Norish Limited
By Gina Urlich
PledgeMe.Investment
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NZ $547,650 pledged
267 people pledged
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NZ $350,000 minimum target
This campaign was successful and closed on 16/11/2023 at 7:00 PM.
Make a PledgeAbout
Norish Limited
Introducing our Founder — Gina Urlich
An alarmingly high number of children are suffering the consequences of poor diets and a food system that is failing them.
At least 1 in 3 children under five is either undernourished or overweight. Almost 2 in 3 children between six months and two years of age are not fed food that supports their rapidly growing bodies and brains. This puts them at risk of poor brain development, weak learning, low immunity & increased infections. Increasing numbers of diet related diseases amongst our younger generation is a global concern. There is a heavy reliance on commercial baby food that drives a lot of these diseases.
Norish was developed to fill the void in the market & offer parents convenience without compromising on quality.
In the 16 years that I have been a mother, the only innovative change the baby food industry has seen has been in the packaging and not the food itself.
As a mother of four, nurse & clinical nutritionist I knew there had to be healthier options for busy & overwhelmed parents. My goal was to create a transparent alternative that wouldn’t just enrich children’s lives but also make life easier for parents. It had to be quick, easy, convenient, wholesome and tasty. It had to be backed by evidence, but led with heart.
Ready-made baby and toddler foods should promote good health and good dietary habits.
Introducing NORISH, a category-changing baby food developed in New Zealand. Freeze-dried to offer convenience, concentrated nutrition & peace of mind for parents.
We’re raising investment to accelerate our growth and impact. Join us in shaping the future of children’s nutrition and invest in Norish.
Gina Urlich
Investment Highlights
• Founded by Gina Urlich, a trusted & influential voice in the nutrition space with an interactive online community of over 40,000.
• Norish is a well known & trusted brand with a strong social media presence of over 15,000 over instagram & facebook.
• Strong brand values & commitment to being a transparent & sustainable business.
• Eight food products have been released. The formulation for six further products prepared to launch Q1 2024
• Norish is sitting proudly on the shelves of 35 stores throughout NZ. Including Nature Baby, Huckleberry, GoodFor & Health Post.
• Expand growth internationally with a planned launch into Australia in Jan 2024 and a plan to fast follow into Asia in 2024
Read our full Information Memorandum here
The global baby food market was valued at $67.8 billion in 2021, and is projected to reach $116.5 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. The market is dominated by multinational companies offering competitively priced on the go products with little nutritional value.
The rise in ‘clean whole foods’, particularly for children has forced these companies to re-look at their product offering and we are now seeing more organic and ‘natural’ lines added to their range. However, the manufacturing process has remained the same which effectively negates the added nutrition they are marketing and doesn’t improve and we don’t think it improves of the trust that has been lost in these brands through articles published on the poor nutritional value they represent and large use of ‘fillers’ to keep costs down.
Over 75% of mothers enter back into the workforce in the postpartum period. Convenience is almost a necessity for the modern-day family & it shouldn’t be at the expense of the children’s health.
All children deserve the best start in life, ensuring they can grow and develop in the healthiest way possible. New research reveals two thirds (67%) of baby and toddler foods in NZ & Australian supermarkets fail to meet 7 nutrition recommendations set by the World Health Organization’s (WHO) European office.
Foods for toddlers performed worst, with a shocking 9 in 10 toddler foods failing nutrition recommendations.
Iodine deficiency is the main cause of brain damage in childhood. It results in impaired cognitive development & motor development. NZ & Australian soil is depleted in this essential mineral due to modern farming practices.
The baby food category is dominated by highly processed nutrient-devoid purées and toddler snacks, with more than half the purées sold in the supermarkets containing 16g of sugar (four teaspoons) in a single serve.
Products are dressed up as from whole foods with nutritional benefits - the category is awash with misinformation. Convenient food options that deliver the nutritional needs of babies and young children, while meeting the expectations of parents who are looking for quality, whole food experiences for their families, are sorely lacking.
Read our full Information Memorandum here
Our purpose is to decrease diet-related diseases by enriching families lives through nutrient-dense whole foods.
The current NORISH range includes four puree sachets. Designed as first foods for babies, these provide a wholesome meal and are a healthy solution to instant baby food. Simply add water to the puree powder and you have all the benefits of mother nature’s gifts ready within minutes.
We know that nourishing your family is an ongoing labour of love, which is why we have developed the NORISH cans. This range combines the most nutrient-dense foods on the planet to boost family meals and smoothies. These are designed to nourish babies but are so tasty and nutritious, the whole family will love them.
NEW PRODUCT DEVELOPMENT
New products to be launched in FY23.
The plant-based space is another emerging opportunity in baby food, due to the rise of flexitarian consumers in Western markets. Millennials, the consumer segment that represents the bulk of new parents, are also the generation that consume plant-based dairy more regularly. And considering that nearly 40% of consumers choose these alternatives “to feel healthier”, the habit is likely to be passed on to their offspring. New Category Introductions in FY24 Toddler supplements & ready meals.
Read our full Information Memorandum here
Our Platforms for Growth
Prospects in New Zealand - The New Zealand market for commercially manufactured baby food sits at around $40m pa in sales each year and is growing at just under 5% each year CAGR (2022-2026).
Our primary focus for the upcoming year will be on enhancing our direct-to-consumer sales via our website and shopping channels on social media platforms. With the ever-increasing availability of consumer goods online and the advent of social shopping, we believe our robust presence on social media provides an exceptional opportunity for deeper e-commerce penetration.
We are currently stocked in 35 independent retailers across New Zealand. Our acceptance into Foodstuffs NI is a significant milestone, and we are eagerly awaiting our activation date.
Prospects in Australia - The Australian market for commercially manufactured baby food sits at around $200m pa in sales each year and is growing at just under 5% each year CAGR (2022-2026). Our first market of call is Australia, with a 3PL engaged, our marketing agency engaged and our administration aligned to launch ticked off. Our Australia launch is forecast for January 2024.
Prospects in Asia - Asia accounts for 89% of all baby food sales globally and as such will be a priority. With China’s forecasted growth and Japans spend per capita these two countries could be targeted first.
You can read our comprehensive analysis of our platforms for growth in our full investment document here.
