Angel Food Ltd
By Alice Shopland
PledgeMe.Investment
Food,
NZ $384,300 pledged
194 people pledged
Closed
NZ $200,200 minimum target
This campaign hit its maximum target on 24/07/2019 at 11:16 PM and is now closed.
Make a PledgeAbout
Angel Food Ltd
In 2006, we established Angel Food to help veganism become mainstream. Alice, our founder had been vegan for two years then and loved its far-reaching positive impacts for animals, people and environment (she still does!). We acknowledge how challenging it can be to change the cooking and eating habits of a lifetime — especially when we’re busy or dealing with stress. Because food is such a source of pleasure, we reckon it’s better to work with our food habits, rather than turn our backs on them - and that’s why we exist.
Things have really changed over the last few years! When we did our first PledgeMe equity campaign in 2015, we were supplying about 70 shops and 70 eateries. Today we supply 400 shops and 300 eateries — and our turnover has increased 10-fold. That massive growth was enabled by the investment made by our 80-plus shareholders - most of whom came on board with our first PledgeMe raise. (Thanks, y’all!)
2015 was also the year we took on our first permanent staff member, Immi Paterson (check her out at @immithevegan) — she’s still with us, but she’s now part of a team of eight! Our newest member of staff is our general manager, Leonard Mead. We're very proud to have grown the business to the point where it is ready to be led by someone of Leonard’s experience and calibre. And having him on board enables the team to focus on longer-term strategy.
We remember a woman shedding tears of joy when she realised that our cheese sauce mix would mean she could make macaroni cheese for her severely dairy-allergic daughter — she wanted to share her favourite childhood food memories with the new generation. Experiences like that – and people saying how our products have made it easy to eat less or no dairy — kept us going in the early days when someone less stubborn and idealistic might have given up!
Alice's dream of vegan food becoming mainstream is actually happening. A wide range of people are eating more plant-based meals because of the benefits for the environment, and we want to support everybody who’s making that change.
We're thrilled to be going out to our crowd again with this new equity raise. It’s a chance to brag a little, to share our plans for the future, and grow our team. We've learned over the last few years of rapid growth that sustainable progress only happens when you have a strong team.
As a shareholder you would be a key part of our team so if you would like to play a part in creating a kinder and more sustainable food future - we would love you to join us.
WHAT DRIVES US
At Angel Food we are alarmed by the climate crisis and other environmental damage. We are distressed by the suffering of animals farmed for food. Both of these can be mitigated when people eat plants rather than animals — which is why we aim to make the most delicious vegan products available at the best possible prices through the widest possible range of outlets.
Angel Food is a not-just-for-profit entity. It was founded with the intention of helping people transition away from eating animal products. We help this happen by providing delicious vegan alternatives that enable people to veganise their favourite meals. Our shareholders have entrusted us with their money and in the long term expect to see a reasonable return on their investment, whilst also expecting us to act in alignment with our core values.
OUR STORY SO FAR
2004 | Alice goes vegan |
2006 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
WHAT WE DO
We make delicious vegan dairy alternatives so that people can easily replace the dairy in their favourite meals. Our retail products are widely available through supermarkets and independent retailers throughout Aotearoa New Zealand; our foodservice products are available through major distributors nationwide, and are used by independent cafes and major pizza chains.
Taste testers in a New Zealand Herald feature (May 2019) had this to say about our products:
“Wow! It does taste like cream cheese!”
“It’s as close to cheddar as I think you could actually get, without it actually being a cheddar.”
MARKET OPPORTUNITY
In 2016, the total global vegan cheese market was valued at just over US$2billion – and it’s predicted to almost double by 2024 (Source: www.statista.com).
In New Zealand:
- 27% of New Zealanders say they are vegetarian or vegan “some, most or all of the time” - that’s up from 20% 3 years earlier (Colmar Brunton 2018).
- Two-thirds of New Zealanders eat vegetarian meals at least once a week (Colmar Brunton 2018).
- Google searches put New Zealand as the third most vegan-curious country in 2018 - 35% increase on two years earlier (NZ Herald 2018).
