INVESTMENT MEMORANDUM
To: Potential Angel and VC Investors of What The Fridge?!
From: MARTR Mavens, LLC.
Subject: Letter to Investment Committee
Updated: Saturday, December 12, 2020
In advance of our meeting on December 16th, MARTR MAVENS breakdown the investment opportunity in our new WTFridge app.
The WTFridge app came into existence through a realization of a common problem faced by our team. We all have limited time & budget when it comes to grocery shopping. At the same time, we feel a deep commitment to using groceries we have to cut down on food waste. While we all are users of pinterest, and the many recipe sites, we’re constantly annoyed by reading through long, unnecessary intro paragraphs about Grandma’s skillet, just to find out we don’t have all the ingredients needed for the recipe.
Inspired by this continued annoyance, WTFridge was born. An app designed for busy people who are budget, time & environmentally conscious. People who are invested in using the ingredients they already have on hand to make a healthy meal.
As we began designing our app, we completed several competitive analyses to evaluate the opportunities in the industry. We found many apps or subscriptions focus on meal prepping for great meals or delivering ingredients for meals, none of these competitors focused on what consumers currently had available in their fridge or pantry. This niche part of the industry is where WTFridge delivers.
We surveyed 335 respondents and found the key demographic for this niche market were females between the ages of 25-35. 86.93% of respondents identify as women while 12.76% identified as men and .28% identify as other. 32.76% of respondents ages are 25-35. The survey results showed us that people enjoy cooking from home and feel that they would cook more if they could use what is already in their fridge or pantry. The survey results also showed us that our respondents experience a reasonable amount of their groceries expire usage. When asked if respondents would use a free mobile app that provided recipes only using the ingredients available ingredients- 38.46% of respondents were extremely interested in the app and 45.87% felt they would like to try the WTF app.
Since WTFridge’s value revolves around what our customers have in their fridge and pantries, we’ve chosen Black Friday as our moment of opportunity to launch our channel and content strategy. After the most glutinous day of the year, whether a customer hosted or attended a thanksgiving dinner, there are leftovers to be used. WTFridge is perfectly designed to help our customers get the most out of their leftovers. Through social media channels, we’ll post, both paid and organic links to our leftovers quiz & promote downloading our app. The KPI’s were using to measure the success of this campaign will be app downloads, quiz responses, opens, CTR, likes & followers. We’ll continuously monitor these metrics as our campaign continues throughout the holiday season.
Thank you for your consideration,
MARTR MAVENS