Our People
Gina Urlich
Gina has a background in nursing and spent over a decade working in the gynaecology oncology & maternity ward at the Mater Mothers Hospital in South Brisbane. She holds a Bachelor of Health Science in Nutritional Medicine and has been running a busy private practice for the past 10 years specialising in women’s health and infant nutrition.
Gina has two staff consulting under her guidelines to keep up with the high demand of consultation services. She has a large engaged online community of over 40,000 which provides valuable insights into the market and customer base.
Gina drives the strategic vision of NORISH & remains invested in overseeing all parts of the company. She is a trusted leading nutritionist in the infant and children’s health space and is on the expert panel for an international baby formula company as well as being a wife and mother to four children.
Mike Robertson
Mike began his career in FMCG at Chelsea Sugar before becoming part of the Unilever graduate programme. He moved quickly through Unilever eventually becoming Marketing Manager for the spreads category. His New Zealand launch of Olivio for Unilever was the most successful anywhere in the world.
During his time at Colenso BBDO he pitched to win the V business and was instrumental in developing the “Bug” campaign which still runs to this day. In 2006 he set up operations for Cowan NZ, a FMCG brand and packaging design agency, and grew it into a market leader in 5 short years.
Mike started Unified in 2012 and quickly established a market leadership position with a list of blue chip clients. At Unified he has developed an innovative approach to consumer insights which ensures the consumers voice sits at the centre of everything Unified do.
He has been brand strategist for the Wattie’s brand over the past 17 years and oversaw the restage that returned a proud Sir James Wattie’s wordmark to the brand. Mike is brand strategist for Ziwi Peak and part of the team that saw its exponential growth in export markets resulting in the recent $1.5 billion sale. Mike has worked in baby food for over 15 years in Australia & New Zealand and has an in-depth knowledge of the category. A passionate FMCGer with a love for food and cooking Mike lives in Auckland with his wife and three boys.
Brooke Wielinga
Brooke has a strong finance and business background. Her current role sees her day-to-day as the director and owner of Ascend Chartered Accounting firm based in Hawke’s Bay.
Brooke’s FMCG background started at Apollo Foods (The Apple Press) CFO. Launching a household beverage brand domestically and into export markets. A key deliverable of her role at The Apple Press being the management of a $40m plant build and developing a toll processing relationship with Fonterra Brands NZ for their flavoured milk production. Prior to The Apple Press, Brooke worked as a Senior Investment and Operations Analyst for a private equity firm in London. Successfully leading teams to increase efficiency and productivity whilst reducing costs and inefficiencies. Brooke’s work saw her leading companies in South Korea, Canada and the UK.
In 2022 Brooke graduated from Otago University with a Master of Business with first class honours all while being a mother to two young boys (4 & 2).
Atma Okan
Meet Atma Okan, a remarkable professional known for her talent in operational excellence. With over 20 years of experience, she has held the position of Managing Director for Ashram Yoga Ltd and more recently served as the Operations Manager for Hachi Ltd, trading as Lilybee Wraps.
Atma has a true gift for building strong working relationships and making administrative tasks a breeze. Her infectious sense of humour adds an extra spark to any environment, and she genuinely understands the importance of community and maintaining a healthy lifestyle.
You can read more about our team, including our advisors, in the information memorandum.
We are offering up to 850,000 non-voting shares through this campaign at $1 each which will equate to a total of 15.42% of the shares in Norish Limited. We are raising a minimum of $350,000 and a maximum of $850,000. The minimum individual investment is $500 for 500 non-voting shares.
We are doing a $150,000 round simultaneously with wholesale investors with the goal of raising $500,000 total minimum and $1million maximum. We have shown the impact of this wholesale investment in the share table in our full investment document here.
Share classes
Those investing between $500 and $49,999 will receive non-voting investor class shares (Investor Class Shares). Those investing $50,000 or more will receive Ordinary Shares. Ordinary Shares will have the same rights as existing shareholders in Norish Limited, including the right to vote at shareholders’ meetings. Further information on the rights and restrictions associated with each share class are clearly outlined in the Norish Limited Constitution. We plan to adopt this constitution before the campaign closes. You should read this before subscribing for any shares.
The legal title in all Investor Class Shares in Norish Limited will be held by a nominee company on trust for crowdfunding investors. The terms on which the Nominee will hold the Investor Class Shares are in the section of the Information Memorandum headed Nominee Shareholding Structure and in the Nominee Deed Poll. It is important that you read that section and the Deed Poll.
You can read our historic and forecast financials in our full investment document here.
A robust integrated financial model has been developed specific to Norish’s business and operating model. All financial projections are based on the inputs into the model forming the future financial performance and assume the company is successful in raising the minimum funding target of $500k across this raise and the wholesale round. You can read our full assumptions in the full investment document here.
Quality Control - High Risk
Baby food is a highly sensitive category and recalls make headlines. We have strict quality assurance processes in place that ensure all of our ingredients are purchased from approved suppliers and tested for safety before they are delivered. We manufacture our finished goods at MPI certified sites to ensure all of our products are manufactured to the highest standards of safety and quality. We also work closely with external consultants in regards to product formulations and label claims.
Working Capital - High Risk
Working capital is key to our ability to grow globally and achieve momentum and size. This capital raise will provide sufficient cash to execute growth initiatives without creating undue additional pressure on working capital allocated to other parts of the business.
Finance - Medium Risk
Our Finance team monitor working capital on a daily basis and provide weekly reporting to the executive management team.
Economic Downturn - Medium Risk
Our high end consumers will always have money to spend on their child making our niche less susceptible to the current downturn. Our direct to consumer e-commerce model allows us to sell cross-border to consumers all around the globe, minimising the risk of an economic downturn in a single country severely impacting our cash flow. With the rise of cross-border online shopping, D2C business models are one of the safest ways to ensure business continuity. To drive customer retention we will be investing in leading edge technology focused on the customer experience and analysts which will allow us to maintain a nimble fixed cost structure built for scale should we be impacted by any economic downturns in the future.
Competition - Medium Risk
Competition in the category is to be expected however the multinational nature of the category, our high end customer and selling model means we can focus on delivering our proposition. With Gina leading our exciting NPD programme we will be constantly innovating and diversifying our product offering to stay ahead of our competitors. To further mitigate the risk of competitive intensity, we will continue to focus on product quality, sustainability, transparency, social responsibility and superior customer service to drive brand loyalty. Our design-led approach to product innovation will ensure that what we bring to market will add the value to families lives.
