Goodie Bag

Leftovers are always better...

January 14, 2025

A Note from Us

  • After taking a few weeks off for the holidays, we thought it’d be a great time to reintroduce Bulletpitch to the thousands of new subscribers who’ve joined since our last edition.

  • Bulletpitch is a weekly publication that highlights promising early-stage startups. Here’s what to expect:

    • Features: Each week, we feature one standout company, chosen from hundreds of monthly applications. Companies cannot pay for placement, selection is entirely subjective.

    • Events: We host events in major cities where founders and investors connect, with some gatherings drawing over 1,000 attendees. We promote these events towards the bottom of every newsletter.

  • To those who’ve been with us over the past three years, thank you, and get ready for our best year yet. Without further ado, this week’s feature...

Setting the Scene

  • US food retailers generate 42 billion pounds of food waste each year, discarding perfectly good food at the end of the day.

  • This leads to a few critical issues:

    • Economic Inefficiency: Retailers lose potential revenue by discarding unsold food rather than finding ways to repurpose or redistribute it.

    • Environmental Strain: Discarded food in landfills releases harmful methane gas and wastes valuable resources.

    • Disparity in Access: While food waste soars, millions of Americans continue to face food insecurity.

  • This week’s company connects unsold food from local businesses to consumers at discounted prices, reducing waste and making food more affordable.

In a Sentence

Goodie Bag is a marketplace that transforms restaurants’ surplus food into discounted deals for customers.

  • Marketplace: Through the app, customers can discover and purchase surplus food at 50% off or more in the form of “mystery” goodie bags.

  • Restaurants: Partnering with Goodie Bag helps food businesses recover revenue, attract new local customers, and reduce waste.

  • Customers: Users enjoy affordable food while supporting sustainability efforts in their local communities.

Bulleted Version: Similar to how TJ Maxx offers high-quality items at lower prices by selling surplus and off-season goods, Goodie Bag provides customers with affordable access to surplus food that might otherwise go to waste. 

The Basics

IN PARTNERSHIP WITH

  • Fidelity Private Shares cap table platform is the all-in-one tool that will help founders prepare for their next round of funding.

  • This platform gives founders access to seed stage capital, equity scenario modeling, and premier support to generate, execute & store legal documents.

  • As a valued member of the Bulletpitch community, we’d like to personally share a 20% discount for the product.

  • Plus, if you’re coming from another platform, Fidelity has offered up its top-tier team to help transfer all docs for a seamless transition.

Due Diligence

WHAT WE LIKE

  • Market Opportunity: With 97% of the U.S. surplus food market untapped, Goodie Bag is positioned to capture a significant share of a multi-billion-dollar industry.

  • Empowering Local Restaurants: Goodie Bag provides small and independent restaurants with a real-time marketing platform to attract new customers in addition to generating revenue from surplus inventory.

  • Consumer Behavior: In a market where 4 out of 5 Americans are price-sensitive about food, Goodie Bag addresses affordability without compromising quality.

POTENTIAL RISKS

  • Customer Perception: Educating customers about the freshness and quality of surplus food is critical to ensure adoption rates.

  • Supply Consistency: Dependence on surplus food introduces variability in availability, which could affect user satisfaction, retention, and company revenue.

  • Regulatory Challenges: Navigating health and safety regulations in the food industry, especially for surplus and leftover food, adds operational complexity.

Founder Profile

To request an introduction to the founder, respond to this email.

Comps

Why Goodie Bag: By connecting local shops’ unsold food to customers at discounted prices, Goodie Bag enhances marketability for restaurants, reduces food waste, fosters a more sustainability, and creates a surplus of opportunity within the current food ecosystem.

Event Board

  • Bulletpitch San Francisco Industry Dinner: On October 10th, we are hosting a dinner in SF for founders and investors. Apply HERE.

Cast Your Vote

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Last Week Today

  • The Results Are In: FutureMoney, a fintech platform that empowers parents to build generational wealth for their children through its flagship product, the Junior Roth IRA™, was heavily favored in last week’s poll.

  • Subscriber Feedback: “FutureMoney taps into an enormous and underserved customer base looking to create generational wealth for their children.”