In Australia:
- 10% of the population are vegetarian or vegan (Roy Morgan 2018).
- More than half of adults cutting down on red meat (Roy Morgan 2018).
We regularly receive export enquiries (including from Asia, the Pacific, Australia and Europe) which we don’t currently have the resources to pursue. And we’re aware of other export opportunities that would be worth us proactively addressing. The market is growing in a very tantalising way!
WHY WE ARE CROWDFUNDING
We've identified key areas of strategic growth that are well suited to growing Angel Food, however we currently lack the capacity to address them. By equity crowdfunding, we are hoping to create the capacity needed to explore the following opportunities.
Area | Current challenge | Solution |
Sales | Busy just keeping up with existing customers | More staff resource, especially aiming at food service and hospitality markets |
Marketing | Minimal spend means we are missing lots of opportunities | Increase our spend closer to industry standard, to ensure that we’re front of mind for more of our customers and potential customers |
Systems | A complicated mix of office and operational systems that were sufficient when we were smaller | Improve and upgrade our internal systems, including stock control and planning - for greater efficiency. Improved cost controls for better profits |
Working capital | Fast growth leads to erratic cashflow some months | Reserves in the bank will support our strong growth and enable us to ride out the cashflow troughs |
Product development | We have delicious new products in development, but each launch puts a strain on our limited resources - this is slowing us down. | More resources for NPD will enable us to launch products more quickly. We will also investigate more efficient methods for manufacturing. Strengthen production/supply chain and quality control |
Export | We currently export small volumes of our non-chilled products (cheesy sauce mix and powdered parmesan alternative) to Australia | Detailed research into potential markets, especially for food service and hospitality. Develop strategy for developing the export side of the business. Follow up export enquiries |
SHARE OFFER
Share price: $35 per share
Minimum investment: $350
Minimum subscription: $200,200 (4.3% company equity)
Maximum subscription: $385,000 (7.95% company equity)
All Angel Food shares rank equally and have voting rights attached.
Pre-raise | Post-raise | |||
Shareholder | No. of shares | Ownership % | No. of shares | Ownership % |
Alice Shopland | 61960 | 48.63 | 61960 | 44.76 |
Colin Woods | 21210 | 16.65 | 21210 | 15.32 |
Yolanda Soryl | 10620 | 8.33 | 10620 | 7.67 |
87 shareholders each owning 3% or less | 33630 | 26.39 | 33630 | 24.3 |
New shareholders | --- | --- | 11000 | 7.95 |
TOTAL | 127420 | 100 | 138420 | 100 |
VALUATION
The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.
For comparison, the table below illustrates recent market transactions in the plant-based food sector.
Company | Transaction date | Country | Valuation ($mn) | Revenue ($mn) | Revenue multiple |
Angel Food | 2019 | NZ | 4.459 | 2.9 | 1.66 |
Little Bird | 2018 | NZ | 8 | 4.39 | 1.82 |
Lightlife | 2017 | USA | 195.6 | 55.9 | 3.5 |
Prosperity Organics | 2017 | USA | 10.25 | 3.13 | 3.27 |
Daiya | 2017 | USA | 431.2 | 95.8 | 4.5 |
OOOOBY | 2015 | NZ | 8 | 3 | 2.67 |
For detailed financials, please refer to our Information Memorandum.
USE OF CAPITAL
Purpose | If min. raised | If max. raised |
Product development | 40,000 | 80,000 |
Sales staff | 30,000 | 50,000 |
Marketing | 36,000 | 80,000 |
Working capital | 78,000 | 110,000 |
Export research | --- | 35,000 |
PledgeMe fees, legal and accounting fees, design | 16,200 | 30,000 |
TOTAL | 200,200 | 385,000 |
SHAREHOLDER RELATIONSHIP
We intend to continue investing heavily in growth for the next few years. We have not yet paid any dividends to shareholders, but once we are consistently profitable we will review this. We update our shareholders at least quarterly by email, and invite all shareholders to our AGM. Currently all shares - including those in this offer - carry voting rights.
We are focused on the positive impacts of growing and maintaining our vision, and currently have no plans to sell the company.
