BRISBANE-founded Snackwize, a platform making it easier for companies to provide healthy snacks to staff in the workplace, has raised half a million dollars in seed capital – a rare break for food startups in Australia.
The financial backing comes from one of Australia’s most prominent tech entrepreneurs – Adrian Di Marco of global enterprise software giant TechnologyOne – and is the first round of funding to help grow the team and expand into home delivery.
Snackwize founder and managing director Conor Reynolds said the food startup scene was only emerging in Australia, compared to in the United States, where collectively there was $1.08 billion invested in 2017.
“Food and beverage startups are slowly popping up on Aussie soil, yet raising capital in this sector is still in its infancy, so we are very lucky to have this support early on in our journey,” said Mr Reynolds, who will look to raise more capital after this initial round over the next two years.
“The decision to expand into home delivery follows a strong organic growth in the market and will be a game changer for fitness buffs and busy families on the go,” he said.
Since its launch in 2016, the Snackwize has seen rapid growth in Australia and New Zealand, doubling its revenue year-on-year and quintupling its client base from 20 to 100 companies.
Today, the startup delivers thousands of snacks to the offices of Uber Australia, Universal Studios, Deloitte, Marriott, Queensland Rugby League, The Melbourne Cricket Ground, Red Bull, Samsung, and more.
Snacking habits data reveals a whopping 46% of Australians skip lunch in favour of a snack and Millennials, in particular, are more likely than any other generation to snack four times or more a day on foods other than fruit.
“The number of Aussies who eat unhealthy snacks as a meal replacement is alarming, especially when you consider those young professionals in offices today will occupy a large percentage of the workplace by 2025.
“Fruit baskets in the office have been a staple for almost 16 years, yet as the frequency of snacking and the demand for more nutrient-dense food continues to rise, people are looking for more nourishing, plant-based foods they can grab on the fly.”
Snackwize, founded on the idea of making healthy food more convenient, is 30% cheaper than the retail price of snacks bought at supermarkets, with a curated box starting from $179 per month for 65 snacks, ranging up to $799 per month for 390 snacks.
Mr Reynolds refers to his company as a ‘set it and forget it’ service that encourages organisations to foster a wellness culture internally, resulting in more happy and engaged employees at work.
All Snackwize eligible products must pass a rigorous testing process that includes a 100% natural ingredient review and a ‘no added sugar’ and ‘no artificial colours, flavours or preservatives’ protocol.
The team is continually researching market trends to ensure the healthiest and tastiest product mix and rotation, with popular brands including Blue Dinosaur, Health Lab, Just Jerky, LuvSum, Shelby’s, Piranha, Super Orbs, Googys, Brookfarm, Carman’s, Tom & Luke Balls, and more.