Good & Fugly, the Sydney startup rescuing (f)ugly, but fresh produce and delivering it directly to consumers’ doors, is launching an equity crowdfunding campaign to help scale and amplify its mission to tackle Australia’s food waste epidemic. The fundraising campaign launches through Birchal on July 11th, with Expression of Interest (EOI) kicking off on June 21st.
The cosmetic standards of supermarkets mean an astounding amount of great food never reaches our plates. In fact, 30% of all the world’s farmland is used to produce wasted food, with 25% of all Australian produce not even leaving the farm in the first place. Good & Fugly launched in 2020 to make saving the planet affordable, convenient, and delicious.
What is the market offering of Good & Fugly?
Working directly with farmers, Good & Fugly curates weekly produce boxes out of fruit and vegetables that are deemed cosmetically unsuitable for supermarkets and delivers them direct to consumers. Now, Good & Fugly is calling on investors large and small to join the sustainable food movement as it prepares to take over the nation with its innovative model.
By utilising Birchal’s equity crowdfunding platform, Good & Fugly is allowing Aussies a chance to invest having to spend big. For as little as $250, investors can get behind Good & Fugly and own a piece of the rebellious startup taking on the supermarket giants.
Richard Tourino was inspired to launch Good & Fugly after seeing a gap in the market and hearing first-hand stories about the waste crisis, “The price of fruit and veg is skyrocketing, and still, major supermarkets are rejecting produce based on looks alone. I’m excited to be launching our first ever crowdfunding campaign in a way that allows everyday Aussies, who have a true passion for the environment and Australia’s food waste issue, to get on board.”
“Together, we can fundamentally change the way Australians buy and eat their fruit and veg” Tourino, who was Marketing Director at GoGet, is no stranger to startup growth, having helped steer GoGet from its infancy to over 90% market share. Off the back of Good & Fugly’s initial traction, he’s excited to see the impact the funding has on company growth.
“We’re looking to use the capital to scale, and fuel our national rollout. We want to connect with more farmers, save more produce, and give more consumers across Australia the opportunity to purchase deliciously fugly fruit and veg,” Tourino further commented.
How does the leadership plan to scale the business?
The team also has some clever ideas on how to give its fugly produce new life outside of its weekly boxes, with key partnerships and innovative product launches slated for late 2022.
In the two years since launch, Good & Fugly has had impressive traction in the market; outgrowing its warehouse multiple times and tripling its workforce, while also:
- Generating over $1mil in revenue in this FY alone
- +2,400% annual growth
- Delivering over 200,000 kgs of fruit & veg
- Amassing almost 2000 regular subscribers
- Significant expansion to its delivery zones to cover all of Greater Sydney
- Donating all excess produce to OzHarvest
- Launching its Farmer’s Hotline, “13 – Triple Zero – FUGLY” allowing farmers nationwide to get a fair price for produce that otherwise would be thrown away
- Partnering with like-minded companies and NGOs like Cornersmith, Coastrek, Skutopia, Work-it, Cailie Ford Nutrition, and NSW Circular
- Supporting the health and wellbeing of Australian workers through its work with CBA and a range of mid to large-sized enterprises.
What is the take of business stakeholders on the model?
Paul Milano, a Victorian farmer who partnered with Good & Fugly after retailers rejected his fruit harvest, said, “Everyone loses when good fruit and veg goes to waste.” he said.
“Last year on our farm alone 50 tonnes had to be thrown away and this kind of thing is being duplicated across Australia. With Good & Fugly’s rescue hotline, I’m able to give them a call during oversupply emergencies and promptly work out a win-win solution, depending on the type of produce. Good & Fugly gives our delicious fruit and veg the kind of home it deserves.”
Aidan Quick of Home Stand Produce in the Tweed Valley said, “If the food goes to waste, you’ve wasted the water, you’ve wasted the soil, the land, and time. The good thing about working with Good & Fugly is that they’ll take smaller sizes that the market won’t want.”
Investors looking to invest in Good & Fugly, visit Birchal.