Fight food-waste with Oddbox. Eat good. Do good. Stay odd.
- Rescued over 35,000 tonnes of food at risk of going to waste
- Close to 6 million boxes delivered across the UK
- 35X revenue growth (2022 vs 2018), 52.5% aided brand awareness
- ‘Excellent’ 4.7 Trustpilot score from 15K reviews, 300K community
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Every year, as much as 40% of food produced globally is wasted, contributing to an estimated 10% of all emissions. The environmental impact of food waste is thought to be 248 x that of plastic.
But it doesn’t have to be this way. In fact, Project Drawdown has identified food waste as the number one solution to help solve climate change.
That’s where Oddbox comes in – fighting food waste, one curvy cucumber at a time.
We work directly with growers to rescue the “too odd” and “too many” at risk of going to waste, delivering boxes of farm-fresh fruit and veg to doorsteps across the UK.
By giving growers a reliable secondary market for pear-fectly edible crops, and by helping our community cook more resourcefully, we’re raising awareness and making a difference.
We have a loyal community of over 300K Oddboxers and are one of the top-rated delivery boxes on TrustPilot. And best of all, 48% of people who join us say they are more likely to take action on food waste.
Substantial accomplishments to date
In our 2018 campaign, we welcomed 508 investors to Oddbox and overfunded to 148% of our £350K target.
We’ve come a long way since then.
At that time, we’d delivered 25,000 boxes to fewer than 2,000 customers and were only available in South London.
We’ve now delivered close to 6 million boxes and have a subscriber base of over 75K customers, reaching 66% of the UK. 1 in 5 of our customers join through word of mouth and we’ve achieved a whopping 52.5% aided brand awareness across the UK and 71.2% in London.
In 2020 we became a proud B Corp, balancing people and planet with profit. We prioritise local growers, keep emissions low with overnight deliveries and have a strict no-air-miles policy. We also use recyclable boxes, never add unnecessary packaging and at the end of each week, donate our leftover fruit and veg to charity partners.
With limited investment and a simple proposition, we’ve grown our revenue 35 times over the past four years and kept strong margins.
We’ve brought together an incredible team and grown a network of over 100 growers, with 100% of our suppliers saying that Oddbox plays an effective role in fighting food waste.
In December, we launched our own cookbook, ‘Crunch Time’, with viral TikTok star Martyn Odell to promote resourceful cooking and, this month, you might have spotted our first ads on TV.
Our revenue comes from customers subscribing to a regular Oddbox delivery. Each week, customers can also add limited-edition ‘add-ons’ to their box for an extra cost. These include ‘rare rescues’ like kiwiberries and padron peppers, as well as products from like-minded partners, including Montezuma’s “Waste not Want not” chocolates and Dash Water, which is made using wonky fruit.
Building a strong, loyal community is central to how we make money. This is shown in both our 3:1 LTV:CAC ratio (meaning we make back three times what we spend in acquiring each customer), and the fact that our AOV (average order value) is continually increasing.
*Source: Unaudited management accounts.
Use of proceeds
Over the next five years, we’re aiming to rescue an additional 90,000 tonnes of food at risk of going to waste, as well as inspiring tens of thousands of people to take action on food waste.
So far, we’ve focussed our rescue efforts on fruit and veg, but by 2026 we plan to expand our horizons and grow beyond our iconic original boxes. We’re already evolving through partnerships with like-minded brands. But we want to broaden our own offering and expand to new channels and markets, exploring different ways to fight food waste.
To do this, we need to upgrade our subscription platform and improve the user experience on our website. We plan to automate our packing processes and upgrade our back-end systems, so we can streamline the ordering, box planning and packing processes.
These upgraded systems will help expand what Oddbox can offer, as well as bringing more people into our community. The result? More food rescued that might otherwise have gone to waste.
Please note, the company has the following outstanding loan:
A Receivables Purchase Facility Agreement with Tradebridge of £2.5m. The facility carries a Quarterly Service Fee of £8,250 per quarter. Please note, the company has not drawndown from this facility and there is no balance outstanding or interest due.
The funds raised from this investment round will not be used to repay this loan.
This investment round is being raised by way of a convertible loan note ("CLN"). You will see a "Key Terms" document attached to this Campaign in the Documents section which sets out the key terms of the CLN.
A summary of the key terms are set out below. Please note, this should be read in conjunction with the Key Terms document.
• Discount: 20% or 30% depending on the conversion event - see below and the Term Sheet for further details.
• Interest: 10% per annum, non compounding.
• Maturity Date: 20 December 2027.
• Financing Date: 19 June 2025.
• The loan and any accrued interest will be converted in the following circumstances:
- A and B Qualifying Financing: automatically, upon an equity financing of at least £5m raised prior to the Financing Date at the price per share paid in connection with the Qualifying Financing Round, less a 20% discount. If less than £5m is raised, conversion will be on the same terms but at the election of the Investor Majority.
- C Qualifying Financing: at the election of the Investor Majority on any equity financing raised after the Financing Date but prior to the Maturity Date at the price per share paid in connection with the Qualifying Financing Round, less the 30% discount.
- Change of Control: automatically at the acquisition or offering price per share in respect of the Change of Control, less the 20% discount.
• The loan and any accrued interest will be repaid by the Company on the Maturity Date or in the event of the winding up or liquidation of the Company.
The company therefore has 4 share classes: Series B shares, Series A shares, B ordinary (non-voting) shares and Ordinary shares.
On liquidation, Series B shares will receive the higher of the initial price per share or the amount they would receive if proceeds were distributed pro rata amongst all shareholders, before the remaining proceeds are distributed to B ordinary (non-voting) shares and Ordinary shares.
On exit, both the Series B shares and Series A shares will receive the higher of the initial price per share or the amount they would receive if proceeds were distributed pro rata amongst all shareholders, before the remaining proceeds are distributed to B ordinary (non-voting) shares and Ordinary shares.
This provides Series B shareholders and Series A shareholders with down-side protection but in the event the Company exits at a higher valuation than the current round, Series B and Series A shareholders will receive their pro rata share alongside other shareholders.
T&Cs apply. Discounts apply to Oddbox fruit and/or veg box subscriptions only and cannot be exchanged, refunded or applied to other products. You must provide an address within our delivery zones in order to redeem your box or oddbox merchandise including the cookbook and apron (check if we deliver to your postcode at oddbox.co.uk).
The virtual cooking class can be redeemed worldwide. The private chef dinner at home can only take place at UK addresses within the M25. All rewards must be redeemed before the 31/03/23. Virtual cooking classes, private chef dinners and the grower visit must be booked before 31/03/23 but can take place up to six months after this.
Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.
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