Manufacture & Supply - Low Risk
Our freeze-dried technology means we can forecast & stock build ingredients in season & retain a minimum 2 year shelf life to ensure seasonal produce at the best prices. We conduct demand planning monthly for all of the products in our supplement and skincare ranges. We have rolling forecasts that look up to 18 months in advance and work closely with our suppliers and manufacturers to ensure they are aware of our upcoming demand.
Strategic Implementation - Low Risk
We have successfully managed our business to date with limited funds sourced primarily from cash flow and an initial raise. With this additional capital raise, we will be able to launch into export markets that require significant financial investment. We have an established Advisory Board and work with market-leading external agencies to help us achieve our strategies. R
Recruit & Retain - Low Risk
As a small company, the departure of a senior member of our team could impact our ability to execute upon our strategic plan. We have key person insurance for Gina in place. NORISH will develop as a most preferred employer true to its character of knowledgeable, capable and caring with a commitment to the Living Wage, paying market level (or above) remuneration,offering preferential and flexible working hours, an employee discount scheme, We maintain a values-led culture and have an appealing brand story. We are confident we will be able to recruit additional top-tier personnel as required.
Note from PledgeMe
We have completed Equifax checks on the Norish Limited and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
Updates 6
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We made it! Only $300k left.
15/11/2023 at 2:07 PM
We are so grateful & to be honest quite emotional about the support that has come our way in the past month. This equity crowdfunding capital raise really cements the community & purpose behind Norish & we couldn’t be more proud.
The comments rolling through on PledgeMe are so beautiful & heartfelt.
Because of the large investor coming in, we’ve reduced our maximum goal on PledgeMe to $700,000. This means there’s only $300k worth of shares left for our community to purchase.
Huge thanks to all 173 of you who have invested in us. Thank you for the support & we are thrilled to have you on this journey with us.
Gina & the Norish team
Over $230k pledged! 3 days to go.
13/11/2023 at 3:13 PM
We’re celebrating a lot of things this week - the biggest is us cracking the $200,000 pledged mark! With 100 pledgers we’re now sitting at $233,150, which means we are now 67% funded, with 3 days to go. Thank you to everyone who has pledged.
The team at PledgeMe tell me that there’s this thing called deadline magic - where most of the pledges come in the final few days as people do what people do - sneak in just before the deadline. Please, if you want to relieve some of my stress and haven't already- pledge now :) Here’s the link again: https://www.pledgeme.co.nz/investments/557-norish-limited. The campaign is closing at 7pm on Thursday, 16 November.
We’re also celebrating the fact that we’re preparing to roll out in New World. Currently we’re in retail 35 stores - and getting into New World would really push up our sales & brand exposure.
We have big ambitions to grow - because we want to grow our impact but also because we want to grow our return for shareholders. We want to follow in the footsteps of founders like Brianne West, who grew Ethique with the support of her crowd and provided a 48-times return to her earliest crowdfunding investors.
Thanks for all your support with this campaign, we can’t wait to welcome you into the Norish family.
Gina
So much interest our product SOLD OUT!
31/10/2023 at 11:20 AM
To our beautiful Norish friends & fans,
Between awards & equity there has been a lot of visits to our website!
We are so humbled by your support over the last two weeks - for the second year in a row NORISH has won the children's health category for Best of Natural Awards & there are now 77 of you who have pledged over $156,000 towards our goal of $350,000 for our equity crowdfunding!
Not only have we had people showing their support and interest by investing - we’ve also had people showing their interest in our mission by buying our products. So many in fact, we ran out! We’re working hard to restock our range, but we think this shows the interest in feeding our babies better is growing.
We’ve also had some interesting approaches the last two weeks from potential distributors - which has led to some early and exciting conversations. Again, it’s clear to us that there are ways we can grow Norish into new markets, and now distributors are coming to us!
Thanks again for all your support - all your pledges, comments, shares and kind words mean the world!
Please keep sharing our purpose-led brand with those you think might be interested in investing. We are very excited for this next chapter.
Warm regards, Gina & the Norish team.
One week in and almost halfway!
25/10/2023 at 8:49 PM
Thanks so much for investing in us. It means the world to us, and our plans. Watching you all pledging in those first few hours and days has been such an amazing validation of what we have achieved so far and what we want to do - thank you.
In order to get to our goal, we need to make a bit of noise about this campaign. Can you help us?
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Could you share our campaign through social media, and share why you’ve supported us?
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Could you forward our IM and campaign page to five people that you think might be interested?
We are also hosting an Instagram Live tomorrow night (Thursday, 26 October) at 8pm. Just head over to our instagram page (@gina.urlich) then, and you’ll be able to watch our pitch - and ask me questions. I’ll have Anna from PledgeMe there as well to answer any questions you might have about equity crowdfunding.
Thank you for your unwavering support, and we look forward to having you as a vital part of our growing family.
Warm regards,
Gina & the Norish team.
Details
Offer Details
| Current Valuation | 4,054,400 |
| Raise Minimum | 350,000 |
| Raise Maximum | 700,000 |
| Share Price | 1.00 |
| Minimum Pledge | 500.00 |
| Maximum Shares Offered | 700,000 |
Explanation of valuation:
Financial Summary
| Prev Year | Current Year | Est. FY 2026 | Est. FY 2027 | |
|---|---|---|---|---|
| Revenue | NZ $339,035 | NZ $913,088 | NZ $3,899,121 | NZ $9,342,902 |
| Operating Expenses | NZ $304,482 | NZ $779,513 | NZ $1,458,519 | NZ $1,903,872 |
| EBITDA | -NZ $143,332 | -NZ $186,108 | NZ $965,360 | NZ $3,216,833 |
| Net Profit | -NZ $143,332 | -NZ $186,108 | NZ $787,302 | NZ $2,316,120 |
Company Details
Company Name: Norish Limited
Company Number: 8180946
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Gina Urlich | Director/CEO | https://www.linkedin.com/in/gina-urlich-63a147206/ | ✔ |
| Dylan Urlich | Director | https://www.linkedin.com/in/dylan-urlich-4665aa72/ | ✔ |
Questions 6
Hi, new to PledgeMe so I apologise for the silly question. Do investors who pledge have the responsibility to put in more money (based on their investment) if the company goes into trouble, as shareholders/directors in other companies do? Thank you
Posted on 13-11-2023 by NatashaKia ora Natasha, Anna here from PledgeMe. If you become a shareholder in Norish, you are not expected or required to invest again in the future. Here's some more information about what it means to become a shareholder: https://guide.pledgeme.co.nz/what-does-it-mean-to-invest
Answered on 14-11-2023 by Gina Urlich
Thanks Gina, so nothing contracted in yet for Australia? As for the FY26 financials, is that taking the planned Asian expansion into account? Moving from less than $400k to $9m+ in revenue in 3 years is a substantial estimation. Are there Asia-based (China/Japan) distributors in place already?
