Angel Food Ltd

By Alice Shopland

PledgeMe.Investment

Food,



NZ $384,300 pledged


194 people pledged


Closed


NZ $200,200 minimum target


Min

NZ$200,200

Max

NZ$385,000

100 100% Complete

This campaign hit its maximum target on 24/07/2019 at 11:16 PM and is now closed.

Make a Pledge

About

Angel Food Ltd

In 2006, we established Angel Food to help veganism become mainstream. Alice, our founder had been vegan for two years then and loved its far-reaching positive impacts for animals, people and environment (she still does!). We acknowledge how challenging it can be to change the cooking and eating habits of a lifetime — especially when we’re busy or dealing with stress. Because food is such a source of pleasure, we reckon it’s better to work with our food habits, rather than turn our backs on them - and that’s why we exist.

Things have really changed over the last few years! When we did our first PledgeMe equity campaign in 2015, we were supplying about 70 shops and 70 eateries. Today we supply 400 shops and 300 eateries — and our turnover has increased 10-fold. That massive growth was enabled by the investment made by our 80-plus shareholders - most of whom came on board with our first PledgeMe raise. (Thanks, y’all!) 

2015 was also the year we took on our first permanent staff member, Immi Paterson (check her out at @immithevegan) — she’s still with us, but she’s now part of a team of eight! Our newest member of staff is our general manager, Leonard Mead. We're very proud to have grown the business to the point where it is ready to be led by someone of Leonard’s experience and calibre. And having him on board enables the team to focus on longer-term strategy. 

We remember a woman shedding tears of joy when she realised that our cheese sauce mix would mean she could make macaroni cheese for her severely dairy-allergic daughter — she wanted to share her favourite childhood food memories with the new generation. Experiences like that – and people saying how our products have made it easy to eat less or no dairy — kept us going in the early days when someone less stubborn and idealistic might have given up!

Alice's dream of vegan food becoming mainstream is actually happening. A wide range of people are eating more plant-based meals because of the benefits for the environment, and we want to support everybody who’s making that change. 

We're thrilled to be going out to our crowd again with this new equity raise. It’s a chance to brag a little, to share our plans for the future, and grow our team. We've learned over the last few years of rapid growth that sustainable progress only happens when you have a strong team. 

As a shareholder you would be a key part of our team so if you would like to play a part in creating a kinder and more sustainable food future - we would love you to join us.

 

 

WHAT DRIVES US 

At Angel Food we are alarmed by the climate crisis and other environmental damage. We are distressed by the suffering of animals farmed for food. Both of these can be mitigated when people eat plants rather than animals — which is why we aim to make the most delicious vegan products available at the best possible prices through the widest possible range of outlets. 

Angel Food is a not-just-for-profit entity. It was founded with the intention of helping people transition away from eating animal products. We help this happen by providing delicious vegan alternatives that enable people to veganise their favourite meals. Our shareholders have entrusted us with their money and in the long term expect to see a reasonable return on their investment, whilst also expecting us to act in alignment with our core values. 

 

OUR STORY SO FAR 

2004  Alice goes vegan 
2006 
  • Company established — wholesale gluten-free vegan baking, importing soy cheese from the United Kingdom 
2014 
  • Launched mozzarella alternative, the first NZ-made, dairy-free cheese 
  • Hell Pizza starts offering vegan cheese (by Angel Food!). 
  • We also start supplying select New World supermarkets 
2015 
  • PledgeMe equity campaign — raised $150,000 for 18.8% of the company 
  • Launched cheddar alternative
  • First orders for Countdown supermarkets 
2016 
  • Launch of NZ’s first vegan fast-food chain, Lord of the Fries (cheese from Angel Food :-) 
2017 
  • Overhaul of our visual branding
  • Annual sales exceeded $1 million for the first time 
2018 
  • Launched feta alternative
  • Cartel Burritos start using our products as ingredients in their products 
2019 
  • Launched cream cheese alternative 
  • New supermarket brands Berkano and Cool Gardener start using our products as ingredients in their products! 

 

 

WHAT WE DO 

We make delicious vegan dairy alternatives so that people can easily replace the dairy in their favourite meals. Our retail products are widely available through supermarkets and independent retailers throughout Aotearoa New Zealand; our foodservice products are available through major distributors nationwide, and are used by independent cafes and major pizza chains.  

