|Description||Group Buying- Food Vertical|
|Seed, 2/2011 ||C$200k|
FOODSCROOGE is the first company to leverage group buying and bulk buying to allow consumers to purchase high-value food items directly from the manufacturer and save 40-80% off of the regular retail value.
FOODSCROOGE operates based on developing partnerships with food manufacturers to create an effective new sales channel to sell their products directly to the final consumer. By doing so, manufacturers are able to expand their customer base while avoiding costly fees imposed by traditional retailers. In addition, FOODSCROOGE partners with independent retailers to facilitate customer pick-up of product which has the added benefit of providing increased foot traffic, resulting in increased in-store sales for small businesses.
FOODSCROOGE’s objective is to provide an opportunity for consumers to hedge their food costs on their most expensive grocery items (namely protein) by purchasing in bulk and utilizing their freezer.
If consumers had the storage ability to hedge their costs on core goods, such as gasoline at even 20% below the market level, would they? We believe the answer is a resounding yes. FOODSCROOGE resolves to prove this market theory and apply the concept of ‘hedging’ to everday families and their food costs.