Can you please also advise if there was any Independent advice given for this pre-money valuation? I note on page 48 that this was provided to you by your board and validated by your accountant and that you have accountants on your board (pg13)? Thanks, hoping to invest but need a couple of crucial gaps in the IM filled first please.
Regards, Si
Hi Simon,
We appreciate the thoroughness of your inquiry.
Currently, we've adopted a per capita & market size strategy based on our traction in NZ and our expansion into new export markets. While we've formed relationships with distribution channels, formal contracts are still pending. After the campaign's conclusion on Wednesday, we plan to advance our strategy and finalise contracts.
In terms of valuation, we've engaged in discussions with formal valuation companies. However, given stage of the business and cost of an independent valuation, we decided not to complete a formal valuations at this point. Our current valuation is based on a hybrid of financial performance (current sales x future expected EBITDA performance) as well as intangible assets and value. We have two accountants on our advisory board who bring a wealth of FMCG experience.
We look forward to having you join our crowdfunding campaign.
Kindest regards, Gina
Answered on 14-11-2023 by Gina Urlich
Can you please offer a breakdown of where this substantial increase in revenue is being generated offshore? Ie, are there distribution contracts in place already prior to your launch into Australia/Asia? I note that you have already been selling into Australia since inception, so would like to understand more around how sales will ramp up there. I understand you've offered a 'Per Capita' estimation here, however in my experience in is very difficult to assume an 'apples for apples' approach when factoring in export markets. Thank you in advance
Posted on 30-10-2023 by SimonHello Simon, you're absolutely right. Norish has been shipping to the Australian market from the very beginning, and our sales there have grown organically without any specific marketing efforts. We are having wholesale opportunities from Australia come to us & regular requests online for Norish to be available in AU. We've made sales forecasts based on per capita estimations and have built robust relationships with two of our existing wholesale partners in New Zealand, which we intend to extend into the Australian market. We acknowledge that the Australian market is not an exact replica of our current situation in New Zealand, and our entry into these new markets is a carefully strategised endeavour.
Regards, Gina
Answered on 05-11-2023 by Gina Urlich
What was the actual pre-money valuation amount for the 2022 capital raise?
Posted on 26-10-2023 by CristianHi Cristian, the pre-money valuation in 2022 is a private agreement between the shareholders. It was at a slightly lower valuation reflected in earlier traction as well as bringing on an experienced advisory board. Thanks
Answered on 05-11-2023 by Gina Urlich
What was the pre-money valuation of your last year's capital raise and how much did you raise?
When did Norish get the $25k from the Ministry of Awesome and was it a loan or an equity investment?
Hi Cristian,
Our early investment round was at a lower valuation as we were earlier in our traction, and wanting to get our advisors on board.
The Ministry of Awesome prize was a SAFE which converted as part of this round to shares. You can see that in our capitalisation table in the IM.
Thanks for your questions.
Answered on 25-10-2023 by Gina Urlich
1. could you please confirm my reading of the financial summary table on the web page ("Details").
[Revenue- Operating Expenses] doesn't equal EBITDA which needs explanation. This is because the table doesn't include Cost of Goods Sold (ref p52 of the IM)? Confirm?
2. Assuming that's the case is there a reason the gross profit improves to 60% cause that seems like good progress?
3. Finally p54 "Overhead assumptions" - is there a missing sentence at the end of that section?
thanks
Hi Josh, thanks for the questions.
Q1: Confirming the table on the PledgeMe Website is high-level financial information and it does not include COGS. That level of detail is available in the IM on page 52 as you’ve noted.
Q2: YTD actual GP % sitting at 56.5% so an increase of 3.5% which is due to “new” stock being sold with lower production costs due to larger production runs and therefore hitting price breaks in terms of minimum order quantities. The slight decline of GP within FY25 and FY26 is due to the mix of e-commerce sales and wholesale sales assumptions changing, with an increased play in wholesale.
Q3: Originally there was a table of our internal resource onboarding strategy, so the last sentence is a little out of context. We are happy to talk to our internal resource onboarding strategy with you however.
Answered on 25-10-2023 by Gina Urlich
Pledgers 267
20/11/2023 at 11:06am
17/11/2023 at 9:41am
16/11/2023 at 6:55pm
16/11/2023 at 6:53pm
16/11/2023 at 6:49pm
16/11/2023 at 6:46pm
"Yaaay so stoked for you Gina! So well deserved. Mon x "
16/11/2023 at 6:41pm
16/11/2023 at 6:39pm
16/11/2023 at 6:38pm
"Very excited to be part of this ❤️ well done Gina and team "
16/11/2023 at 6:30pm
16/11/2023 at 6:28pm
16/11/2023 at 6:22pm
16/11/2023 at 6:12pm
16/11/2023 at 6:09pm
16/11/2023 at 6:09pm
16/11/2023 at 6:06pm
16/11/2023 at 6:06pm
16/11/2023 at 5:49pm
16/11/2023 at 5:12pm
"I have so much faith in this business. Thank you for allowing the opportunity for us to be a part of it. "
16/11/2023 at 5:02pm
16/11/2023 at 4:32pm
"Excited to be a small part of this journey! Ren & Jen x"
16/11/2023 at 4:11pm
"Inspirational, love your work Gina. Delighted to be a part of this movement. "
16/11/2023 at 4:08pm
16/11/2023 at 3:48pm
16/11/2023 at 3:46pm
"Good luck Gina!! "
16/11/2023 at 3:04pm
16/11/2023 at 2:42pm
16/11/2023 at 2:30pm
16/11/2023 at 1:56pm
16/11/2023 at 1:52pm
"So excited for your venture Gina and so happy to pledge towards it and watch your growth, so well deserved x Jess"
Followers 16
Followers of Norish Limited
Norish Limited
Introducing our Founder — Gina Urlich
An alarmingly high number of children are suffering the consequences of poor diets and a food system that is failing them.
