The Peloton of home cooking with expert chefs & world cuisine recipe boxes!
- 10 high-profile chefs onboarded on the platform.
- Delivered 100+ cookalong events. 45x YOY growth in box volumes
- Backed by former leaders from Tate & Lyle, Premier Foods & Sysco
- 500+ verified reviews on Trustpilot with an Excellent 4.8 rating!
The Cookaway is an evolution of the recipe box model, on a mission to bring joy into cooking with our inspiring chefs, exciting menus, premium quality ingredients & live experiences, all available without a subscription.
We believe we are not just disrupting the current model but instead creating a new evolved category that combines world food, engaged communities, great experiences and amazing content.
Our chefs and products are full of soul and passion and with them, we create joyful and fun cooking experiences for our customers somewhat like a 'Peloton' experience. This has allowed us to build a community that loves our products and comes back for the experience not because they are tied into a subscription.
In addition to D2C, we have a fast growing B2B offering for corporates, holiday cottages and accommodation aggregators. Our ‘Powered by The Cookaway’ service enables chefs, restaurants and member organisations to launch new products using our tech, operations and NPD capabilities.
Substantial accomplishments to date
- In 12 months, built proof of concept, achieved product-market fit and delivered over 5k boxes across the UK.
- Onboarded 10 chefs including 5 MasterChef’s & a 2-Michelin starred chef.
- Developed bespoke smart tech infrastructure & JIT supply chain to power operations at scale.
- Rated one of the top recipe boxes by many leading publications such as The Independent, Forbes, The Week and Daily Mail.
- Over 500 verified reviews on TrustPilot with an Excellent rating.
- Chosen food partner for The Lord Mayor's Big Curry Lunch 2021 that supports three national service charities. Working with 3 Celebrity chefs - Prue Leith, Matt Tebutt & Cyrus Todiwalla OBE.
- Backed by high profile food and tech investors as part of this funding round. Including former Chairman of Tate & Lyle, former CEO Premier Foods, former CIO Sysco, and CIO of Canadian Rail.
- Robert Walton MBE, president of the Restaurant Association, joined as an advisor.
- Highly engaged community of over 3k customers with over 11k followers on our social platforms.
- Pilot agreed with one of the largest travel accommodation providers, which will be one of the first times they deliver a food-based experience with a physical product to their clients.
- Worked with several well known brands including Ikea, Deloitte, Dyson, Mars and Santander.
- Partnerships established with multiple distribution platforms such as Virgin Experience Days.
- Strategic partnership launched with one of the largest holiday platforms in the UK.
- Partner & Sponsor for World Young Chef Young Waiter promoting young talent in the industry.
No subscription offering and modular product allows access to multiple revenue streams:
1. Box sales from customers, live cookalong experiences and B2B team events
2. Chef and event management fees for private and corporate events
3. Powered by The Cookaway - white label offering using our custom-built tech and operations capability to power large scale bespoke events
4. Distribution partners such as Perkbox and Xexec
5. Experiences platforms such as Airbnb and VED
6. Holiday cottage aggregators so customers can order a Cookaway when booking their holiday
7. Box add ons - paired wines, other beverages, desserts and chocolates
8. Gift card sales
Further revenue streams to unlock post investment:
1. Ancillary products - kitchen equipment, unique ingredients
2. Membership offering - exclusive deals, pre-launches, premium content
3. New formats such as Heat and Eat and Cookaway Accredited Private Chef service
4. Expanded programme of recorded and live Cookalong events
Use of proceeds
With the money we raise, we will –
- Hire talent and grow the management team - bring our marketing and social team inhouse and accelerate product development. (25%)
- Invest in content generation and deployment to showcase the brand, our chefs, products and experiences. (20%)
- Build the technical platform further to allow customers to easily create and book live experiences with us. (15%)
- Launch new chefs and cuisines (Greek, Chinese, Thai, Srilankan in the pipeline) to build the largest community of chefs on our platform offering a range of exciting menus from experts around the world. (15%)
- Further improve our sustainability credentials by eliminating the remaining 5% plastics in our boxes by using paper based sachets for our various ingredients. (5%)
- Develop an app for easy ordering and managing events. (5%)
- Automation and expansion of our fulfilment centre to drive efficiencies. (10%)
- Launch a membership program. (5%)
The Pre-money valuation has been calculated on a fully-diluted basis, taking into account an option pool of 127,000 shares.
The company has the following outstanding loans:
1. £50,000 Bounce Back Loan from Barclay's Bank, entered in May 2020. Fixed interest rate of 2.5% per annum which kicks in after a year. Loan to be repaid over 6 years.
The funds raised from this investment round will not be used to repay these loans.
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