Because Angel Food is a private company, your shares will lack liquidity. This means you can’t count on being able to sell them quickly. If shareholders do want to buy or sell shares, you can register your interest with us and we can help facilitate the buying and selling of shares if there’s interest.
THE TEAM
OUR RISKS
- Increased competition — the market today is very different from even a couple of years ago and is continuing to evolve at a rapid pace. We are very conscious of the need to stay nimble and adaptable.
- Competitive Australian market — we will proceed cautiously, and will stage the process to minimise risk. We will remain open to other export markets.
- Reliance on key personnel — as with any small business, we are reliant on a small number of key staff. We have invested in robust systems and specialised software to capture institutional knowledge within the business and ensure consistency and continuity. This risk will gradually reduce as we grow. We will continue to treat our staff well so that Angel Food remains a desirable place to work.
- Cashflow — will be an on-going challenge, as it is for any growing business. We are in the process of employing a financial controller.
- Regulatory — internationally there is pushback from animal agriculture about terms such as ‘cheese’ being used for dairy alternatives. We are monitoring this but don’t see it as a threat.
You can find a copy of our constitution here or on the Companies Register.
A 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.
CONTACTS
Angel Food Ltd: [email protected]
PledgeMe Ltd: [email protected]
Updates 5
You need to pledge to see this update.
We have reached our maximum target!
25/07/2019 at 7:08 AM
We are excited and grateful and humbled by the 194 people who have pledged to purchase shares through this campaign, taking us to our maximum target in just 9 days after launching to the public on July 15.
We're also excited about getting stuck into the important projects this funding will enable. Exciting times!
Great progress!
22/07/2019 at 10:10 AM
Kia ora e te whanau. Just a quick note to say that we are absolutely thrilled with the progress of our campaign (we're just over $302,000 at the time of writing), and humbled by everybody's amazing support. Alice (our founder) will be doing a Facebook Live this evening, chatting with Anna from Pledgeme about the company and the campaign.
Click here to see the Facebook event details, and please join/watch/ask questions!
Thank you! We've exceed our minimum target already!
19/07/2019 at 5:26 PM
Kia ora e te whānau!
A massive, heartfelt (vegan) cheesy thanks for getting us past our minimum target just five days into the campaign! We are thrilled with the support and aroha you have shown us.
We still have 17 days to go on our campaign so we are cautiously optimistic that we will achieve our maximum goal of $385,000.
Thank you again for coming on board. We are excited about our journey ahead and working together towards a more plant-based Aotearoa.
Ngā mihi,
Alice
What a great start!
17/07/2019 at 9:28 AM
Our crowdfunding campaign launched to the public on Monday evening and, as I write this 36 hours later, we welcome 50 new shareholders-to-be! Their pledges bring us to over half of our minimum target of $200,200 already - thank you so much to all who have pledged and shared the campaign with your networks. (Please keep sharing!)
If you have questions, please ask!
Details
Offer Details
Current Valuation | 4,459,700 |
Raise Minimum | 200,200 |
Raise Maximum | 385,000 |
Share Price | 35.00 |
Minimum Pledge | 350.00 |
Maximum Shares Offered | 11,000 |
Explanation of valuation:
The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.
Please refer to the Information Memorandum for more detailed financial information.
Financial Summary
Prev Year | Current Year | Est. FY 2026 | Est. FY 2027 | |
---|---|---|---|---|
Revenue | NZ $ | NZ $ | NZ $ | NZ $ |
Operating Expenses | NZ $ | NZ $ | NZ $ | NZ $ |
EBITDA | NZ $ | NZ $ | NZ $ | NZ $ |
Net Profit | NZ $ | NZ $ | NZ $ | NZ $ |
Company Details
Company Name: Angel Food Limited
Company Number: 1830413
Company Documents
Director Details
Name | Role | Profile URL | Invested? |
---|---|---|---|
Alice Shopland | Founder-at-large | https://www.linkedin.com/in/alice-shopland-657a1344/ | ✔ |
Colin Woods | Director | http:// | ✔ |
Questions 2
How much share dilution will first round equity shareholders be effected by after 2nd rounds done? cheers
Posted on 23-07-2019 by ChrisHi! If we reach our maximum then existing shareholders' equity will be diluted by 7.95%. There's a table on page 13 of the information memorandum showing details.