At least 1 in 3 children under five is either undernourished or overweight. Almost 2 in 3 children between six months and two years of age are not fed food that supports their rapidly growing bodies and brains. This puts them at risk of poor brain development, weak learning, low immunity & increased infections. Increasing numbers of diet related diseases amongst our younger generation is a global concern. There is a heavy reliance on commercial baby food that drives a lot of these diseases.
Norish was developed to fill the void in the market & offer parents convenience without compromising on quality.
In the 16 years that I have been a mother, the only innovative change the baby food industry has seen has been in the packaging and not the food itself.
As a mother of four, nurse & clinical nutritionist I knew there had to be healthier options for busy & overwhelmed parents. My goal was to create a transparent alternative that wouldn’t just enrich children’s lives but also make life easier for parents. It had to be quick, easy, convenient, wholesome and tasty. It had to be backed by evidence, but led with heart.
Ready-made baby and toddler foods should promote good health and good dietary habits.
Introducing NORISH, a category-changing baby food developed in New Zealand. Freeze-dried to offer convenience, concentrated nutrition & peace of mind for parents.
We’re raising investment to accelerate our growth and impact. Join us in shaping the future of children’s nutrition and invest in Norish.
Gina Urlich
Investment Highlights
• Founded by Gina Urlich, a trusted & influential voice in the nutrition space with an interactive online community of over 40,000.
• Norish is a well known & trusted brand with a strong social media presence of over 15,000 over instagram & facebook.
• Strong brand values & commitment to being a transparent & sustainable business.
• Eight food products have been released. The formulation for six further products prepared to launch Q1 2024
• Norish is sitting proudly on the shelves of 35 stores throughout NZ. Including Nature Baby, Huckleberry, GoodFor & Health Post.
• Expand growth internationally with a planned launch into Australia in Jan 2024 and a plan to fast follow into Asia in 2024
Read our full Information Memorandum here
The global baby food market was valued at $67.8 billion in 2021, and is projected to reach $116.5 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. The market is dominated by multinational companies offering competitively priced on the go products with little nutritional value.
The rise in ‘clean whole foods’, particularly for children has forced these companies to re-look at their product offering and we are now seeing more organic and ‘natural’ lines added to their range. However, the manufacturing process has remained the same which effectively negates the added nutrition they are marketing and doesn’t improve and we don’t think it improves of the trust that has been lost in these brands through articles published on the poor nutritional value they represent and large use of ‘fillers’ to keep costs down.
Over 75% of mothers enter back into the workforce in the postpartum period. Convenience is almost a necessity for the modern-day family & it shouldn’t be at the expense of the children’s health.
All children deserve the best start in life, ensuring they can grow and develop in the healthiest way possible. New research reveals two thirds (67%) of baby and toddler foods in NZ & Australian supermarkets fail to meet 7 nutrition recommendations set by the World Health Organization’s (WHO) European office.
Foods for toddlers performed worst, with a shocking 9 in 10 toddler foods failing nutrition recommendations.
Iodine deficiency is the main cause of brain damage in childhood. It results in impaired cognitive development & motor development. NZ & Australian soil is depleted in this essential mineral due to modern farming practices.
The baby food category is dominated by highly processed nutrient-devoid purées and toddler snacks, with more than half the purées sold in the supermarkets containing 16g of sugar (four teaspoons) in a single serve.
Products are dressed up as from whole foods with nutritional benefits - the category is awash with misinformation. Convenient food options that deliver the nutritional needs of babies and young children, while meeting the expectations of parents who are looking for quality, whole food experiences for their families, are sorely lacking.
Read our full Information Memorandum here
Our purpose is to decrease diet-related diseases by enriching families lives through nutrient-dense whole foods.
The current NORISH range includes four puree sachets. Designed as first foods for babies, these provide a wholesome meal and are a healthy solution to instant baby food. Simply add water to the puree powder and you have all the benefits of mother nature’s gifts ready within minutes.
We know that nourishing your family is an ongoing labour of love, which is why we have developed the NORISH cans. This range combines the most nutrient-dense foods on the planet to boost family meals and smoothies. These are designed to nourish babies but are so tasty and nutritious, the whole family will love them.
NEW PRODUCT DEVELOPMENT
New products to be launched in FY23.
The plant-based space is another emerging opportunity in baby food, due to the rise of flexitarian consumers in Western markets. Millennials, the consumer segment that represents the bulk of new parents, are also the generation that consume plant-based dairy more regularly. And considering that nearly 40% of consumers choose these alternatives “to feel healthier”, the habit is likely to be passed on to their offspring. New Category Introductions in FY24 Toddler supplements & ready meals.
Read our full Information Memorandum here
Our Platforms for Growth
Prospects in New Zealand - The New Zealand market for commercially manufactured baby food sits at around $40m pa in sales each year and is growing at just under 5% each year CAGR (2022-2026).
Our primary focus for the upcoming year will be on enhancing our direct-to-consumer sales via our website and shopping channels on social media platforms. With the ever-increasing availability of consumer goods online and the advent of social shopping, we believe our robust presence on social media provides an exceptional opportunity for deeper e-commerce penetration.
We are currently stocked in 35 independent retailers across New Zealand. Our acceptance into Foodstuffs NI is a significant milestone, and we are eagerly awaiting our activation date.
Prospects in Australia - The Australian market for commercially manufactured baby food sits at around $200m pa in sales each year and is growing at just under 5% each year CAGR (2022-2026). Our first market of call is Australia, with a 3PL engaged, our marketing agency engaged and our administration aligned to launch ticked off. Our Australia launch is forecast for January 2024.
Prospects in Asia - Asia accounts for 89% of all baby food sales globally and as such will be a priority. With China’s forecasted growth and Japans spend per capita these two countries could be targeted first.
