Angel Food Limited

By Alice Shopland

PledgeMe.Investment

Food,



NZ $217,633 pledged


107 people pledged


Closed


NZ $199,990 minimum target


Min

NZ$199,990

Max

NZ$500,009

100 100% Complete

This campaign was successful and closed on 14/07/2023 at 9:00 PM.

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About

Angel Food Limited

Letter from the Founder

Ever since going vegan in 2004 I’ve wanted to help more people eat plant-based more often: for people, planet and animals. That’s why I founded Angel Food in 2006. Angel Food is founder-led and mission-driven.

 

We focus on cheese alternatives because:

  • Cheese is a key ingredient in many favourite meals
  • The impact of dairy is huge – for the environment and for the animals
  • Plant-based cheese has half the environmental impact of dairy cheese

 

In 2015 we launched the first plant-based cheese to be commercially made in Aotearoa. Angel Food is the leading brand in this growing sector in New Zealand and we aim to also be the leading brand in Australia in the next few years.

 

We are New Zealand’s #1 plant-based cheese thanks to our crowd: crowdfunding rounds in 2015 and 2019 enabled us to grow fast and establish our leadership position while the category was in its infancy. Revenue grew 3.5x in the two years following our 2015 raise, then another 1.4x following our 2019 raise. Two years from this raise we’re projecting 3.1x revenue growth. See our revenue projection table below. We’re excited to be going back to our crowd to support the next phase of our growth.

 

Despite a few tough years we are still #1 in retail. As a purpose-led brand this is what we want: a strong consumer brand in the retail channel is what will help us deliver the greatest impact. We’ve been around for 17 years and are still totally committed to our mission of making it easier for more people to choose plant-based meals more often.

 

Where other plant-based categories – like milks, yoghurt and icecream – are mature and crowded, plant-based cheese is still in its infancy: there is still lots of room for growth.

 

We have great distribution in Aotearoa but we’re not satisfied with that. We’ve developed great products and a great brand in a space that has a very positive impact - and we want to share it with the world, starting with Australia!

 

Alice Shopland

 

What we've achieved

Financial success - Revenue growth was between 16% and 133% year on year for the eight years prior to Covid, the greatest growth being: +$258K in FY17 and +$415K in FY21, the second year after each raise. Read more about our financial success in our Information Memorandum.

Market standing - Angel Food is not only Aotearoa’s largest plant-based cheese company, we are the most experienced, at the ripe old age of 17. We make more than 130 tonnes of cheese per year and fans can access Angel Food in more than 350 retail stores and an estimated 1000+ food service outlets across New Zealand. Read more about our market standing in our Information Memorandum.

Environmental impact - Our plant-based cheese alternatives have on average about half the environmental impact of their dairy equivalents. 

Read our full Information Memorandum here

 

Our products

 

 

We make delicious plant-based cheese alternatives for everyday enjoyment.

 

Our mission is to make it easier for more people to choose plant-based meals more often, and we reckon good quality plant-based cheese is crucial to achieving that. We often hear people saying they’d love to be vegan or eat mainly plant-based, “but I couldn’t live without cheese”. We get it!

 

Cheese is delicious and it’s a key part of many of the favourite meals many of us grew up with. Food is a deeply emotional subject because it is so intertwined with family culture and other social networks. Rather than asking people to go without those meals, or have them without the cheese, we provide plant-based alternatives which are an easy swap for the dairy cheese

 

Market Opportunity

 

1. Consumer demand for plant-based products is increasing. This is driven by a desire for more sustainable and healthier options.

 

2. The largest generation wants healthier foods which are plant-based.

 

3. Millennials and Gen Z, which together comprise 40% of the NZ/Australian population and whose spending power will continue to grow, demonstrate particularly high demand for both plant-based and healthy foods.

 

4. 70 per cent of millennials are cutting back on animal products in their diet.

 

5. Plant-based milk and yoghurt has shown strong growth to date and plant-based cheese is the last category to take off, forecast to reach $74m across Australia & NZ by 2027. (Source: Euromonitor 2022)

 

6. Until now, plant-based cheese growth has been slow, due to the taste and performance gap vs dairy equivalents. The opportunity lies in closing this gap, something which Angel Food has the ability to do. With superior taste profiles and melting performance than the competitive set, Angel Food is well positioned to lead the category growth in NZ and be a strong player in the Australian market too.

