My Food Bag was the first meal-kit business to launch in NZ. It is the clear market leader in this sub-sector of the grocery channel. MFB operates on a subscription basis, providing customers with recipes and ingredients for three or five meals per week/fortnight from a variety of different menu types, and now delivers more than one million meals to New Zealanders each month.
At the time of investment MFB had a clear growth strategy predicated upon strong macro tailwinds and continued growth of customers/deliveries across the MFB product portfolio. Opportunities existed to broaden the product offering and extend the brand.
During the time of Waterman’s investment, the business has successfully introduced new products, established a new fulfilment centre and strengthened the management team. Group revenue has more than doubled through this period.Contact: Chris Marshall