Type | Public |
---|---|
TSX: FOOD | |
Industry | Food / Grocery |
Founded | 2014 |
Founder |
|
Headquarters | , Canada |
Key people | Jonathan Ferrari (CEO) Neil Cuggy (COO) |
Website | https://www.makegoodfood.ca |
Goodfood Market Corp., doing business as Goodfood, is a Canadian online grocery, [1] home meal and meal kit company, based in Montreal, Quebec. Goodfood reached 200,000 subscribers as of August 2019, [2] an estimated 40% to 45% of the meal kit market. [3] It is listed on the Toronto Stock Exchange under the ticker FOOD.
Goodfood has evolved from a meal kit focused company to an online grocery and home meal provider. The company offers meal kits, breakfast meals, grocery items, snacks and ready-to-eat products. Goodfood's products are delivered across most of Canada, reaching 95% of the population. [4]
Goodfood was established in 2014 by Jonathan Ferrari and Neil Cuggy, two former investment banking analysts at RBC Capital Markets, under the original name Culiniste. [5] They were soon joined by Raffi Krikorian.[ citation needed ]
The service grew in popularity and began enrolling hundreds of subscribers per week. One of the Company's early adopters was Anne-Marie Withenshaw, a television and radio personality. Withenshaw eventually endorsed Goodfood and helped it grow in popularity across Quebec and Canada.[ citation needed ]
In 2016, the company rebranded itself under the name Goodfood. [5]
In June 2017, Goodfood became publicly traded on the Toronto Stock Exchange. The transaction, completed through a form of reverse takeover, raised $21 million of capital. [6] The funds raised were earmarked for growth and were used in large part to expand Goodfood's subscriber base and facility size. After the closing of the transaction, Goodfood began trading on the TSX under the ticker FOOD. The Company later raised additional equity to expand to Calgary, a second facility in Montreal and a new facility in Vancouver.[ citation needed ]
Goodfood experienced significant growth after going public: its subscriber base increased 35% to 31,000 in the quarter ending on August 31, 2017, [7] and another 45% to 45,000 in the quarter ending on November 30, 2017. [8] Goodfood reached the 200,000 mark as of August 31, 2019, with an increase of 125% in subscriber count year-over-year. [2]
As of November 30, 2020, Goodfood has 306,000 active subscribers. [9]
As of February 28, 2021, Goodfood has 319,000 active subscribers. [10]
In October 2022, Goodfood CEO addressed rumours of a takeover by indicating that ongoing conversations were taking place, without confirming if they were about a takeover. [11]
Its business originally centred around preparing meal kits delivered to subscribers. It has broadened its offering to include: ready-to-eat meals; grocery items such as olive oil, peanut butter and tea leaves; and breakfast products including smoothies and omelettes. Within its meal kit business, Goodfood launched Yumm, a cheaper meal kit service offering simpler recipes with fewer ingredients. [12]
Its most significant rivals include HelloFresh (based in Germany, and subsidiary Chef's Plate), Cook it and MissFresh (a Metro Inc. grocery giant subsidiary, based in Quebec). [13] [14]
Alimentation Couche-Tard Inc., or simply Couche-Tard, is a Canadian multinational operator of convenience stores. The company has 14,302 stores across Canada, the United States, Mexico, Ireland, Norway, Sweden, Denmark, Estonia, Latvia, Lithuania, Poland, Russia, Japan, China, and Indonesia. The company operates its corporate stores mainly under the Couche-Tard, Circle K, and On the Run brands but also under the affiliated brands Mac's Convenience Stores, go!, 7-jours, Dairy/Daisy Mart, Becker's and Winks.
Metro Inc. is a Canadian food retailer operating in the provinces of Quebec and Ontario. The company is based in Montreal, Quebec, with head office at 11011 Boulevard Maurice-Duplessis. Metro is the third largest grocer in Canada, after Loblaw Companies Limited and Sobeys.
Sobeys Inc. is the second largest supermarket chain in Canada after Loblaw Companies Limited, with over 1,500 stores operating across Canada under a variety of banners. Headquartered in Stellarton, Nova Scotia, it operates stores in all ten provinces and accumulated sales of more than C$25.1 billion in the fiscal 2019 operating year. It is a wholly owned subsidiary of Empire Company Limited, a Canadian business conglomerate.
Dollarama Inc. is a Canadian dollar store retail chain headquartered in Mount Royal, Quebec. Since 2009 it is Canada's biggest retailer of items for five dollars or less. Dollarama has over 1500 stores and is active in all of Canada; Ontario has the most stores.