 

Strategic Growth Plan

What we're going to do next

  • Prepare for launch into Australia in 2024
  • Continue new product development
  • Continue improvement of existing products
  • Amp up our marketing
  • Hire an experienced GM to lead the next phase of growth
  • Maximise opportunities in New Zealand

Our Australian launch will require $1 million investment. This is the first part of that raise. We’re taking a stepped approach so we can maximise value for our shareholders at each stage.

 

Read our full Information Memorandum here

 

Proposed use of capital

  • Marketing – Increased investment in marketing to ensure the total target consumer audience is reached with sufficient frequency to support their shift through the funnel towards trial. ($55,000 - $200,000)
  • Innovation – increased investment in new product development projects, including but not limited to raw materials and factory trials, and packaging design and development. ($23,000 - $50,000)
  • People – funding to support hiring 1) a General Manager to increase internal sales and management capability, freeing up existing resources to better focus on marketing. 2) An additional product development resource to speed up innovation progress to drive revenue growth. ($112,000 - $150,000)
  • Working Capital ($10,000 - $100,000)

 

 

Financial Information

Profit & loss

You can read our profit and loss assumptions in our full investment document here.

Balance sheet

Share offer

We are offering up to 15,106 shares at $33.10 each which will equate to a total of 9.8%* of the shares in Angel Food Limited. The minimum individual investment is $331 for 10 shares.

All Angel Food shares are voting shares and have full voting rights attached. You can read more about the rights attached to shares in our Constitution

Read more about our share offer, and view our Capitalisation Table, in our full investment document here.

 

Our team

ALICE SHOPLAND - Founder and Managing Director

Alice founded Angel Food in 2006. She’s steered the business from tiny beginnings in an obscure segment to nationwide distribution and leadership of a growing category. She is currently general manager, and is also responsible for sales and marketing.

 

COLIN WOODS - Director

Colin is Alice’s husband and has been involved in the business since 2011, doing everything from working at trade shows to packing orders to building shelf-life testing cabinets - and helping to map out the future of the business. He’s a musician, a scientist and a PhD student.

 

JUSTIN MAHER - Innovation & Technical Manager

Justin joined Angel Food in early 2021 with a broad background in food technology and QA roles, and he is now one of Aotearoa’s leading experts in plant-based cheese technologies. As well as developing new products he is responsible for liaising with our manufacturer, food safety/QA, and controlling costs. He’s an artist and keen squash player.

 

EVITA GROET-PAIRAMA - Supply Chain & Accounts Manager

Evita joined Angel Food in 2019 as a part-time admin assistant and rose quickly up the ranks to become a senior member of the team, overseeing Two of her three beautiful children have been born during her time with Angel Food. Evita is an ethical vegan and keen foodie.

 

AVALON HEWITT - Accounts Admin & Customer Support

Avalon joined Angel Food in early 2021 while doing post-grad study. She’s now working as a music therapist but continues to work part-time for Angel Food because of the variety it brings to her work life. Avalon is also learning te reo, sings in a band, and is a champion cheesecake maker.

 

MATTY SHONE - Sales Coordinator & Admin Support

Matty joined Angel Food in mid-2022. He’s the vital glue in our daily processes - he makes sure, for example, that orders get to where they’re supposed to be when they’re supposed to be there. Matty is a keen gamer and aspiring dead-pan comedian with his own Twitch stream.

 

Governance

The Angel Food Board comprises Alice Shopland and Colin Woods. They are supported by an informal network of high-experienced advisers including Anna Subritzky, an experienced FMCG consultant acting in an advisory capacity.

 

Read our full Information Memorandum here

 

Risks

  • Another community outbreak of COVID-19 - we lost significant amounts of stock in the first outbreak and now keep a much tighter rein on stock levels, which reduces this risk (and helps cashflow). We are also now experienced at pivoting in these situations. If another outbreak impacts our ability to function as normal, we will take advantage of any government assistance offered.
  • Key staff leaving - one of the benefits of growing the business is growing the team, to reduce the depth of our reliance on individual staff members. We work hard to make people feel like valued members of the team. Our processes and intellectual property are thoroughly documented for the sake of robustness.
  • Increased competition in the plant-based cheese market - we are well-established as New Zealand’s original and leading brand of plant-based cheese alternatives. We will continue to protect that reputation and grow the market with innovative R&D. Being a founder-led, mission-driven brand sets us apart from our competition.
  • Changes in the Australian market mean it is no longer best export market for us - we see Australia as the natural next step but are watching developments closely and observing other market opportunities in case we need to change our plans.
  • Cost of goods increases - invest time in maintaining a list of alternative sources/alternative ingredients which we can switch between when price rises occur.
  • Cashflow challenges - this raise is the first part of a total $1million raise to support the growth in NZ and a strong entry into the Australian market. $400k is required this financial year. If this raise achieves less than that figure then we would bring forward the next funding round.