Taste testers in a New Zealand Herald feature (May 2019) had this to say about our products: 

“Wow! It does taste like cream cheese!” 

“It’s as close to cheddar as I think you could actually get, without it actually being a cheddar.”

 

 

MARKET OPPORTUNITY 

In 2016, the total global vegan cheese market was valued at just over US$2billion – and it’s predicted to almost double by 2024 (Source: www.statista.com).

In New Zealand:

  • 27% of New Zealanders say they are vegetarian or vegan “some, most or all of the time” - that’s up from 20% 3 years earlier (Colmar Brunton 2018). 
  • Two-thirds of New Zealanders eat vegetarian meals at least once a week (Colmar Brunton 2018). 
  • Google searches put New Zealand as the third most vegan-curious country in 2018 - 35% increase on two years earlier (NZ Herald 2018).

In Australia:

  • 10% of the population are vegetarian or vegan (Roy Morgan 2018). 
  • More than half of adults cutting down on red meat (Roy Morgan 2018). 

We regularly receive export enquiries (including from Asia, the Pacific, Australia and Europe) which we don’t currently have the resources to pursue. And we’re aware of other export opportunities that would be worth us proactively addressing. The market is growing in a very tantalising way! 

 

WHY WE ARE CROWDFUNDING

We've identified key areas of strategic growth that are well suited to growing Angel Food, however we currently lack the capacity to address them. By equity crowdfunding, we are hoping to create the capacity needed to explore the following opportunities.

Area  Current challenge  Solution 
Sales  Busy just keeping up with existing customers  More staff resource, especially aiming at food service and hospitality markets 
Marketing  Minimal spend means we are missing lots of opportunities  Increase our spend closer to industry standard, to ensure that we’re front of mind for more
of our customers and potential customers 
Systems  A complicated mix of office and operational systems that were sufficient when we were smaller  Improve and upgrade our internal systems, including
stock control and planning
- for greater efficiency. Improved cost controls for better profits 
Working capital  Fast growth leads to erratic cashflow some months  Reserves in the bank will support our strong growth and enable us to ride out the cashflow troughs 
Product development  We have delicious new products in development, but each launch puts a strain on our limited resources - this is slowing us down.  More resources for NPD will enable us to launch products more quickly. We will also investigate more efficient methods for manufacturing. Strengthen production/supply chain and quality control 
Export  We currently export small volumes of our non-chilled products (cheesy sauce mix and powdered parmesan alternative) to Australia  Detailed research into potential markets, especially for food service and hospitality. Develop strategy for developing the export side of the business. Follow up export enquiries 

 

SHARE OFFER 

Share price: $35 per share 
Minimum investment: $350
Minimum subscription: $200,200 (4.3% company equity) 
Maximum subscription: $385,000 (7.95% company equity) 

All Angel Food shares rank equally and have voting rights attached.

Pre-raise  Post-raise 
Shareholder  No. of shares  Ownership %  No. of shares  Ownership % 
Alice Shopland  61960  48.63  61960  44.76 
Colin Woods  21210  16.65  21210  15.32 
Yolanda Soryl  10620  8.33  10620  7.67 
87 shareholders each owning 3% or less  33630  26.39  33630  24.3 
New shareholders  ---  ---  11000  7.95 
TOTAL 127420 100 138420 100

 

 

VALUATION 

The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable. 

For comparison, the table below illustrates recent market transactions in the plant-based food sector.

Company  Transaction date  Country  Valuation ($mn)  Revenue ($mn)  Revenue multiple 
Angel Food  2019  NZ  4.459  2.9  1.66 
Little Bird  2018  NZ  4.39  1.82 
Lightlife  2017  USA  195.6  55.9  3.5 
Prosperity Organics  2017  USA  10.25  3.13  3.27 
Daiya  2017  USA  431.2  95.8  4.5 
OOOOBY  2015  NZ  2.67 

For detailed financials, please refer to our Information Memorandum.

 

 

USE OF CAPITAL 

Purpose  If min. raised  If max. raised 
Product development  40,000  80,000 
Sales staff  30,000  50,000 
Marketing  36,000  80,000 
Working capital  78,000  110,000 
Export research  ---  35,000 
PledgeMe fees, legal and accounting fees, design  16,200  30,000 
TOTAL  200,200  385,000 

 

 

 

SHAREHOLDER RELATIONSHIP 

We intend to continue investing heavily in growth for the next few years. We have not yet paid any dividends to shareholders, but once we are consistently profitable we will review this. We update our shareholders at least quarterly by email, and invite all shareholders to our AGM. Currently all shares - including those in this offer - carry voting rights.  