Answered on 24-07-2019 by Alice Shopland
Will the cost of your dairy free cheese align with dairy cheese prices one day? or depends on demand? will you make 1kg blocks? cheers
Posted on 23-07-2019 by ChrisHi Chris. Yes I believe the cost of dairy-free cheese alternatives will gradually decrease as volumes increase - it's still a niche product, but it's a niche that is growing quickly! We do make 1kg blocks for food service customers - when there is sufficient demand we would love to launch that as a retail product too.
Answered on 24-07-2019 by Alice Shopland
Pledgers 194
16/07/2019 at 9:20pm
16/07/2019 at 8:48pm
16/07/2019 at 8:32pm
16/07/2019 at 7:40pm
16/07/2019 at 7:26pm
16/07/2019 at 7:06pm
16/07/2019 at 6:53pm
16/07/2019 at 6:19pm
16/07/2019 at 2:17pm
16/07/2019 at 12:55pm
16/07/2019 at 12:27pm
"We love how this can help regenerate our land - and yummm vegan cheese!"
16/07/2019 at 12:14pm
"i only just missed the first pledge campaign, i'm glad i haven't missed the second. I'm happy to invest my money into a company that is making a positive change in the world"
16/07/2019 at 11:08am
16/07/2019 at 10:26am
16/07/2019 at 10:00am
16/07/2019 at 9:40am
16/07/2019 at 9:32am
16/07/2019 at 9:31am
16/07/2019 at 9:29am
16/07/2019 at 9:26am
16/07/2019 at 12:02am
15/07/2019 at 11:06pm
"We need to get behind these population-saving initiatives. Join in! "
15/07/2019 at 8:24pm
"Keep up the amazing work! Transforming our world into a better place."
15/07/2019 at 7:17pm
15/07/2019 at 6:57pm
"I tried a vegan pizza cooked by the one and only Kelsey Heath, and it won me over on the first bite"
15/07/2019 at 6:40pm
15/07/2019 at 6:21pm
15/07/2019 at 5:48pm
15/07/2019 at 5:11pm
14/07/2019 at 11:26pm
Followers 50
Followers of Angel Food Ltd
Angel Food Ltd
In 2006, we established Angel Food to help veganism become mainstream. Alice, our founder had been vegan for two years then and loved its far-reaching positive impacts for animals, people and environment (she still does!). We acknowledge how challenging it can be to change the cooking and eating habits of a lifetime — especially when we’re busy or dealing with stress. Because food is such a source of pleasure, we reckon it’s better to work with our food habits, rather than turn our backs on them - and that’s why we exist.
Things have really changed over the last few years! When we did our first PledgeMe equity campaign in 2015, we were supplying about 70 shops and 70 eateries. Today we supply 400 shops and 300 eateries — and our turnover has increased 10-fold. That massive growth was enabled by the investment made by our 80-plus shareholders - most of whom came on board with our first PledgeMe raise. (Thanks, y’all!)
2015 was also the year we took on our first permanent staff member, Immi Paterson (check her out at @immithevegan) — she’s still with us, but she’s now part of a team of eight! Our newest member of staff is our general manager, Leonard Mead. We're very proud to have grown the business to the point where it is ready to be led by someone of Leonard’s experience and calibre. And having him on board enables the team to focus on longer-term strategy.
We remember a woman shedding tears of joy when she realised that our cheese sauce mix would mean she could make macaroni cheese for her severely dairy-allergic daughter — she wanted to share her favourite childhood food memories with the new generation. Experiences like that – and people saying how our products have made it easy to eat less or no dairy — kept us going in the early days when someone less stubborn and idealistic might have given up!
Alice's dream of vegan food becoming mainstream is actually happening. A wide range of people are eating more plant-based meals because of the benefits for the environment, and we want to support everybody who’s making that change.
We're thrilled to be going out to our crowd again with this new equity raise. It’s a chance to brag a little, to share our plans for the future, and grow our team. We've learned over the last few years of rapid growth that sustainable progress only happens when you have a strong team.