 

Note from PledgeMe

We have completed Equifax checks on Angel Food and their Directors, as well as Google and Insolvency checks. There were no adverse findings.

Updates 9

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You need to pledge to see this update.

We did it! Thank yooooooooou!!!!

15/07/2023 at 3:16 PM

Thanks so much to everyone who contributed to our campaign either by investing or promoting or both! It's been an intense four weeks but we are very happy with the result, and excited about embarking on the next steps towards launching in Australia.

Look forward to talking with you soon.

Alice

Final day and we're at 88% of our target!

14/07/2023 at 8:04 AM

Happy Matariki! I'm thrilled to be starting our final day of the campaign with 88% of our target achieved - our goal is in sight now! Any last minute sharing with friends will really help us achieve and exceed our target - and that will mean we can increase our reach and our impact for people, planet and animals. Kia ora! Alice

We're live at 8pm tonight!

12/07/2023 at 5:17 PM

I'm looking forward to talking with team PledgeMe in a few hours (8pm NZ time) about my journey from 'traitor' (in my dairy-centric homeland) to impact-focused entrepreneur! Would love to have you join us - and bring your burning questions about Angel Food and plant-based cheese!! Here's the link. Ngā mihi, Alice

Counting down for the final week of our campaign!

07/07/2023 at 6:24 PM

 

Kia ora on this wet chilly Friday evening! We’re just one week away from the end of the campaign now and you’ll be hearing from me a lot over the next week because I am determined to do everything I can to get us at least to our minimum target!

I started Angel Food 17 years ago and the business has been through lots of challenging times. I’m pretty stubborn and determined, and that is what has seen me stick with it during those times when it was tempting to throw in the towel.

 

I am dedicated to the business and to my mission of making it easier for more people to choose plant-based more often. I consider it to be important work!

 

And I’m glad to be going out to our crowd asking you to be part of this work.

 

If you’ve pledged already, thank you so much! It means everything to us.

If you’re considering joining us as a shareholder, come on in!

And whether you’ve pledged or not, we would really really appreciate you helping to get the word out about our campaign, by sharing this link: https://www.pledgeme.co.nz/investments/546-angel-food-limited

 

Ngā mihi mahana

Alice Shopland

Why we're so keen to get into the Australian market

03/07/2023 at 3:45 PM

Our current equity crowdfunding raise is focused on supporting our Australian ambitions. If you’re wondering why we’re so keen on Oz, here’s some ways it will impact the company:

·      Although we’ve grown significantly in the last 5 years, plant-based cheese is still a very niche market. 

·      Selling to a market 5 times the size of Aotearoa will enable us to operate in a more sustainable manner.

·      We’ll achieve economies of scale (for example in procurement, manufacturing, product development and marketing).

·      We’ll have easier access to a wider range of ingredients and suppliers to assist with innovation and controlling costs.

And, we don’t want to brag too much but... we reckon Australia needs our products! We’re helping more Kiwis choose plant-based more often, and we want to do the same on a bigger scale in Australia.

 

If you’ve already pledged, then thank you very much for your support. 

If you’re thinking about pledging, we’d love to have you on board! Please sing out with any questions.

Trade show success and podcast fame!

28/06/2023 at 2:10 PM

Phew, the last three days we've been super busy at the Fine Food Show here in Auckland - it's a biennial trade-only event we've been exhibiting at for many years now. This year it was great to be showcasing our amazing new sour cream and feta, and getting feedback from chefs and other industry professionals. We had rave reviews! Two that stick in my mind were the product developers from a big dairy company, who seemed quite frankly stunned that we had created such a dairy-like product without using dairy ingredients!

And yesterday my interview  with the excellent podcast Business Is Boring was released. Have a listen here!

If you've pledged to our campaign already, our sincere thanks to you. If you're considering it but have questions, please ask those questions! You can post the question on the campaign page or you are most welcome to email me directly: [email protected]

 

Campaign is up and running!

21/06/2023 at 5:17 PM

Kia ora, and thanks for your interest in what we're up to!

If you’ve already pledged, thank you so much. It means a LOT to us. 

If you are considering pledging, you've probably got lots of questions about Angel Food, our plans and even about how equity crowdfunding works. Please ask! Either via this page, or by emailing me on [email protected] 

I would love love love you to share the campaign page with friends, family, colleagues (heck, even complete strangers) who may be interested.