You can read our comprehensive analysis of our platforms for growth in our full investment document here.
Our People
Gina Urlich
Gina has a background in nursing and spent over a decade working in the gynaecology oncology & maternity ward at the Mater Mothers Hospital in South Brisbane. She holds a Bachelor of Health Science in Nutritional Medicine and has been running a busy private practice for the past 10 years specialising in women’s health and infant nutrition.
Gina has two staff consulting under her guidelines to keep up with the high demand of consultation services. She has a large engaged online community of over 40,000 which provides valuable insights into the market and customer base.
Gina drives the strategic vision of NORISH & remains invested in overseeing all parts of the company. She is a trusted leading nutritionist in the infant and children’s health space and is on the expert panel for an international baby formula company as well as being a wife and mother to four children.
Mike Robertson
Mike began his career in FMCG at Chelsea Sugar before becoming part of the Unilever graduate programme. He moved quickly through Unilever eventually becoming Marketing Manager for the spreads category. His New Zealand launch of Olivio for Unilever was the most successful anywhere in the world.
During his time at Colenso BBDO he pitched to win the V business and was instrumental in developing the “Bug” campaign which still runs to this day. In 2006 he set up operations for Cowan NZ, a FMCG brand and packaging design agency, and grew it into a market leader in 5 short years.
Mike started Unified in 2012 and quickly established a market leadership position with a list of blue chip clients. At Unified he has developed an innovative approach to consumer insights which ensures the consumers voice sits at the centre of everything Unified do.
He has been brand strategist for the Wattie’s brand over the past 17 years and oversaw the restage that returned a proud Sir James Wattie’s wordmark to the brand. Mike is brand strategist for Ziwi Peak and part of the team that saw its exponential growth in export markets resulting in the recent $1.5 billion sale. Mike has worked in baby food for over 15 years in Australia & New Zealand and has an in-depth knowledge of the category. A passionate FMCGer with a love for food and cooking Mike lives in Auckland with his wife and three boys.
Brooke Wielinga
Brooke has a strong finance and business background. Her current role sees her day-to-day as the director and owner of Ascend Chartered Accounting firm based in Hawke’s Bay.
Brooke’s FMCG background started at Apollo Foods (The Apple Press) CFO. Launching a household beverage brand domestically and into export markets. A key deliverable of her role at The Apple Press being the management of a $40m plant build and developing a toll processing relationship with Fonterra Brands NZ for their flavoured milk production. Prior to The Apple Press, Brooke worked as a Senior Investment and Operations Analyst for a private equity firm in London. Successfully leading teams to increase efficiency and productivity whilst reducing costs and inefficiencies. Brooke’s work saw her leading companies in South Korea, Canada and the UK.
In 2022 Brooke graduated from Otago University with a Master of Business with first class honours all while being a mother to two young boys (4 & 2).
Atma Okan
Meet Atma Okan, a remarkable professional known for her talent in operational excellence. With over 20 years of experience, she has held the position of Managing Director for Ashram Yoga Ltd and more recently served as the Operations Manager for Hachi Ltd, trading as Lilybee Wraps.
Atma has a true gift for building strong working relationships and making administrative tasks a breeze. Her infectious sense of humour adds an extra spark to any environment, and she genuinely understands the importance of community and maintaining a healthy lifestyle.
You can read more about our team, including our advisors, in the information memorandum.
We are offering up to 850,000 non-voting shares through this campaign at $1 each which will equate to a total of 15.42% of the shares in Norish Limited. We are raising a minimum of $350,000 and a maximum of $850,000. The minimum individual investment is $500 for 500 non-voting shares.
We are doing a $150,000 round simultaneously with wholesale investors with the goal of raising $500,000 total minimum and $1million maximum. We have shown the impact of this wholesale investment in the share table in our full investment document here.
Share classes
Those investing between $500 and $49,999 will receive non-voting investor class shares (Investor Class Shares). Those investing $50,000 or more will receive Ordinary Shares. Ordinary Shares will have the same rights as existing shareholders in Norish Limited, including the right to vote at shareholders’ meetings. Further information on the rights and restrictions associated with each share class are clearly outlined in the Norish Limited Constitution. We plan to adopt this constitution before the campaign closes. You should read this before subscribing for any shares.
The legal title in all Investor Class Shares in Norish Limited will be held by a nominee company on trust for crowdfunding investors. The terms on which the Nominee will hold the Investor Class Shares are in the section of the Information Memorandum headed Nominee Shareholding Structure and in the Nominee Deed Poll. It is important that you read that section and the Deed Poll.
You can read our historic and forecast financials in our full investment document here.
A robust integrated financial model has been developed specific to Norish’s business and operating model. All financial projections are based on the inputs into the model forming the future financial performance and assume the company is successful in raising the minimum funding target of $500k across this raise and the wholesale round. You can read our full assumptions in the full investment document here.
Quality Control - High Risk
Baby food is a highly sensitive category and recalls make headlines. We have strict quality assurance processes in place that ensure all of our ingredients are purchased from approved suppliers and tested for safety before they are delivered. We manufacture our finished goods at MPI certified sites to ensure all of our products are manufactured to the highest standards of safety and quality. We also work closely with external consultants in regards to product formulations and label claims.
Working Capital - High Risk
Working capital is key to our ability to grow globally and achieve momentum and size. This capital raise will provide sufficient cash to execute growth initiatives without creating undue additional pressure on working capital allocated to other parts of the business.
Finance - Medium Risk
Our Finance team monitor working capital on a daily basis and provide weekly reporting to the executive management team.
Economic Downturn - Medium Risk
Our high end consumers will always have money to spend on their child making our niche less susceptible to the current downturn. Our direct to consumer e-commerce model allows us to sell cross-border to consumers all around the globe, minimising the risk of an economic downturn in a single country severely impacting our cash flow. With the rise of cross-border online shopping, D2C business models are one of the safest ways to ensure business continuity. To drive customer retention we will be investing in leading edge technology focused on the customer experience and analysts which will allow us to maintain a nimble fixed cost structure built for scale should we be impacted by any economic downturns in the future.