As a shareholder you would be a key part of our team so if you would like to play a part in creating a kinder and more sustainable food future - we would love you to join us.
WHAT DRIVES US
At Angel Food we are alarmed by the climate crisis and other environmental damage. We are distressed by the suffering of animals farmed for food. Both of these can be mitigated when people eat plants rather than animals — which is why we aim to make the most delicious vegan products available at the best possible prices through the widest possible range of outlets.
Angel Food is a not-just-for-profit entity. It was founded with the intention of helping people transition away from eating animal products. We help this happen by providing delicious vegan alternatives that enable people to veganise their favourite meals. Our shareholders have entrusted us with their money and in the long term expect to see a reasonable return on their investment, whilst also expecting us to act in alignment with our core values.
OUR STORY SO FAR
2004 | Alice goes vegan |
2006 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
WHAT WE DO
We make delicious vegan dairy alternatives so that people can easily replace the dairy in their favourite meals. Our retail products are widely available through supermarkets and independent retailers throughout Aotearoa New Zealand; our foodservice products are available through major distributors nationwide, and are used by independent cafes and major pizza chains.
Taste testers in a New Zealand Herald feature (May 2019) had this to say about our products:
“Wow! It does taste like cream cheese!”
“It’s as close to cheddar as I think you could actually get, without it actually being a cheddar.”
MARKET OPPORTUNITY
In 2016, the total global vegan cheese market was valued at just over US$2billion – and it’s predicted to almost double by 2024 (Source: www.statista.com).
In New Zealand:
- 27% of New Zealanders say they are vegetarian or vegan “some, most or all of the time” - that’s up from 20% 3 years earlier (Colmar Brunton 2018).
- Two-thirds of New Zealanders eat vegetarian meals at least once a week (Colmar Brunton 2018).
- Google searches put New Zealand as the third most vegan-curious country in 2018 - 35% increase on two years earlier (NZ Herald 2018).
In Australia:
- 10% of the population are vegetarian or vegan (Roy Morgan 2018).
- More than half of adults cutting down on red meat (Roy Morgan 2018).
We regularly receive export enquiries (including from Asia, the Pacific, Australia and Europe) which we don’t currently have the resources to pursue. And we’re aware of other export opportunities that would be worth us proactively addressing. The market is growing in a very tantalising way!
WHY WE ARE CROWDFUNDING
We've identified key areas of strategic growth that are well suited to growing Angel Food, however we currently lack the capacity to address them. By equity crowdfunding, we are hoping to create the capacity needed to explore the following opportunities.
Area | Current challenge | Solution |
Sales | Busy just keeping up with existing customers | More staff resource, especially aiming at food service and hospitality markets |
Marketing | Minimal spend means we are missing lots of opportunities | Increase our spend closer to industry standard, to ensure that we’re front of mind for more of our customers and potential customers |
Systems | A complicated mix of office and operational systems that were sufficient when we were smaller | Improve and upgrade our internal systems, including stock control and planning - for greater efficiency. Improved cost controls for better profits |
Working capital | Fast growth leads to erratic cashflow some months | Reserves in the bank will support our strong growth and enable us to ride out the cashflow troughs |
Product development | We have delicious new products in development, but each launch puts a strain on our limited resources - this is slowing us down. | More resources for NPD will enable us to launch products more quickly. We will also investigate more efficient methods for manufacturing. Strengthen production/supply chain and quality control |
Export | We currently export small volumes of our non-chilled products (cheesy sauce mix and powdered parmesan alternative) to Australia | Detailed research into potential markets, especially for food service and hospitality. Develop strategy for developing the export side of the business. Follow up export enquiries |
SHARE OFFER
Share price: $35 per share
Minimum investment: $350
Minimum subscription: $200,200 (4.3% company equity)
Maximum subscription: $385,000 (7.95% company equity)
All Angel Food shares rank equally and have voting rights attached.