We're excited about hugely increasing our positive impact by taking our products into a bigger market, and we want as many people as possible on that journey with us.

Ngā mihi mahana

Alice Shopland

Founder and MD, Angel Food

PS as part of our work in making plant-based eating easier and more delicious we regularly create new recipes - the latest one is vegan nachos featuring our cheddar and sour cream. Looks great, eh? The recipe is at https://www.angelfood.co.nz/recipes/vegan-nachos 

    Details

    Offer Details

    Current Valuation 4,600,000
    Raise Minimum 199,990
    Raise Maximum 500,009
    Share Price 33.10
    Minimum Pledge 331.00
    Maximum Shares Offered 15,106
    Explanation of valuation:

    The company valuation was undertaken by the company directors with internal and external advice.

    The figure we arrived at, $4.6million, is our current year’s forecast revenue multiplied by 2.

    It is only slightly higher than the pre-money valuation we used for our 2019 equity crowdfunding raise ($4.45million): we feel this is prudent in light of current market conditions. And in April 2019 we could not foresee the global pandemic challenges that Angel Food and most other businesses would face within a year.

    Financial Summary

    Prev Year Current Year Est. FY 2026 Est. FY 2027
    Revenue NZ $1,810,439 NZ $2,308,817 NZ $5,134,571 NZ $9,506,689
    Operating Expenses NZ $769,346 NZ $981,514 NZ $1,686,661 NZ $2,345,954
    EBITDA -NZ $112,047 -NZ $267,350 NZ $46,308 NZ $998,565
    Net Profit NZ $ NZ $ NZ $ NZ $

    Company Details

    Company Name: Angel Food Limited

    Company Number: 1830413

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Alice Shopland Director https://www.linkedin.com/in/alice-shopland-%E2%93%A5%F0%9F%8C%B1-657a1344/
    Colin Woods Director https://www.linkedin.com/in/colin-james-woods/

    Questions

    Pledgers 107

    Dylan
    11/07/2023 at 6:21am
    Ian Shearer
    10/07/2023 at 7:36pm
    Barbara Albertson
    10/07/2023 at 7:15am
    Terry Shubkin
    09/07/2023 at 5:54pm
    Sean Brazendale
    09/07/2023 at 4:42pm
    Dee
    09/07/2023 at 9:02am
    Erika Whittome
    09/07/2023 at 5:01am
    Rosemary segedin
    08/07/2023 at 2:49am

    "Love the products and it’s important to support vegan businesses "

    Andrea
    07/07/2023 at 7:35pm

    "Exciting plans Angel Foods!!! All the best! I am in!"

    Zara Lynch
    06/07/2023 at 5:54pm

    "Angelfood dreams must become our reality 😊"

    Brenton Northcott
    05/07/2023 at 10:31pm
    james
    05/07/2023 at 9:32pm
    Christine Rose
    05/07/2023 at 4:25pm
    Helen Ough dealy
    03/07/2023 at 6:27pm
    Ann Pullen
    03/07/2023 at 1:14pm

    "Good luck"

    Siany
    03/07/2023 at 11:12am
    Aaron Neave
    02/07/2023 at 10:27pm

    "Ausi and world here we come with the best vegan cheese out there!"

    Hayley Wilkin
    01/07/2023 at 1:03pm
    Rachel
    01/07/2023 at 11:53am
    Maccy Moo
    01/07/2023 at 11:33am
    Jevon
    01/07/2023 at 11:09am
    Kara
    30/06/2023 at 11:19pm
    Peter
    30/06/2023 at 8:12pm
    Jo Clendon
    30/06/2023 at 2:46pm
    Michael Lane
    30/06/2023 at 12:56pm

    "my email address is....... [email protected]"

    Dope Honey Limited
    30/06/2023 at 12:25pm
    Seed the Change | He Kākano Hāpai
    30/06/2023 at 10:54am

    "Delighted to be able to continue to support this great company, who is making a positive change that we need to see in the world. "

    Eden.Vegan
    29/06/2023 at 8:21pm

    "Proud fan of Angel Food and would love to see it available for the plant-curious community in Aus!"

    Deirdre Johns
    29/06/2023 at 2:07am

    "Make us proud in Australia xx"

    Melissa Francis
    28/06/2023 at 8:51pm

    Followers 13

    Angel Food Limited

    Letter from the Founder

    Ever since going vegan in 2004 I’ve wanted to help more people eat plant-based more often: for people, planet and animals. That’s why I founded Angel Food in 2006. Angel Food is founder-led and mission-driven.

