Eat My Lunch to raise $2 million to fund expansion
Social enterprise Eat My Lunch is reportedly looking to raise $2 million through crowdfunding platform, PledgeMe.
The “buy one give one” lunch delivery startup has already raised more than $800,000 through the platform since it was founded in 2015, but this time, those who pledge will get equity in the business in exchange for their donations, Scoop reported.
Set to launch in May, the campaign aims to raise funds for Eat My Lunch to expand through a bricks-and-mortar cafe in Auckland’s Britomart, according to Scoop.
The social enterprise is currently online only. Customers can either sign up for a lunch subscription, or buy one-off meals, but they must place their order two business days in advance of delivery.
Opening a cafe would presumably enable customers to just walk in and place an order, without needing to schedule it in advance.
According to Scoop, Eat My Lunch is also exploring a franchise model and overseas expansion.
Founder and CEO Lisa King said that equity crowdfunding was a better option for the social enterprise than traditional private investment, due to the high returns that private investors expect.
According to the Eat My Lunch website, the social enterprise delivers more than 2000 lunches to offices and schools in Auckland and Wellington every day.
In just three years, it has given away more than 1.1 million free lunches to Kiwi kids in 79 schools around Auckland and Wellington.