Competition - Medium Risk
Competition in the category is to be expected however the multinational nature of the category, our high end customer and selling model means we can focus on delivering our proposition. With Gina leading our exciting NPD programme we will be constantly innovating and diversifying our product offering to stay ahead of our competitors. To further mitigate the risk of competitive intensity, we will continue to focus on product quality, sustainability, transparency, social responsibility and superior customer service to drive brand loyalty. Our design-led approach to product innovation will ensure that what we bring to market will add the value to families lives.
Manufacture & Supply - Low Risk
Our freeze-dried technology means we can forecast & stock build ingredients in season & retain a minimum 2 year shelf life to ensure seasonal produce at the best prices. We conduct demand planning monthly for all of the products in our supplement and skincare ranges. We have rolling forecasts that look up to 18 months in advance and work closely with our suppliers and manufacturers to ensure they are aware of our upcoming demand.
Strategic Implementation - Low Risk
We have successfully managed our business to date with limited funds sourced primarily from cash flow and an initial raise. With this additional capital raise, we will be able to launch into export markets that require significant financial investment. We have an established Advisory Board and work with market-leading external agencies to help us achieve our strategies. R
Recruit & Retain - Low Risk
As a small company, the departure of a senior member of our team could impact our ability to execute upon our strategic plan. We have key person insurance for Gina in place. NORISH will develop as a most preferred employer true to its character of knowledgeable, capable and caring with a commitment to the Living Wage, paying market level (or above) remuneration,offering preferential and flexible working hours, an employee discount scheme, We maintain a values-led culture and have an appealing brand story. We are confident we will be able to recruit additional top-tier personnel as required.
Note from PledgeMe
We have completed Equifax checks on the Norish Limited and their Directors, as well as Google and Insolvency checks. There were no adverse findings.
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We made it! Only $300k left.
15/11/2023 at 2:07 PM
We are so grateful & to be honest quite emotional about the support that has come our way in the past month. This equity crowdfunding capital raise really cements the community & purpose behind Norish & we couldn’t be more proud.
The comments rolling through on PledgeMe are so beautiful & heartfelt.
Because of the large investor coming in, we’ve reduced our maximum goal on PledgeMe to $700,000. This means there’s only $300k worth of shares left for our community to purchase.
Huge thanks to all 173 of you who have invested in us. Thank you for the support & we are thrilled to have you on this journey with us.
Gina & the Norish team
Over $230k pledged! 3 days to go.
13/11/2023 at 3:13 PM
We’re celebrating a lot of things this week - the biggest is us cracking the $200,000 pledged mark! With 100 pledgers we’re now sitting at $233,150, which means we are now 67% funded, with 3 days to go. Thank you to everyone who has pledged.
The team at PledgeMe tell me that there’s this thing called deadline magic - where most of the pledges come in the final few days as people do what people do - sneak in just before the deadline. Please, if you want to relieve some of my stress and haven't already- pledge now :) Here’s the link again: https://www.pledgeme.co.nz/investments/557-norish-limited. The campaign is closing at 7pm on Thursday, 16 November.
We’re also celebrating the fact that we’re preparing to roll out in New World. Currently we’re in retail 35 stores - and getting into New World would really push up our sales & brand exposure.
We have big ambitions to grow - because we want to grow our impact but also because we want to grow our return for shareholders. We want to follow in the footsteps of founders like Brianne West, who grew Ethique with the support of her crowd and provided a 48-times return to her earliest crowdfunding investors.
Thanks for all your support with this campaign, we can’t wait to welcome you into the Norish family.
Gina
So much interest our product SOLD OUT!
31/10/2023 at 11:20 AM
To our beautiful Norish friends & fans,
Between awards & equity there has been a lot of visits to our website!
We are so humbled by your support over the last two weeks - for the second year in a row NORISH has won the children's health category for Best of Natural Awards & there are now 77 of you who have pledged over $156,000 towards our goal of $350,000 for our equity crowdfunding!
Not only have we had people showing their support and interest by investing - we’ve also had people showing their interest in our mission by buying our products. So many in fact, we ran out! We’re working hard to restock our range, but we think this shows the interest in feeding our babies better is growing.
We’ve also had some interesting approaches the last two weeks from potential distributors - which has led to some early and exciting conversations. Again, it’s clear to us that there are ways we can grow Norish into new markets, and now distributors are coming to us!
Thanks again for all your support - all your pledges, comments, shares and kind words mean the world!
Please keep sharing our purpose-led brand with those you think might be interested in investing. We are very excited for this next chapter.
Warm regards, Gina & the Norish team.
One week in and almost halfway!
25/10/2023 at 8:49 PM
Thanks so much for investing in us. It means the world to us, and our plans. Watching you all pledging in those first few hours and days has been such an amazing validation of what we have achieved so far and what we want to do - thank you.
In order to get to our goal, we need to make a bit of noise about this campaign. Can you help us?
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Could you share our campaign through social media, and share why you’ve supported us?
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Could you forward our IM and campaign page to five people that you think might be interested?
We are also hosting an Instagram Live tomorrow night (Thursday, 26 October) at 8pm. Just head over to our instagram page (@gina.urlich) then, and you’ll be able to watch our pitch - and ask me questions. I’ll have Anna from PledgeMe there as well to answer any questions you might have about equity crowdfunding.
Thank you for your unwavering support, and we look forward to having you as a vital part of our growing family.
Warm regards,
Gina & the Norish team.