We are focused on the positive impacts of growing and maintaining our vision, and currently have no plans to sell the company. 

Because Angel Food is a private company, your shares will lack liquidity. This means you can’t count on being able to sell them quickly. If shareholders do want to buy or sell shares, you can register your interest with us and we can help facilitate the buying and selling of shares if there’s interest. 

 

 

THE TEAM

 

OUR RISKS

  • Increased competition — the market today is very different from even a couple of years ago and is continuing to evolve at a rapid pace. We are very conscious of the need to stay nimble and adaptable.
  • Competitive Australian market — we will proceed cautiously, and will stage the process to minimise risk. We will remain open to other export markets.
  • Reliance on key personnel — as with any small business, we are reliant on a small number of key staff. We have invested in robust systems and specialised software to capture institutional knowledge within the business and ensure consistency and continuity. This risk will gradually reduce as we grow. We will continue to treat our staff well so that Angel Food remains a desirable place to work.
  • Cashflow — will be an on-going challenge, as it is for any growing business. We are in the process of employing a financial controller.
  • Regulatory — internationally there is pushback from animal agriculture about terms such as ‘cheese’ being used for dairy alternatives. We are monitoring this but don’t see it as a threat.

 

You can find a copy of our constitution here or on the Companies Register.

 

A NOTE FROM PLEDGEME 

We have completed a Veda check on the company and their Directors, as well as Insolvency and Google check. There were no adverse findings.

 

CONTACTS 

Angel Food Ltd: [email protected] 

PledgeMe Ltd: [email protected] 

Updates 5

You need to pledge to see this update.

We have reached our maximum target!

25/07/2019 at 7:08 AM

We are excited and grateful and humbled by the 194 people who have pledged to purchase shares through this campaign, taking us to our maximum target in just 9 days after launching to the public on July 15.

We're also excited about getting stuck into the important projects this funding will enable. Exciting times!

Great progress!

22/07/2019 at 10:10 AM

Kia ora e te whanau. Just a quick note to say that we are absolutely thrilled with the progress of our campaign (we're just over $302,000 at the time of writing), and humbled by everybody's amazing support. Alice (our founder) will be doing a Facebook Live this evening, chatting with Anna from Pledgeme about the company and the campaign. 

Click here to see the Facebook event details, and please join/watch/ask questions!

Thank you! We've exceed our minimum target already!

19/07/2019 at 5:26 PM

Kia ora e te whānau!

A massive, heartfelt (vegan) cheesy thanks for getting us past our minimum target just five days into the campaign! We are thrilled with the support and aroha you have shown us.

We still have 17 days to go on our campaign so we are cautiously optimistic that we will achieve our maximum goal of $385,000.

Thank you again for coming on board. We are excited about our journey ahead and working together towards a more plant-based Aotearoa.

 

Ngā mihi,

Alice

What a great start!

17/07/2019 at 9:28 AM

Our crowdfunding campaign launched to the public on Monday evening and, as I write this 36 hours later, we welcome 50 new shareholders-to-be! Their pledges bring us to over half of our minimum target of $200,200 already - thank you so much to all who have pledged and shared the campaign with your networks. (Please keep sharing!)

If you have questions, please ask!

 

    Details

    Offer Details

    Current Valuation 4,459,700
    Raise Minimum 200,200
    Raise Maximum 385,000
    Share Price 35.00
    Minimum Pledge 350.00
    Maximum Shares Offered 11,000
    Explanation of valuation:

    The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.

    Please refer to the Information Memorandum for more detailed financial information.

    Financial Summary

    Prev Year Current Year Est. FY 2025 Est. FY 2026
    Revenue NZ $ NZ $ NZ $ NZ $
    Operating Expenses NZ $ NZ $ NZ $ NZ $
    EBITDA NZ $ NZ $ NZ $ NZ $
    Net Profit NZ $ NZ $ NZ $ NZ $

    Company Details

    Company Name: Angel Food Limited

    Company Number: 1830413

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Alice Shopland Founder-at-large https://www.linkedin.com/in/alice-shopland-657a1344/
    Colin Woods Director http://

    Questions 2


    How much share dilution will first round equity shareholders be effected by after 2nd rounds done? cheers

    Posted on 23-07-2019 by Chris

    Hi! If we reach our maximum then existing shareholders' equity will be diluted by 7.95%. There's a table on page 13 of the information memorandum showing details.

