What do Ooooby do?
Ooooby deliver fresh fruit and vegetables from local and organic growers to their customers every week, in order to make local food affordable, convenient and fair everywhere. Ooooby’s model reduces food waste, food miles and makes healthy produce affordable to all.
What is Ooooby’s structure?
Ooooby’s trading operations are run out of a limited liability company. Ooooby relies on the alignment of those involved to further their mission. Shortly before taking on investment, Ooooby set up the Ooooby Foundation which now holds the controlling interest in Ooooby’s trading company to ensure their mission is protected.
Since the Ooooby Foundation is the majority shareholder, their major decisions about the company’s direction are limited by their charitable purpose. However this means that in addition to the outcomes achieved by the business, the majority of profits are reinvested into furthering the mission.
How did Ooooby access investment?
- Prior to approaching the crowd for investment, Ooooby funded their activities through grants and project crowd-funding and, as things progressed, their revenue.
- Ooooby launched operations in New Zealand, Australia, California, and USA before raising their first round of investment.
- Ooooby built up a base of over 5,000 paying customers.
- Ooooby reviewed their initial investment dividend policy, as is discussed in outcomes below.
How did Ākina help?
Ākina provided the following support which allowed Ooooby to strategically and successfully approach investors.
Ākina’s support in helping Ooooby become investment ready.
What was the outcome for Ooooby?
Ooooby was able to run a successful equity crowdfunding campaign.
The shares came with a dividend policy that limited the use of any distributions to purchasing goods from Ooooby or supporting local food projects. Ooooby has decided to remove this dividend policy from their next round to get away from the philanthropic mindset. In order to scale they need to access more capital than is generally available from philanthropic-type sources.
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