     

    We focus on cheese alternatives because:

    • Cheese is a key ingredient in many favourite meals
    • The impact of dairy is huge – for the environment and for the animals
    • Plant-based cheese has half the environmental impact of dairy cheese

     

    In 2015 we launched the first plant-based cheese to be commercially made in Aotearoa. Angel Food is the leading brand in this growing sector in New Zealand and we aim to also be the leading brand in Australia in the next few years.

     

    We are New Zealand’s #1 plant-based cheese thanks to our crowd: crowdfunding rounds in 2015 and 2019 enabled us to grow fast and establish our leadership position while the category was in its infancy. Revenue grew 3.5x in the two years following our 2015 raise, then another 1.4x following our 2019 raise. Two years from this raise we’re projecting 3.1x revenue growth. See our revenue projection table below. We’re excited to be going back to our crowd to support the next phase of our growth.

     

    Despite a few tough years we are still #1 in retail. As a purpose-led brand this is what we want: a strong consumer brand in the retail channel is what will help us deliver the greatest impact. We’ve been around for 17 years and are still totally committed to our mission of making it easier for more people to choose plant-based meals more often.

     

    Where other plant-based categories – like milks, yoghurt and icecream – are mature and crowded, plant-based cheese is still in its infancy: there is still lots of room for growth.

     

    We have great distribution in Aotearoa but we’re not satisfied with that. We’ve developed great products and a great brand in a space that has a very positive impact - and we want to share it with the world, starting with Australia!

     

    Alice Shopland

     

    What we've achieved

    Financial success - Revenue growth was between 16% and 133% year on year for the eight years prior to Covid, the greatest growth being: +$258K in FY17 and +$415K in FY21, the second year after each raise. Read more about our financial success in our Information Memorandum.

    Market standing - Angel Food is not only Aotearoa’s largest plant-based cheese company, we are the most experienced, at the ripe old age of 17. We make more than 130 tonnes of cheese per year and fans can access Angel Food in more than 350 retail stores and an estimated 1000+ food service outlets across New Zealand. Read more about our market standing in our Information Memorandum.

    Environmental impact - Our plant-based cheese alternatives have on average about half the environmental impact of their dairy equivalents. 

    Read our full Information Memorandum here

     

    Our products

     

     

    We make delicious plant-based cheese alternatives for everyday enjoyment.

     

    Our mission is to make it easier for more people to choose plant-based meals more often, and we reckon good quality plant-based cheese is crucial to achieving that. We often hear people saying they’d love to be vegan or eat mainly plant-based, “but I couldn’t live without cheese”. We get it!

     

    Cheese is delicious and it’s a key part of many of the favourite meals many of us grew up with. Food is a deeply emotional subject because it is so intertwined with family culture and other social networks. Rather than asking people to go without those meals, or have them without the cheese, we provide plant-based alternatives which are an easy swap for the dairy cheese

     

    Market Opportunity

     

    1. Consumer demand for plant-based products is increasing. This is driven by a desire for more sustainable and healthier options.

     

    2. The largest generation wants healthier foods which are plant-based.

     

    3. Millennials and Gen Z, which together comprise 40% of the NZ/Australian population and whose spending power will continue to grow, demonstrate particularly high demand for both plant-based and healthy foods.

     

    4. 70 per cent of millennials are cutting back on animal products in their diet.

     

    5. Plant-based milk and yoghurt has shown strong growth to date and plant-based cheese is the last category to take off, forecast to reach $74m across Australia & NZ by 2027. (Source: Euromonitor 2022)

     

    6. Until now, plant-based cheese growth has been slow, due to the taste and performance gap vs dairy equivalents. The opportunity lies in closing this gap, something which Angel Food has the ability to do. With superior taste profiles and melting performance than the competitive set, Angel Food is well positioned to lead the category growth in NZ and be a strong player in the Australian market too.

     

    Strategic Growth Plan

    What we're going to do next

    • Prepare for launch into Australia in 2024
    • Continue new product development
    • Continue improvement of existing products
    • Amp up our marketing
    • Hire an experienced GM to lead the next phase of growth
    • Maximise opportunities in New Zealand

    Our Australian launch will require $1 million investment. This is the first part of that raise. We’re taking a stepped approach so we can maximise value for our shareholders at each stage.