Pre-raise | Post-raise | |||
Shareholder | No. of shares | Ownership % | No. of shares | Ownership % |
Alice Shopland | 61960 | 48.63 | 61960 | 44.76 |
Colin Woods | 21210 | 16.65 | 21210 | 15.32 |
Yolanda Soryl | 10620 | 8.33 | 10620 | 7.67 |
87 shareholders each owning 3% or less | 33630 | 26.39 | 33630 | 24.3 |
New shareholders | --- | --- | 11000 | 7.95 |
TOTAL | 127420 | 100 | 138420 | 100 |
VALUATION
The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.
For comparison, the table below illustrates recent market transactions in the plant-based food sector.
Company | Transaction date | Country | Valuation ($mn) | Revenue ($mn) | Revenue multiple |
Angel Food | 2019 | NZ | 4.459 | 2.9 | 1.66 |
Little Bird | 2018 | NZ | 8 | 4.39 | 1.82 |
Lightlife | 2017 | USA | 195.6 | 55.9 | 3.5 |
Prosperity Organics | 2017 | USA | 10.25 | 3.13 | 3.27 |
Daiya | 2017 | USA | 431.2 | 95.8 | 4.5 |
OOOOBY | 2015 | NZ | 8 | 3 | 2.67 |
For detailed financials, please refer to our Information Memorandum.
USE OF CAPITAL
Purpose | If min. raised | If max. raised |
Product development | 40,000 | 80,000 |
Sales staff | 30,000 | 50,000 |
Marketing | 36,000 | 80,000 |
Working capital | 78,000 | 110,000 |
Export research | --- | 35,000 |
PledgeMe fees, legal and accounting fees, design | 16,200 | 30,000 |
TOTAL | 200,200 | 385,000 |
SHAREHOLDER RELATIONSHIP
We intend to continue investing heavily in growth for the next few years. We have not yet paid any dividends to shareholders, but once we are consistently profitable we will review this. We update our shareholders at least quarterly by email, and invite all shareholders to our AGM. Currently all shares - including those in this offer - carry voting rights.
We are focused on the positive impacts of growing and maintaining our vision, and currently have no plans to sell the company.
Because Angel Food is a private company, your shares will lack liquidity. This means you can’t count on being able to sell them quickly. If shareholders do want to buy or sell shares, you can register your interest with us and we can help facilitate the buying and selling of shares if there’s interest.
THE TEAM
OUR RISKS
- Increased competition — the market today is very different from even a couple of years ago and is continuing to evolve at a rapid pace. We are very conscious of the need to stay nimble and adaptable.
- Competitive Australian market — we will proceed cautiously, and will stage the process to minimise risk. We will remain open to other export markets.
- Reliance on key personnel — as with any small business, we are reliant on a small number of key staff. We have invested in robust systems and specialised software to capture institutional knowledge within the business and ensure consistency and continuity. This risk will gradually reduce as we grow. We will continue to treat our staff well so that Angel Food remains a desirable place to work.
- Cashflow — will be an on-going challenge, as it is for any growing business. We are in the process of employing a financial controller.
- Regulatory — internationally there is pushback from animal agriculture about terms such as ‘cheese’ being used for dairy alternatives. We are monitoring this but don’t see it as a threat.
You can find a copy of our constitution here or on the Companies Register.
A 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.
CONTACTS
Angel Food Ltd: [email protected]
PledgeMe Ltd: [email protected]
You need to pledge to see this update.
We have reached our maximum target!
25/07/2019 at 7:08 AM
We are excited and grateful and humbled by the 194 people who have pledged to purchase shares through this campaign, taking us to our maximum target in just 9 days after launching to the public on July 15.
We're also excited about getting stuck into the important projects this funding will enable. Exciting times!
Great progress!
22/07/2019 at 10:10 AM
Kia ora e te whanau. Just a quick note to say that we are absolutely thrilled with the progress of our campaign (we're just over $302,000 at the time of writing), and humbled by everybody's amazing support. Alice (our founder) will be doing a Facebook Live this evening, chatting with Anna from Pledgeme about the company and the campaign.
Click here to see the Facebook event details, and please join/watch/ask questions!
Thank you! We've exceed our minimum target already!