    Answered on 24-07-2019 by Alice Shopland


    Will the cost of your dairy free cheese align with dairy cheese prices one day? or depends on demand? will you make 1kg blocks? cheers

    Posted on 23-07-2019 by Chris

    Hi Chris. Yes I believe the cost of dairy-free cheese alternatives will gradually decrease as volumes increase - it's still a niche product, but it's a niche that is growing quickly! We do make 1kg blocks for food service customers - when there is sufficient demand we would love to launch that as a retail product too.

    Answered on 24-07-2019 by Alice Shopland

    Pledgers 194

    Irene Tulloch
    21/07/2019 at 9:11pm

    "Excited to be investing in great NZ products for a healthier future. "

    Jai Swamy
    21/07/2019 at 7:02pm
    Toby Green
    21/07/2019 at 6:53pm
    Rosalind Archer
    21/07/2019 at 5:50pm
    Andrew Pope
    21/07/2019 at 5:45pm
    abhishek
    21/07/2019 at 5:17pm
    Shona Burtt
    21/07/2019 at 5:13pm
    Oliver Agnew
    21/07/2019 at 3:47pm

    "Go team!!"

    Chris Bloomer
    21/07/2019 at 12:42pm
    Denise Quinney
    21/07/2019 at 11:38am
    Asenati Simon
    21/07/2019 at 10:40am
    Matt Poole
    21/07/2019 at 10:39am
    Jan-Marie
    21/07/2019 at 10:33am
    Brian Cartmell
    21/07/2019 at 9:33am
    Carla Ross
    21/07/2019 at 7:40am
    Shane Caley
    20/07/2019 at 10:09pm
    Louise Nicholls
    20/07/2019 at 8:48pm
    Cassy Kenworthy
    20/07/2019 at 7:56pm
    Kelvin King
    20/07/2019 at 7:12pm
    Arish Naresh
    20/07/2019 at 6:54pm
    Carina Chambers
    20/07/2019 at 4:52pm

    "Great to be investing in Angel Foods."

    Karen Singleton
    20/07/2019 at 3:37pm
    Alastair Willcock
    20/07/2019 at 3:10pm
    Evan
    20/07/2019 at 2:47pm
    Tobias Keller
    20/07/2019 at 1:50pm
    Elizabeth Packrisamy
    20/07/2019 at 1:03pm
    Aline Paiva
    20/07/2019 at 9:45am

    "Looking forward to your even greater success!!! The future is vegan :)"

    Nicola Pinfold
    20/07/2019 at 8:30am
    Rebecca Pittman
    19/07/2019 at 11:14pm
    Eva Cadario
    19/07/2019 at 10:52pm

    "Because you're awesome!"

    Angel Food Ltd

    In 2006, we established Angel Food to help veganism become mainstream. Alice, our founder had been vegan for two years then and loved its far-reaching positive impacts for animals, people and environment (she still does!). We acknowledge how challenging it can be to change the cooking and eating habits of a lifetime — especially when we’re busy or dealing with stress. Because food is such a source of pleasure, we reckon it’s better to work with our food habits, rather than turn our backs on them - and that’s why we exist.

    Things have really changed over the last few years! When we did our first PledgeMe equity campaign in 2015, we were supplying about 70 shops and 70 eateries. Today we supply 400 shops and 300 eateries — and our turnover has increased 10-fold. That massive growth was enabled by the investment made by our 80-plus shareholders - most of whom came on board with our first PledgeMe raise. (Thanks, y’all!) 

    2015 was also the year we took on our first permanent staff member, Immi Paterson (check her out at @immithevegan) — she’s still with us, but she’s now part of a team of eight! Our newest member of staff is our general manager, Leonard Mead. We're very proud to have grown the business to the point where it is ready to be led by someone of Leonard’s experience and calibre. And having him on board enables the team to focus on longer-term strategy. 

    We remember a woman shedding tears of joy when she realised that our cheese sauce mix would mean she could make macaroni cheese for her severely dairy-allergic daughter — she wanted to share her favourite childhood food memories with the new generation. Experiences like that – and people saying how our products have made it easy to eat less or no dairy — kept us going in the early days when someone less stubborn and idealistic might have given up!

