. Recently Lisa was awarded MYOB Woman Entrepreneur of the Year and was also named a finalist for New Zealander of the Year 2019.
After coming up with the idea, Lisa approached renowned chef Michael Meredith. Michael was sold on the idea within minutes and since then, Michael has been responsible for the development of recipes, ensuring a high quality food standard, and inspiring kids through food. Michael was awarded the Queens Order of Merit for his services to the hospitality industry and to the community.
Everyday, our incredible team make and deliver thousands of lunches to our customers and kids. Our 50 paid staff are employed as production chefs in the kitchen, as courier drivers, in customer services, logistics and general operations. We are also supported by amazing advisors and Board.
One of the most unique and special aspects of EML are the volunteers. While our team makes the lunches for our customers, we are also incredible grateful to have 35 volunteers every morning who make the free lunches for the kids. Over the years, we've had more than 16,000 volunteers and to this day, we still have a 2-3 month waiting list for volunteering!
WHAT WE HAVE ACHIEVED SO FAR...
We launched from Lisa's home kitchen in June 2015. In that time, we have been blown away by the support of our customers, business partners, volunteers and the community. All of whom have helped us to achieve some significant milestones in just over 3 and a half years:
- Given over 1.2 million lunches to Kiwi kids (we currently Give to 79 schools in Auckland and Wellington).
- $4million net revenue in 2018, employing 50 staff
- Commercial kitchens in Auckland and Wellington
- Scalable systems and technology to make and deliver thousands of fresh, healthy meals everyday
- Inspired movement of over 16,000 volunteers
- Highly recognised brand with 50% brand awareness after 18 months and one of NZ's most well-known social enterprises
The impact EML has had on hungry kids goes beyond just filling hungry tummies. Schools have told us that because of EML:
- 62% saw improved attendance
- 69% saw improved behaviour
- 87% saw better concentration in class
- 89% saw improved health and wellbeing
While we're proud of what we've achieved, there is still a long way to go and our ambition is to SCALE so we can Give even more lunches.
We believe that this will be delivered through:
- EML Retail stores to capture the impulse market (those who don't decide what they want for lunch until the day)
- Building our sales and technology capabilities to engage more customers to buy lunches
- Educating and enabling families to make their own lunches
- Exploring the opportunity for EML to expand in NZ and Globally (we're looking at potentially licensing or franchising)
The money we are raising will help us execute and deliver on those strategies.
THE SHARE OFFER
This is the next stage of growth for EML and we want to give New Zealand the opportunity to own a share of our company through this raise. Child hunger is not a problem we can solve alone and we hope that kiwis will choose to be part of the solution and invest in a company that makes a difference! We are offering non-voting shares at $1 per share at a minimum investment of 500 shares. And to stay true to our mission, for every $500 you invest, we will Give 5 lunches to kids. With your investment, you will be helping us work towards realising our ambition. For our detailed financials, please refer to our Information Memorandum.
Our constitution is available here or on the Companies Register.
SOME OF OUR RISKS
Increased Competition: While there are many competitors providing catering, we believe that with our social purpose, model and established brand, we have a competitive advantage. We have also invested heavily in our supply chain and logistics systems which would be difficult for new players to replicate without a large amount of capital and industry experience.
Capability and Staff: As our business model is transitioning, management requirements and expertise will also need to change. Planning is in place for the recruitment of depth and capability to meet the needs of the business.
Increased Pricing of Ingredients: Continual review of pricing and suppliers has been an integral part of the business and our ability to work with Foodstuffs supplier base, has been a huge advantage. Seasonally based menus will allow us the flexibility to continually source and change our ingredients as required to maintain our margins at a healthy level.
Food Safety: In a fresh food business, food safety is always paramount and key. We have worked with the Ministry of Primary Industries to gain a multi-site approved food safety plan, as well as upgrading our procedures to meet Foodstuffs safety requirements. We have created a part time role to focus solely on ensuring that food safety procedures are adhered to, including continuous training of staff.
NOTE FROM PLEDGEME
We have completed a Veda check on the company and their Directors, as well as Insolvency and Google check. There were no adverse findings.
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|Maximum Shares Offered||2,000,000|
Explanation of valuation:
The valuation of Eat My Lunch was undertaken by the company Directors with internal and external professional input. We have considered how the targeted fund raise would affect the turnover and growth of the business and determined a long-term view for Eat My Lunch. We have used a number of models and industry benchmarks to determine business value and feel our current valuation is well-considered and reflects our understanding of and belief in the business.
|Prev Year||Current Year||Est. FY 2021||Est. FY 2022|
Company Name: Eat My Lunch Limited
Company Number: 5487501
(application/pdf, 5.78 MB, uploaded 20 May 2019)
(application/pdf, 317 KB, uploaded 20 May 2019)
|Lisa King||CEO & Director||https://www.linkedin.com/in/lisa-king-7392a621/||✔|
|Brendan Andrew Jones||Director||https://nz.linkedin.com/in/brendon-jones-29235242/||✗|
Ask a Question (You must login to ask a question)
You burned through approx $950k of cash between 2017 - 2018. What was this used for? And what assumptions have been made regarding cash burn rate in 2019, also why?
Furthermore, what was the cause of the increase in loss between 2016 and 2017? And how do you expect to reduce your losses by $788k in 2019?
What work is being done to reduce the order fulfilment window?
What support does Eat My Lunch receive from Foodstuffs (if any)?
Thank you in advance.Posted on 21-05-2019 by Harry Bates
Followers of Eat My Lunch
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"Love what you do - keep up the great work"
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"Thank you for the opportunity to invest in such a great initiative!"
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"Awesome to be able to support and amazing enterprise!"
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"Well done Lisa, Michael & team!! Can’t wait for the next stage"
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"Best of luck with everything "
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by Eat My Lunch
Minimum target: NZ$675,000
Days left: 29 days
by Eat My Lunch
Minimum target: NZ$675,000
Days left: 29 days