19/07/2019 at 5:26 PM
Kia ora e te whānau!
A massive, heartfelt (vegan) cheesy thanks for getting us past our minimum target just five days into the campaign! We are thrilled with the support and aroha you have shown us.
We still have 17 days to go on our campaign so we are cautiously optimistic that we will achieve our maximum goal of $385,000.
Thank you again for coming on board. We are excited about our journey ahead and working together towards a more plant-based Aotearoa.
Ngā mihi,
Alice
What a great start!
17/07/2019 at 9:28 AM
Our crowdfunding campaign launched to the public on Monday evening and, as I write this 36 hours later, we welcome 50 new shareholders-to-be! Their pledges bring us to over half of our minimum target of $200,200 already - thank you so much to all who have pledged and shared the campaign with your networks. (Please keep sharing!)
If you have questions, please ask!
Offer Details
Current Valuation | 4,459,700 |
Raise Minimum | 200,200 |
Raise Maximum | 385,000 |
Share Price | 35.00 |
Minimum Pledge | 350.00 |
Maximum Shares Offered | 11,000 |
Explanation of valuation:
The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.
Please refer to the Information Memorandum for more detailed financial information.
Financial Summary
Prev Year | Current Year | Est. FY 2026 | Est. FY 2027 | |
---|---|---|---|---|
Revenue | NZ $ | NZ $ | NZ $ | NZ $ |
Operating Expenses | NZ $ | NZ $ | NZ $ | NZ $ |
EBITDA | NZ $ | NZ $ | NZ $ | NZ $ |
Net Profit | NZ $ | NZ $ | NZ $ | NZ $ |
Company Details
Company Name: Angel Food Limited
Company Number: 1830413
Company Documents
Director Details
Name | Role | Profile URL | Invested? |
---|---|---|---|
Alice Shopland | Founder-at-large | https://www.linkedin.com/in/alice-shopland-657a1344/ | ✔ |
Colin Woods | Director | http:// | ✔ |
How much share dilution will first round equity shareholders be effected by after 2nd rounds done? cheers
Posted on 23-07-2019 by ChrisHi! If we reach our maximum then existing shareholders' equity will be diluted by 7.95%. There's a table on page 13 of the information memorandum showing details.
Answered on 24-07-2019 by Alice Shopland
Will the cost of your dairy free cheese align with dairy cheese prices one day? or depends on demand? will you make 1kg blocks? cheers
Posted on 23-07-2019 by ChrisHi Chris. Yes I believe the cost of dairy-free cheese alternatives will gradually decrease as volumes increase - it's still a niche product, but it's a niche that is growing quickly! We do make 1kg blocks for food service customers - when there is sufficient demand we would love to launch that as a retail product too.
Answered on 24-07-2019 by Alice Shopland
Followers of Angel Food Ltd
16/07/2019 at 9:20pm
16/07/2019 at 8:48pm
16/07/2019 at 8:32pm
16/07/2019 at 7:40pm
16/07/2019 at 7:26pm
16/07/2019 at 7:06pm
16/07/2019 at 6:53pm
16/07/2019 at 6:19pm
16/07/2019 at 2:17pm
16/07/2019 at 12:55pm
16/07/2019 at 12:27pm
"We love how this can help regenerate our land - and yummm vegan cheese!"
16/07/2019 at 12:14pm
"i only just missed the first pledge campaign, i'm glad i haven't missed the second. I'm happy to invest my money into a company that is making a positive change in the world"
16/07/2019 at 11:08am
16/07/2019 at 10:26am
16/07/2019 at 10:00am
16/07/2019 at 9:40am
16/07/2019 at 9:32am
16/07/2019 at 9:31am
16/07/2019 at 9:29am
16/07/2019 at 9:26am
16/07/2019 at 12:02am
15/07/2019 at 11:06pm
"We need to get behind these population-saving initiatives. Join in! "
15/07/2019 at 8:24pm
"Keep up the amazing work! Transforming our world into a better place."
15/07/2019 at 7:17pm
15/07/2019 at 6:57pm
"I tried a vegan pizza cooked by the one and only Kelsey Heath, and it won me over on the first bite"