Vidéotron is a Canadian integrated telecommunications company active in cable television, interactive multimedia development, video on demand, cable telephony, wireless communication and Internet access services. Owned by Quebecor, it primarily serves Quebec and Ottawa, as well as the Francophone communities of New Brunswick and some parts of Eastern Ontario. Its principal competitors are Bell Canada and Telus Communications.
BCE Inc., an abbreviation of its full name Bell Canada Enterprises Inc., is a publicly traded Canadian holding company for Bell Canada, which includes telecommunications providers and various mass media assets under its subsidiary Bell Media Inc. Founded through a corporate reorganization in 1983, when Bell Canada, Northern Telecom, and other related companies all became subsidiaries of Bell Canada Enterprises Inc., it is one of Canada's largest corporations. The company is headquartered at 1 Carrefour Alexander-Graham-Bell in the Verdun borough of Montreal, Quebec, Canada.
Super Écran is a Canadian premium television network owned by Bell Media. It airs a mix of commercial-free films and television series. Films are primarily sourced from the United States and Canada, while the television series mostly consist of original series and programs from HBO and Showtime in the United States.
CUC Broadcasting was a Canadian media company, active from 1968 to 1995. Active primarily as a cable television distributor, the company also had some holdings in broadcast media and publishing.
The Caisse de dépôt et placement du Québec is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board. It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably, while also contributing to Quebec’s economic development. As of June 30, 2023, CDPQ managed assets of C$424 billion, invested in Canada and elsewhere. CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at Édifice Jacques-Parizeau.
Saputo Inc. is a Canadian dairy company based in Montreal, Quebec, founded in 1954 by the Saputo family. It produces, markets, and distributes a wide array of dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients and is one of the top ten dairy processors in the world.
Sleep Country Canada Holdings Inc. is a Canadian mattress retailer and with over 250 stores operating in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island and Nova Scotia.
Stingray Group Inc. is a publicly traded Canadian media and entertainment company based in Montreal, Quebec, with offices in the United States, Belgium, the United Kingdom, the Netherlands, Switzerland, France, Israel, Australia and South Korea. The company broadcasts music and video content on platforms including cable and satellite television, IPTV, Internet, mobile devices and game consoles, and develops customized audio and digital services for retailers, hotels and other commercial clients.
TVA Sports is a Canadian French-language sports specialty channel owned by the Groupe TVA, a publicly traded subsidiary of Quebecor Media. The channel is a general-interest sports network, and the first major competitor to RDS, the only other French-language sports channel in the country.
CST Brands, Inc. was an American publicly traded fuel and convenience retailer. It was the second-largest of its kind in North America, with 1,900 outlets in the U.S. and Canada. CST Brands had 2013 revenues of about $12.8 billion and made approximately $360 million in EBITDA. Stores were concentrated in the central and southwestern U.S. states and in eastern Canada. Corner Store was the firm's primary retail brand in the US and in Canada's English speaking provinces. In Canada's French speaking provinces, Dépanneur du Coin was the company's retail brand. In addition to convenience store retail sales, CST Brands also sold fuel under a number of licensed energy brands such as Valero, Exxon, Shell, and Phillips 66.
Xplore Inc. is a Woodstock, New Brunswick-based rural internet service provider. It is the largest rural focused broadband service provider in Canada.
Food delivery is a courier service in which a restaurant, store, or independent food-delivery company delivers food to a customer. An order is typically made either through a restaurant or grocer's website or mobile app, or through a food ordering company. The delivered items can include entrees, sides, drinks, desserts, or grocery items and are typically delivered in boxes or bags. The delivery person will normally drive a car, but in bigger cities where homes and restaurants are closer together, they may use bikes or motorized scooters.
A meal kit is a subscription service–foodservice business model where a company sends customers pre-portioned and sometimes partially-prepared food ingredients and recipes to prepare home-cooked meals. Services that send pre-cooked meals are called meal delivery services. This subscription model has been cited as an example of the personalization of the food and beverage industry.
HelloFresh is a publicly traded meal-kit company based in Berlin, Germany. It is the largest meal-kit provider in the United States, and also has operations in Australia, Canada, New Zealand and Europe.
Zenabis Global Inc. was a Canadian medical and recreational marijuana producer.
Cook it is a Canadian meal kit service available in Quebec, Ontario and the Maritime Provinces of Canada. Based in Montreal, it is established as the first meal kit company in Canada.