Offer Details
| Current Valuation | 4,054,400 |
| Raise Minimum | 350,000 |
| Raise Maximum | 700,000 |
| Share Price | 1.00 |
| Minimum Pledge | 500.00 |
| Maximum Shares Offered | 700,000 |
Explanation of valuation:
Financial Summary
| Prev Year | Current Year | Est. FY 2026 | Est. FY 2027 | |
|---|---|---|---|---|
| Revenue | NZ $339,035 | NZ $913,088 | NZ $3,899,121 | NZ $9,342,902 |
| Operating Expenses | NZ $304,482 | NZ $779,513 | NZ $1,458,519 | NZ $1,903,872 |
| EBITDA | -NZ $143,332 | -NZ $186,108 | NZ $965,360 | NZ $3,216,833 |
| Net Profit | -NZ $143,332 | -NZ $186,108 | NZ $787,302 | NZ $2,316,120 |
Company Details
Company Name: Norish Limited
Company Number: 8180946
Company Documents
Director Details
| Name | Role | Profile URL | Invested? |
|---|---|---|---|
| Gina Urlich | Director/CEO | https://www.linkedin.com/in/gina-urlich-63a147206/ | ✔ |
| Dylan Urlich | Director | https://www.linkedin.com/in/dylan-urlich-4665aa72/ | ✔ |
Hi, new to PledgeMe so I apologise for the silly question. Do investors who pledge have the responsibility to put in more money (based on their investment) if the company goes into trouble, as shareholders/directors in other companies do? Thank you
Posted on 13-11-2023 by NatashaKia ora Natasha, Anna here from PledgeMe. If you become a shareholder in Norish, you are not expected or required to invest again in the future. Here's some more information about what it means to become a shareholder: https://guide.pledgeme.co.nz/what-does-it-mean-to-invest
Answered on 14-11-2023 by Gina Urlich
Thanks Gina, so nothing contracted in yet for Australia? As for the FY26 financials, is that taking the planned Asian expansion into account? Moving from less than $400k to $9m+ in revenue in 3 years is a substantial estimation. Are there Asia-based (China/Japan) distributors in place already?
Can you please also advise if there was any Independent advice given for this pre-money valuation? I note on page 48 that this was provided to you by your board and validated by your accountant and that you have accountants on your board (pg13)? Thanks, hoping to invest but need a couple of crucial gaps in the IM filled first please.
Regards, Si
Hi Simon,
We appreciate the thoroughness of your inquiry.
Currently, we've adopted a per capita & market size strategy based on our traction in NZ and our expansion into new export markets. While we've formed relationships with distribution channels, formal contracts are still pending. After the campaign's conclusion on Wednesday, we plan to advance our strategy and finalise contracts.
In terms of valuation, we've engaged in discussions with formal valuation companies. However, given stage of the business and cost of an independent valuation, we decided not to complete a formal valuations at this point. Our current valuation is based on a hybrid of financial performance (current sales x future expected EBITDA performance) as well as intangible assets and value. We have two accountants on our advisory board who bring a wealth of FMCG experience.
We look forward to having you join our crowdfunding campaign.
Kindest regards, Gina
Answered on 14-11-2023 by Gina Urlich
Can you please offer a breakdown of where this substantial increase in revenue is being generated offshore? Ie, are there distribution contracts in place already prior to your launch into Australia/Asia? I note that you have already been selling into Australia since inception, so would like to understand more around how sales will ramp up there. I understand you've offered a 'Per Capita' estimation here, however in my experience in is very difficult to assume an 'apples for apples' approach when factoring in export markets. Thank you in advance
Posted on 30-10-2023 by SimonHello Simon, you're absolutely right. Norish has been shipping to the Australian market from the very beginning, and our sales there have grown organically without any specific marketing efforts. We are having wholesale opportunities from Australia come to us & regular requests online for Norish to be available in AU. We've made sales forecasts based on per capita estimations and have built robust relationships with two of our existing wholesale partners in New Zealand, which we intend to extend into the Australian market. We acknowledge that the Australian market is not an exact replica of our current situation in New Zealand, and our entry into these new markets is a carefully strategised endeavour.
Regards, Gina
Answered on 05-11-2023 by Gina Urlich
What was the actual pre-money valuation amount for the 2022 capital raise?
Posted on 26-10-2023 by CristianHi Cristian, the pre-money valuation in 2022 is a private agreement between the shareholders. It was at a slightly lower valuation reflected in earlier traction as well as bringing on an experienced advisory board. Thanks
Answered on 05-11-2023 by Gina Urlich
What was the pre-money valuation of your last year's capital raise and how much did you raise?
When did Norish get the $25k from the Ministry of Awesome and was it a loan or an equity investment?
Hi Cristian,
Our early investment round was at a lower valuation as we were earlier in our traction, and wanting to get our advisors on board.
The Ministry of Awesome prize was a SAFE which converted as part of this round to shares. You can see that in our capitalisation table in the IM.
Thanks for your questions.
Answered on 25-10-2023 by Gina Urlich
1. could you please confirm my reading of the financial summary table on the web page ("Details").
[Revenue- Operating Expenses] doesn't equal EBITDA which needs explanation. This is because the table doesn't include Cost of Goods Sold (ref p52 of the IM)? Confirm?
2. Assuming that's the case is there a reason the gross profit improves to 60% cause that seems like good progress?
3. Finally p54 "Overhead assumptions" - is there a missing sentence at the end of that section?
thanks
Hi Josh, thanks for the questions.
Q1: Confirming the table on the PledgeMe Website is high-level financial information and it does not include COGS. That level of detail is available in the IM on page 52 as you’ve noted.
Q2: YTD actual GP % sitting at 56.5% so an increase of 3.5% which is due to “new” stock being sold with lower production costs due to larger production runs and therefore hitting price breaks in terms of minimum order quantities. The slight decline of GP within FY25 and FY26 is due to the mix of e-commerce sales and wholesale sales assumptions changing, with an increased play in wholesale.
Q3: Originally there was a table of our internal resource onboarding strategy, so the last sentence is a little out of context. We are happy to talk to our internal resource onboarding strategy with you however.
Answered on 25-10-2023 by Gina Urlich
Followers of Norish Limited
20/11/2023 at 11:06am
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16/11/2023 at 6:46pm
"Yaaay so stoked for you Gina! So well deserved. Mon x "
16/11/2023 at 6:41pm
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16/11/2023 at 6:38pm
"Very excited to be part of this ❤️ well done Gina and team "
16/11/2023 at 6:30pm
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16/11/2023 at 5:12pm
"I have so much faith in this business. Thank you for allowing the opportunity for us to be a part of it. "
16/11/2023 at 5:02pm
16/11/2023 at 4:32pm
"Excited to be a small part of this journey! Ren & Jen x"
16/11/2023 at 4:11pm
"Inspirational, love your work Gina. Delighted to be a part of this movement. "
16/11/2023 at 4:08pm
16/11/2023 at 3:48pm
16/11/2023 at 3:46pm
"Good luck Gina!! "
16/11/2023 at 3:04pm
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16/11/2023 at 1:52pm
"So excited for your venture Gina and so happy to pledge towards it and watch your growth, so well deserved x Jess"