    Alice's dream of vegan food becoming mainstream is actually happening. A wide range of people are eating more plant-based meals because of the benefits for the environment, and we want to support everybody who’s making that change. 

    We're thrilled to be going out to our crowd again with this new equity raise. It’s a chance to brag a little, to share our plans for the future, and grow our team. We've learned over the last few years of rapid growth that sustainable progress only happens when you have a strong team. 

    As a shareholder you would be a key part of our team so if you would like to play a part in creating a kinder and more sustainable food future - we would love you to join us.

     

     

    WHAT DRIVES US 

    At Angel Food we are alarmed by the climate crisis and other environmental damage. We are distressed by the suffering of animals farmed for food. Both of these can be mitigated when people eat plants rather than animals — which is why we aim to make the most delicious vegan products available at the best possible prices through the widest possible range of outlets. 

    Angel Food is a not-just-for-profit entity. It was founded with the intention of helping people transition away from eating animal products. We help this happen by providing delicious vegan alternatives that enable people to veganise their favourite meals. Our shareholders have entrusted us with their money and in the long term expect to see a reasonable return on their investment, whilst also expecting us to act in alignment with our core values. 

     

    OUR STORY SO FAR 

    2004  Alice goes vegan 
    2006 
    • Company established — wholesale gluten-free vegan baking, importing soy cheese from the United Kingdom 
    2014 
    • Launched mozzarella alternative, the first NZ-made, dairy-free cheese 
    • Hell Pizza starts offering vegan cheese (by Angel Food!). 
    • We also start supplying select New World supermarkets 
    2015 
    • PledgeMe equity campaign — raised $150,000 for 18.8% of the company 
    • Launched cheddar alternative
    • First orders for Countdown supermarkets 
    2016 
    • Launch of NZ’s first vegan fast-food chain, Lord of the Fries (cheese from Angel Food :-) 
    2017 
    • Overhaul of our visual branding
    • Annual sales exceeded $1 million for the first time 
    2018 
    • Launched feta alternative
    • Cartel Burritos start using our products as ingredients in their products 
    2019 
    • Launched cream cheese alternative 
    • New supermarket brands Berkano and Cool Gardener start using our products as ingredients in their products! 

     

     

    WHAT WE DO 

    We make delicious vegan dairy alternatives so that people can easily replace the dairy in their favourite meals. Our retail products are widely available through supermarkets and independent retailers throughout Aotearoa New Zealand; our foodservice products are available through major distributors nationwide, and are used by independent cafes and major pizza chains.  

    Taste testers in a New Zealand Herald feature (May 2019) had this to say about our products: 

    “Wow! It does taste like cream cheese!” 

    “It’s as close to cheddar as I think you could actually get, without it actually being a cheddar.”

     

     

    MARKET OPPORTUNITY 

    In 2016, the total global vegan cheese market was valued at just over US$2billion – and it’s predicted to almost double by 2024 (Source: www.statista.com).

    In New Zealand:

    • 27% of New Zealanders say they are vegetarian or vegan “some, most or all of the time” - that’s up from 20% 3 years earlier (Colmar Brunton 2018). 
    • Two-thirds of New Zealanders eat vegetarian meals at least once a week (Colmar Brunton 2018). 
    • Google searches put New Zealand as the third most vegan-curious country in 2018 - 35% increase on two years earlier (NZ Herald 2018).

    In Australia:

    • 10% of the population are vegetarian or vegan (Roy Morgan 2018). 
    • More than half of adults cutting down on red meat (Roy Morgan 2018). 

    We regularly receive export enquiries (including from Asia, the Pacific, Australia and Europe) which we don’t currently have the resources to pursue. And we’re aware of other export opportunities that would be worth us proactively addressing. The market is growing in a very tantalising way! 

     

    WHY WE ARE CROWDFUNDING

    We've identified key areas of strategic growth that are well suited to growing Angel Food, however we currently lack the capacity to address them. By equity crowdfunding, we are hoping to create the capacity needed to explore the following opportunities.