     

    Read our full Information Memorandum here

     

    Proposed use of capital

    • Marketing – Increased investment in marketing to ensure the total target consumer audience is reached with sufficient frequency to support their shift through the funnel towards trial. ($55,000 - $200,000)
    • Innovation – increased investment in new product development projects, including but not limited to raw materials and factory trials, and packaging design and development. ($23,000 - $50,000)
    • People – funding to support hiring 1) a General Manager to increase internal sales and management capability, freeing up existing resources to better focus on marketing. 2) An additional product development resource to speed up innovation progress to drive revenue growth. ($112,000 - $150,000)
    • Working Capital ($10,000 - $100,000)

     

     

    Financial Information

    Profit & loss

    You can read our profit and loss assumptions in our full investment document here.

    Balance sheet

    Share offer

    We are offering up to 15,106 shares at $33.10 each which will equate to a total of 9.8%* of the shares in Angel Food Limited. The minimum individual investment is $331 for 10 shares.

    All Angel Food shares are voting shares and have full voting rights attached. You can read more about the rights attached to shares in our Constitution

    Read more about our share offer, and view our Capitalisation Table, in our full investment document here.

     

    Our team

    ALICE SHOPLAND - Founder and Managing Director

    Alice founded Angel Food in 2006. She’s steered the business from tiny beginnings in an obscure segment to nationwide distribution and leadership of a growing category. She is currently general manager, and is also responsible for sales and marketing.

     

    COLIN WOODS - Director

    Colin is Alice’s husband and has been involved in the business since 2011, doing everything from working at trade shows to packing orders to building shelf-life testing cabinets - and helping to map out the future of the business. He’s a musician, a scientist and a PhD student.

     

    JUSTIN MAHER - Innovation & Technical Manager

    Justin joined Angel Food in early 2021 with a broad background in food technology and QA roles, and he is now one of Aotearoa’s leading experts in plant-based cheese technologies. As well as developing new products he is responsible for liaising with our manufacturer, food safety/QA, and controlling costs. He’s an artist and keen squash player.

     

    EVITA GROET-PAIRAMA - Supply Chain & Accounts Manager

    Evita joined Angel Food in 2019 as a part-time admin assistant and rose quickly up the ranks to become a senior member of the team, overseeing Two of her three beautiful children have been born during her time with Angel Food. Evita is an ethical vegan and keen foodie.

     

    AVALON HEWITT - Accounts Admin & Customer Support

    Avalon joined Angel Food in early 2021 while doing post-grad study. She’s now working as a music therapist but continues to work part-time for Angel Food because of the variety it brings to her work life. Avalon is also learning te reo, sings in a band, and is a champion cheesecake maker.

     

    MATTY SHONE - Sales Coordinator & Admin Support

    Matty joined Angel Food in mid-2022. He’s the vital glue in our daily processes - he makes sure, for example, that orders get to where they’re supposed to be when they’re supposed to be there. Matty is a keen gamer and aspiring dead-pan comedian with his own Twitch stream.

     

    Governance

    The Angel Food Board comprises Alice Shopland and Colin Woods. They are supported by an informal network of high-experienced advisers including Anna Subritzky, an experienced FMCG consultant acting in an advisory capacity.

     

    Read our full Information Memorandum here

     

    Risks

    • Another community outbreak of COVID-19 - we lost significant amounts of stock in the first outbreak and now keep a much tighter rein on stock levels, which reduces this risk (and helps cashflow). We are also now experienced at pivoting in these situations. If another outbreak impacts our ability to function as normal, we will take advantage of any government assistance offered.
    • Key staff leaving - one of the benefits of growing the business is growing the team, to reduce the depth of our reliance on individual staff members. We work hard to make people feel like valued members of the team. Our processes and intellectual property are thoroughly documented for the sake of robustness.
    • Increased competition in the plant-based cheese market - we are well-established as New Zealand’s original and leading brand of plant-based cheese alternatives. We will continue to protect that reputation and grow the market with innovative R&D. Being a founder-led, mission-driven brand sets us apart from our competition.
    • Changes in the Australian market mean it is no longer best export market for us - we see Australia as the natural next step but are watching developments closely and observing other market opportunities in case we need to change our plans.
    • Cost of goods increases - invest time in maintaining a list of alternative sources/alternative ingredients which we can switch between when price rises occur.
    • Cashflow challenges - this raise is the first part of a total $1million raise to support the growth in NZ and a strong entry into the Australian market. $400k is required this financial year. If this raise achieves less than that figure then we would bring forward the next funding round.

     

    Note from PledgeMe

    We have completed Equifax checks on Angel Food and their Directors, as well as Google and Insolvency checks. There were no adverse findings.

    You need to pledge to see this update.

    You need to pledge to see this update.

    We did it! Thank yooooooooou!!!!

