SQUAREAT | Application Preview
SQUAREAT is applying for government grants to support a wide range of initiatives including marketing, internal operations, research and development, and launching B2B distribution channels. The company has set an ambitious goal of achieving over $60 million in sales within five years, leveraging a marketing strategy that combines influencer partnerships with traditional online approaches. They currently boast a 20% rate of returning customers on their B2C e-commerce platform, with some customers making multiple high-value purchases.
SQUAREAT's business model emphasizes scalability, margin control, and sustainability. They have crafted a production process that minimizes waste, relying solely on electrical power and processing fresh ingredients immediately upon arrival, which allows them to extend shelf life and save on storage. Their unique approach ensures they utilize nearly all of each ingredient, significantly reducing food waste.
In a competitive landscape that includes major players like Freshly and Hello Fresh, SQUAREAT differentiates itself with a unique product that addresses the growing demand for healthy, convenient meals without the drawbacks of traditional meal delivery services. Their ready-to-eat "squared" portions cater to health-conscious consumers, promoting ease of healthy living while being customizable and sustainable. The global ready-to-eat food market is anticipated to expand rapidly, driven primarily by millennials' preference for healthier options.
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General Information
Business Registration Number: 85-3920762
Location: miami beach, FL, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: $250k to $500k
Open to Loans: YES
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Funding Usage
We are seeking funds mainly to fuel our marketing campaign, internalization of functions, R&D, and to start the B2B distribution.
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Business Plan
We have a sustainable plan to reach +$60m sales in 5 years. We currently have 20% of returning customers on our B2C e-commerce. We wil use a combination of influencer driven and traditional online marketing to increase our awareness and customer base. Our product is greatly appreciated with some customers making 15-20 orders and spending +$2,000 in few months. In addition, in 2023 we will open several B2B channels, selling our products in supermarkets, nursing homes, offices, universities, and airlines. SQUAREAT’s business model is predicated on scalability, margin controls and eco-sustainability. Our production chain runs on minimal waste in food and energy resources, and it works on electrical power only. We have a unique way to process fresh food. As soon as we receive it, we don’t store it and then process it as many do; we transform it into squares immediately. We combine gourmet recipes with innovative cooking techniques that naturally extend shelf life up to 3 weeks, improve quality, and preserve nutrients. That allows us to optimize operations, deliveries, and storage space, cutting costs and waste significantly. In addition, we are able to utilize almost 100% of each ingredient, minimizing food waste during preparation.
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Self Identified Competition
There are 3-4 big players in the U.S., in a market larger than USD 500 Million. The most famous are Freshly, Trifecta, Factor and Hello Fresh. In October 2020 Nestlé acquired meal delivery “Freshly” for $1.5bn. This makes it the biggest deal in the history of meal plan delivery services. The global market was valued at USD 7.8 billions in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30% from 2021 to 2026. The increasing preference for healthy solutions among millennials is expected to be a major factor contributing to this growth. The "ready-to-eat foods" market is currently booming all over the world but no one has "cracked the code yet". Players are saddled by expensive operations given the need for multiple weekly deliveries, or by poor quality given the need to send frozen food. We came out with a brand-new solution that could be the food of the future. WE MAKE IT EASY TO BE HEALTHY! Our Squared portions are convenient, eco-sustainable and naturally long lasting, while tasting amazingly. With SQUAREAT people can fully customize their diet, save time, and maximize food variety.
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