Goodfood Market Corp.,

doing business as A trade name, trading name, or business name, is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is a "fictitious" business name. Registering the fictitious name w ...

Goodfood, is a Canadian online grocery, home meal and

meal kit 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 homecooked meals. Services that send pre-cooked meals ...

company, based in

Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...

Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...

. Goodfood reached 200,000 subscribers as of August 2019, an estimated 40% to 45% of the meal kit market. It is listed on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...

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.

History

Founding Under the Name Culiniste

Goodfood was established in 2014 by Jonathan Ferrari and Neil Cuggy, two former investment banking analysts at

RBC Capital Markets RBC Capital Markets is a global investment bank providing services in banking, finance, and capital markets to corporations, institutional investors, asset managers, and governments globally. Locations span 58 offices in 14 countries across North ...

, under the original name Culiniste. They were soon joined by Raffi Krikorian. The service grew in popularity and began enrolling hundreds of subscribers per week. One of the Company's early adopters was

Anne-Marie Withenshaw Anne-Marie Withenshaw is a Canadian television and radio personality, from Montreal, Quebec, Canada. Career Withenshaw graduated from Concordia University with a Bachelor of Arts & Science in Communications Studies. She started working on Much ...

, a television and radio personality. Withenshaw eventually endorsed Goodfood and helped it grow in popularity across Quebec and Canada.

Rebranding to Goodfood

In 2016, the company rebranded itself under the name Goodfood.

Going public

In June 2017, Goodfood became publicly traded on the

. The transaction, completed through a form of

reverse takeover A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compan ...

, raised $21 million of capital. 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. Goodfood experienced significant growth after going public: its subscriber base increased 35% to 31,000 in the quarter ending on August 31, 2017, and another 45% to 45,000 in the quarter ending on November 31, 2017. Goodfood reached the 200,000 mark as of August 31, 2019, with an increase of 125% in subscriber count year-over-year. As of November 30, 2020, Goodfood has 306,000 active subscribers. As of February 28, 2021, Goodfood has 319,000 active subscribers. 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.

Business

Its business originally centred around preparing

s 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. Its most significant rivals include

HelloFresh HelloFresh SE 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, Europe ( GB, D-A-CH, Benelux, France, Italy and ...

(based in Germany, and subsidiary Chef's Plate), Cook it and MissFresh (a Metro Inc. grocery giant subsidiary, based in Quebec).

References

{{Online food ordering Companies listed on the Toronto Stock Exchange Companies based in Montreal Food and drink companies of Canada Canadian companies established in 2014 Retail companies established in 2014 Transport companies established in 2014 Internet properties established in 2014 Online food ordering Online retailers of Canada Subscription services 2017 initial public offerings __FORCETOC__