My Food Bag looking for investors to accelerate growth plans

My Food Bag co-chief executive Cecilia Robinson says the company is experiencing "phenomenal" growth.
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My Food Bag co-chief executive Cecilia Robinson says the company is experiencing "phenomenal" growth.

My Food Bag is looking for expressions of interest from potential investors.

The popular food delivery service has 35,000 active customers in New Zealand and Australia, with deliveries up 120 per cent year-on-year.

Forecast revenue for the 2017 financial year was more than $135 million.

My Food Bag founder and co-chief executive Cecilia Robinson said the company had further potential to expand its product range, as well as to new markets.

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Other figures involved with the business include co-chief executive James Robinson, former Telecom boss Theresa Gattung and MasterChef winner Nadia Lim.

Asked whether existing shareholders might be looking to sell down their stakes, Robinson said the directors were "open to a range of outcomes".

"But the core focus of it is absolutely to accelerate the growth."

While a sharemarket listing was not off the table, Robinson said the current approach made sense at this point in the company's growth curve.

My Food Bag had already received several unsolicited approaches from local and international players, she said.

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The company's specific expansion plans would depend on the nature of the investor, and what they might bring to the table.

"We think My Food Bag's got a massive opportunity, and we're just scratching the surface."

 

 - Stuff

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