    15/07/2023 at 3:16 PM

    Thanks so much to everyone who contributed to our campaign either by investing or promoting or both! It's been an intense four weeks but we are very happy with the result, and excited about embarking on the next steps towards launching in Australia.

    Look forward to talking with you soon.

    Alice

    Final day and we're at 88% of our target!

    14/07/2023 at 8:04 AM

    Happy Matariki! I'm thrilled to be starting our final day of the campaign with 88% of our target achieved - our goal is in sight now! Any last minute sharing with friends will really help us achieve and exceed our target - and that will mean we can increase our reach and our impact for people, planet and animals. Kia ora! Alice

    We're live at 8pm tonight!

    12/07/2023 at 5:17 PM

    I'm looking forward to talking with team PledgeMe in a few hours (8pm NZ time) about my journey from 'traitor' (in my dairy-centric homeland) to impact-focused entrepreneur! Would love to have you join us - and bring your burning questions about Angel Food and plant-based cheese!! Here's the link. Ngā mihi, Alice

    Counting down for the final week of our campaign!

    07/07/2023 at 6:24 PM

     

    Kia ora on this wet chilly Friday evening! We’re just one week away from the end of the campaign now and you’ll be hearing from me a lot over the next week because I am determined to do everything I can to get us at least to our minimum target!

    I started Angel Food 17 years ago and the business has been through lots of challenging times. I’m pretty stubborn and determined, and that is what has seen me stick with it during those times when it was tempting to throw in the towel.

     

    I am dedicated to the business and to my mission of making it easier for more people to choose plant-based more often. I consider it to be important work!

     

    And I’m glad to be going out to our crowd asking you to be part of this work.

     

    If you’ve pledged already, thank you so much! It means everything to us.

    If you’re considering joining us as a shareholder, come on in!

    And whether you’ve pledged or not, we would really really appreciate you helping to get the word out about our campaign, by sharing this link: https://www.pledgeme.co.nz/investments/546-angel-food-limited

     

    Ngā mihi mahana

    Alice Shopland

    Why we're so keen to get into the Australian market

    03/07/2023 at 3:45 PM

    Our current equity crowdfunding raise is focused on supporting our Australian ambitions. If you’re wondering why we’re so keen on Oz, here’s some ways it will impact the company:

    ·      Although we’ve grown significantly in the last 5 years, plant-based cheese is still a very niche market. 

    ·      Selling to a market 5 times the size of Aotearoa will enable us to operate in a more sustainable manner.

    ·      We’ll achieve economies of scale (for example in procurement, manufacturing, product development and marketing).

    ·      We’ll have easier access to a wider range of ingredients and suppliers to assist with innovation and controlling costs.

    And, we don’t want to brag too much but... we reckon Australia needs our products! We’re helping more Kiwis choose plant-based more often, and we want to do the same on a bigger scale in Australia.

     

    If you’ve already pledged, then thank you very much for your support. 

    If you’re thinking about pledging, we’d love to have you on board! Please sing out with any questions.

    Trade show success and podcast fame!

    28/06/2023 at 2:10 PM

    Phew, the last three days we've been super busy at the Fine Food Show here in Auckland - it's a biennial trade-only event we've been exhibiting at for many years now. This year it was great to be showcasing our amazing new sour cream and feta, and getting feedback from chefs and other industry professionals. We had rave reviews! Two that stick in my mind were the product developers from a big dairy company, who seemed quite frankly stunned that we had created such a dairy-like product without using dairy ingredients!

    And yesterday my interview  with the excellent podcast Business Is Boring was released. Have a listen here!

    If you've pledged to our campaign already, our sincere thanks to you. If you're considering it but have questions, please ask those questions! You can post the question on the campaign page or you are most welcome to email me directly: [email protected]

     

    Campaign is up and running!

    21/06/2023 at 5:17 PM

    Kia ora, and thanks for your interest in what we're up to!

    If you’ve already pledged, thank you so much. It means a LOT to us. 

    If you are considering pledging, you've probably got lots of questions about Angel Food, our plans and even about how equity crowdfunding works. Please ask! Either via this page, or by emailing me on [email protected] 

    I would love love love you to share the campaign page with friends, family, colleagues (heck, even complete strangers) who may be interested.

    We're excited about hugely increasing our positive impact by taking our products into a bigger market, and we want as many people as possible on that journey with us.

