Foody🍴

setting the scene 

• after devouring a third slice of your grandma’s banana bread, a business opportunity comes to mind

• “grandma, you should really start selling your banana bread” 💵

• with her packed Mahjong schedule, she’s far too busy to open a bakery 🧁

• what if there was another way her recipe could reach the masses?

• this week’s company provides a recipe marketplace that would allow grandma to roll in the dough 💰

in a sentence

Foody is a marketplace where culinary creators can monetize their content and home cooks can purchase and organize recipes

• culinary creators: amateur cooks to Michelin-star chefs publish and sell their recipes and cooking videos

• home cooks: discover, buy, and save your favorite recipes, ad-free

• organize: digitally sort and store recipes

bulleted version: just like how Spotify allows users to listen, save their favorite songs and artists, and monetize content, Foody provides a platform to discover and post recipes 🍽

the basics

• industry: foodtech

• headquarters: San Francisco

• year founded: 2020

• company size: < 10 employees 🧳

• investors: Serena Ventures, Goodwater Capital, Jack Conte, Vivek Patel, Neil Mehta, Shoaib Makani 

• amount raised: 1.5m

• investment stage: seed 🌱

due diligence

what we like

• 🥰 home cooked meals: for the 98% of Americans who prefer cooking at home, Foody offers a well-designed platform to pick a recipe and start cooking

• partnerships: bringing on chefs and influencers like Jeremiah Tower, Amanda Haas, Laura and Sayat Ozyilmaz, and Tu David Phu will attract early users and ensure diverse food representation from the start

• new monetization trends: as the creator economy continues to grow across industries, fans are increasingly willing to pay for content

  • plus, culinary creators need a way to monetize their content

potential risks

• 💻 online recipes: will Foody’s solutions to the cooking experience be enough to move at-home cooks away from the numerous free recipes that exist today?

• 👩‍🍳 too many cooks in the kitchen: if too many creators join the platform, users may find it difficult to select their favorite chefs and recipes

• phone eats first: social platforms like Instagram and TikTok have dominated food discovery

  • Foody must incorporate a sticky and mobile social experience to keep users on the platform

founder profiles

• Daniel Stitzel (Founder @ The Stitzel Company, prev. Berg Holdings)

• Brenna Stitzel (prev. Morgan Stanley, Sandler O’Neill & Partners)

comps

• Allrecipes 

• NYT Cooking

• Bon Appétit

• Yummly

why Foody: Foody’s tasteful platform solves the overwhelming nature of recipe discovery, while also giving creators recognition and an opportunity to monetize 🍳