    Area  Current challenge  Solution 
    Sales  Busy just keeping up with existing customers  More staff resource, especially aiming at food service and hospitality markets 
    Marketing  Minimal spend means we are missing lots of opportunities  Increase our spend closer to industry standard, to ensure that we’re front of mind for more
    of our customers and potential customers 
    Systems  A complicated mix of office and operational systems that were sufficient when we were smaller  Improve and upgrade our internal systems, including
    stock control and planning
    - for greater efficiency. Improved cost controls for better profits 
    Working capital  Fast growth leads to erratic cashflow some months  Reserves in the bank will support our strong growth and enable us to ride out the cashflow troughs 
    Product development  We have delicious new products in development, but each launch puts a strain on our limited resources - this is slowing us down.  More resources for NPD will enable us to launch products more quickly. We will also investigate more efficient methods for manufacturing. Strengthen production/supply chain and quality control 
    Export  We currently export small volumes of our non-chilled products (cheesy sauce mix and powdered parmesan alternative) to Australia  Detailed research into potential markets, especially for food service and hospitality. Develop strategy for developing the export side of the business. Follow up export enquiries 

     

    SHARE OFFER 

    Share price: $35 per share 
    Minimum investment: $350
    Minimum subscription: $200,200 (4.3% company equity) 
    Maximum subscription: $385,000 (7.95% company equity) 

    All Angel Food shares rank equally and have voting rights attached.

    Pre-raise  Post-raise 
    Shareholder  No. of shares  Ownership %  No. of shares  Ownership % 
    Alice Shopland  61960  48.63  61960  44.76 
    Colin Woods  21210  16.65  21210  15.32 
    Yolanda Soryl  10620  8.33  10620  7.67 
    87 shareholders each owning 3% or less  33630  26.39  33630  24.3 
    New shareholders  ---  ---  11000  7.95 
    TOTAL 127420 100 138420 100

     

     

    VALUATION 

    The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable. 

    For comparison, the table below illustrates recent market transactions in the plant-based food sector.

    Company  Transaction date  Country  Valuation ($mn)  Revenue ($mn)  Revenue multiple 
    Angel Food  2019  NZ  4.459  2.9  1.66 
    Little Bird  2018  NZ  4.39  1.82 
    Lightlife  2017  USA  195.6  55.9  3.5 
    Prosperity Organics  2017  USA  10.25  3.13  3.27 
    Daiya  2017  USA  431.2  95.8  4.5 
    OOOOBY  2015  NZ  2.67 

    For detailed financials, please refer to our Information Memorandum.

     

     

    USE OF CAPITAL 

    Purpose  If min. raised  If max. raised 
    Product development  40,000  80,000 
    Sales staff  30,000  50,000 
    Marketing  36,000  80,000 
    Working capital  78,000  110,000 
    Export research  ---  35,000 
    PledgeMe fees, legal and accounting fees, design  16,200  30,000 
    TOTAL  200,200  385,000 

     

     

     

    SHAREHOLDER RELATIONSHIP 

    We intend to continue investing heavily in growth for the next few years. We have not yet paid any dividends to shareholders, but once we are consistently profitable we will review this. We update our shareholders at least quarterly by email, and invite all shareholders to our AGM. Currently all shares - including those in this offer - carry voting rights.  

    We are focused on the positive impacts of growing and maintaining our vision, and currently have no plans to sell the company. 

    Because Angel Food is a private company, your shares will lack liquidity. This means you can’t count on being able to sell them quickly. If shareholders do want to buy or sell shares, you can register your interest with us and we can help facilitate the buying and selling of shares if there’s interest. 

     

     

    THE TEAM

     

    OUR RISKS

    • Increased competition — the market today is very different from even a couple of years ago and is continuing to evolve at a rapid pace. We are very conscious of the need to stay nimble and adaptable.
    • Competitive Australian market — we will proceed cautiously, and will stage the process to minimise risk. We will remain open to other export markets.
    • Reliance on key personnel — as with any small business, we are reliant on a small number of key staff. We have invested in robust systems and specialised software to capture institutional knowledge within the business and ensure consistency and continuity. This risk will gradually reduce as we grow. We will continue to treat our staff well so that Angel Food remains a desirable place to work.
    • Cashflow — will be an on-going challenge, as it is for any growing business. We are in the process of employing a financial controller.
    • Regulatory — internationally there is pushback from animal agriculture about terms such as ‘cheese’ being used for dairy alternatives. We are monitoring this but don’t see it as a threat.

     

    You can find a copy of our constitution here or on the Companies Register.

     

    A NOTE FROM PLEDGEME 

    We have completed a Veda check on the company and their Directors, as well as Insolvency and Google check. There were no adverse findings.

