LAST CHANCE TO INVEST! 2020 Milestones & 2021 Goals
A lot has changed since we first launched our campaign and opened up our first capital raise to the Republic community. Back then we were a much smaller company, with goals of expanding to the West Coast and one day going nationwide. Over the course of this year, we’ve already reached those milestones and have continued refining our vision and strategy to become the premier health-conscious meal delivery provider nationwide.
With only a few days left to invest, here are the highlights of 2020:
January 2020: Completed acquisition of a sister company in Los Angeles, CA and began operations on the West Coast.
March 2020: Established new safety protocols to continue essential operations and protect and nourish clients in NYC through the initial coronavirus shutdown and beyond.
April 2020: Donated ~1000 meals and snacks for frontline workers throughout NYC.
May 2020: Launched nationwide shipping of our 3-day cleanse program, Feel Good Fix.
June 2020: Renewed our commitment to diversity and inclusion in wellness and society at large. Donated to support the Black Lives Matter movement via the NAACP Legal Defense and Educational Fund.
August 2020: Began nationwide shipping of Wellness Shop products.
September 2020: Launched the Provenance Affiliate Program to extend our brand’s visibility and services through an exclusive network of like-minded influencers and health and wellness partners (nutritionists, RDs, fitness professionals, and more).
September 2020: Announced partnership with Kiss the Ground and pledged to donate 1% of profits towards soil nutrition and climate change reversal.
October 2020 - Completed our custom in-house software build to manage all order and fulfillment processes and better capture user preferences, track client health metrics, automate client services, and support a branded online wellness community.
Based on the first 3 quarters of the year, we have more than doubled our revenue of $1.4m in 2018. We’re on track to hit $3m by EOY, improved our LTV to $1169, and increased our average order size.
As we’ve rapidly accelerated our growth and dealt with pandemic challenges we never could have predicted, we’ve set exciting new goals for 2021.
Launch our Daily Essentials meal delivery nationwide with fulfillment from 2 coastal hubs.
Our revenue from repeat customers is over a whopping 75%. In an industry that is marked by clients who jump around, our return rate represents a distinct loyalty to our brand. (A client recently wrote to us that “After eating Provenance food, I don't have a desire to try the others.”) Next year, we’ll improve that stellar KPI.
Launch a major brand refresh to represent our growth beyond a food company into a lifestyle brand.
Continue to increase AOV and customer LTV with new products at a variety of price points.
Increase gross margins by leveraging increased volume and geographic reach to lower delivery fees.
Accelerate growth and customer acquisition through new marketing channels.
Solidify partnerships with medical and healthcare companies and develop B2B revenue channels.
Building on our in-house technology, we’ll develop a mobile app to support the customer experience.
As you can see, the company has grown by leaps and bounds in the last year and is continuing to capture an increasing share of the $65b prepared meals market. We’ve seen how other companies have come and gone in this space, and – as with our approach to food and healthy lifestyle – have focused on sustainability and longevity rather than hopping on the latest trends and hoping for a magic bullet. As The Beet recently wrote about us, “This meal kit is the unicorn of food deliveries…. If you’re looking for healthy prepared meals, want to lose weight the healthy way, or looking to add more plants to your diet, Provenance Meals is your best friend.”
This week is your LAST CHANCE to invest in Provenance.
We would love to welcome you into our community of 450+ early investors. Onwards and upwards!
Yours in health,
Caroll
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