    Ngā mihi mahana

    Alice Shopland

    Founder and MD, Angel Food

    PS as part of our work in making plant-based eating easier and more delicious we regularly create new recipes - the latest one is vegan nachos featuring our cheddar and sour cream. Looks great, eh? The recipe is at https://www.angelfood.co.nz/recipes/vegan-nachos 

      Offer Details

      Current Valuation 4,600,000
      Raise Minimum 199,990
      Raise Maximum 500,009
      Share Price 33.10
      Minimum Pledge 331.00
      Maximum Shares Offered 15,106
      Explanation of valuation:

      The company valuation was undertaken by the company directors with internal and external advice.

      The figure we arrived at, $4.6million, is our current year’s forecast revenue multiplied by 2.

      It is only slightly higher than the pre-money valuation we used for our 2019 equity crowdfunding raise ($4.45million): we feel this is prudent in light of current market conditions. And in April 2019 we could not foresee the global pandemic challenges that Angel Food and most other businesses would face within a year.

      Financial Summary

      Prev Year Current Year Est. FY 2026 Est. FY 2027
      Revenue NZ $1,810,439 NZ $2,308,817 NZ $5,134,571 NZ $9,506,689
      Operating Expenses NZ $769,346 NZ $981,514 NZ $1,686,661 NZ $2,345,954
      EBITDA -NZ $112,047 -NZ $267,350 NZ $46,308 NZ $998,565
      Net Profit NZ $ NZ $ NZ $ NZ $

      Company Details

      Company Name: Angel Food Limited

      Company Number: 1830413

      Company Documents

      Documents no longer available to download, as this campaign has closed

      Director Details

      Name Role Profile URL Invested?
      Alice Shopland Director https://www.linkedin.com/in/alice-shopland-%E2%93%A5%F0%9F%8C%B1-657a1344/
      Colin Woods Director https://www.linkedin.com/in/colin-james-woods/
      Dylan
      11/07/2023 at 6:21am
      Ian Shearer
      10/07/2023 at 7:36pm
      Barbara Albertson
      10/07/2023 at 7:15am
      Terry Shubkin
      09/07/2023 at 5:54pm
      Sean Brazendale
      09/07/2023 at 4:42pm
      Dee
      09/07/2023 at 9:02am
      Erika Whittome
      09/07/2023 at 5:01am
      Rosemary segedin
      08/07/2023 at 2:49am

      "Love the products and it’s important to support vegan businesses "

      Andrea
      07/07/2023 at 7:35pm

      "Exciting plans Angel Foods!!! All the best! I am in!"

      Zara Lynch
      06/07/2023 at 5:54pm

      "Angelfood dreams must become our reality 😊"

      Brenton Northcott
      05/07/2023 at 10:31pm
      james
      05/07/2023 at 9:32pm
      Christine Rose
      05/07/2023 at 4:25pm
      Helen Ough dealy
      03/07/2023 at 6:27pm
      Ann Pullen
      03/07/2023 at 1:14pm

      "Good luck"

      Siany
      03/07/2023 at 11:12am
      Aaron Neave
      02/07/2023 at 10:27pm

      "Ausi and world here we come with the best vegan cheese out there!"

      Hayley Wilkin
      01/07/2023 at 1:03pm
      Rachel
      01/07/2023 at 11:53am
      Maccy Moo
      01/07/2023 at 11:33am
      Jevon
      01/07/2023 at 11:09am
      Kara
      30/06/2023 at 11:19pm
      Peter
      30/06/2023 at 8:12pm
      Jo Clendon
      30/06/2023 at 2:46pm
      Michael Lane
      30/06/2023 at 12:56pm

      "my email address is....... [email protected]"

      Dope Honey Limited
      30/06/2023 at 12:25pm
      Seed the Change | He Kākano Hāpai
      30/06/2023 at 10:54am

      "Delighted to be able to continue to support this great company, who is making a positive change that we need to see in the world. "

      Eden.Vegan
      29/06/2023 at 8:21pm

      "Proud fan of Angel Food and would love to see it available for the plant-curious community in Aus!"

      Deirdre Johns
      29/06/2023 at 2:07am

      "Make us proud in Australia xx"

      Melissa Francis
      28/06/2023 at 8:51pm
      This campaign was successful and got its funding on 14/07/2023 at 9:00 PM.

      This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Angel Food Limited, you can sign up to be notified when a new equity campaign from this company is published.

      Notify Me

      Investor Perks

      Ordinary Shares

      NZ $331.00+

      All Angel Food shares are voting shares and have full voting rights attached. You can read more about the rights attached to shares in our Constitution.

      Warning statement about equity crowdfunding

      Equity crowdfunding is risky.

      Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.

      You may lose your entire investment, and must be in a position to bear this risk without undue hardship.

      New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

      The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.

      Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.