     

    CONTACTS 

    Angel Food Ltd: [email protected] 

    PledgeMe Ltd: [email protected] 

    You need to pledge to see this update.

    We have reached our maximum target!

    25/07/2019 at 7:08 AM

    We are excited and grateful and humbled by the 194 people who have pledged to purchase shares through this campaign, taking us to our maximum target in just 9 days after launching to the public on July 15.

    We're also excited about getting stuck into the important projects this funding will enable. Exciting times!

    Great progress!

    22/07/2019 at 10:10 AM

    Kia ora e te whanau. Just a quick note to say that we are absolutely thrilled with the progress of our campaign (we're just over $302,000 at the time of writing), and humbled by everybody's amazing support. Alice (our founder) will be doing a Facebook Live this evening, chatting with Anna from Pledgeme about the company and the campaign. 

    Click here to see the Facebook event details, and please join/watch/ask questions!

    Thank you! We've exceed our minimum target already!

    19/07/2019 at 5:26 PM

    Kia ora e te whānau!

    A massive, heartfelt (vegan) cheesy thanks for getting us past our minimum target just five days into the campaign! We are thrilled with the support and aroha you have shown us.

    We still have 17 days to go on our campaign so we are cautiously optimistic that we will achieve our maximum goal of $385,000.

    Thank you again for coming on board. We are excited about our journey ahead and working together towards a more plant-based Aotearoa.

     

    Ngā mihi,

    Alice

    What a great start!

    17/07/2019 at 9:28 AM

    Our crowdfunding campaign launched to the public on Monday evening and, as I write this 36 hours later, we welcome 50 new shareholders-to-be! Their pledges bring us to over half of our minimum target of $200,200 already - thank you so much to all who have pledged and shared the campaign with your networks. (Please keep sharing!)

    If you have questions, please ask!

     

      Offer Details

      Current Valuation 4,459,700
      Raise Minimum 200,200
      Raise Maximum 385,000
      Share Price 35.00
      Minimum Pledge 350.00
      Maximum Shares Offered 11,000
      Explanation of valuation:

      The company valuation was undertaken by the company directors with internal and external advice. We used a combination of conventional models to determine the value of the business (including discounted rates and multiples of revenue, EBITDA and NOPAT). We are confident that our current valuation, which can be read as forecast revenue for current financial year (2020) multiplied by a factor of 1.66, is reasonable.

      Please refer to the Information Memorandum for more detailed financial information.

      Financial Summary

      Prev Year Current Year Est. FY 2025 Est. FY 2026
      Revenue NZ $ NZ $ NZ $ NZ $
      Operating Expenses NZ $ NZ $ NZ $ NZ $
      EBITDA NZ $ NZ $ NZ $ NZ $
      Net Profit NZ $ NZ $ NZ $ NZ $

      Company Details

      Company Name: Angel Food Limited

      Company Number: 1830413

      Company Documents

      Documents no longer available to download, as this campaign has closed

      Director Details

      Name Role Profile URL Invested?
      Alice Shopland Founder-at-large https://www.linkedin.com/in/alice-shopland-657a1344/
      Colin Woods Director http://

      How much share dilution will first round equity shareholders be effected by after 2nd rounds done? cheers

      Posted on 23-07-2019 by Chris

      Hi! If we reach our maximum then existing shareholders' equity will be diluted by 7.95%. There's a table on page 13 of the information memorandum showing details.

      Answered on 24-07-2019 by Alice Shopland


      Will the cost of your dairy free cheese align with dairy cheese prices one day? or depends on demand? will you make 1kg blocks? cheers

      Posted on 23-07-2019 by Chris

      Hi Chris. Yes I believe the cost of dairy-free cheese alternatives will gradually decrease as volumes increase - it's still a niche product, but it's a niche that is growing quickly! We do make 1kg blocks for food service customers - when there is sufficient demand we would love to launch that as a retail product too.

      Answered on 24-07-2019 by Alice Shopland

      Irene Tulloch
      21/07/2019 at 9:11pm

      "Excited to be investing in great NZ products for a healthier future. "

      Jai Swamy
      21/07/2019 at 7:02pm
      Toby Green
      21/07/2019 at 6:53pm
      Rosalind Archer
      21/07/2019 at 5:50pm
      Andrew Pope
      21/07/2019 at 5:45pm
      abhishek
      21/07/2019 at 5:17pm
      Shona Burtt
      21/07/2019 at 5:13pm
      Oliver Agnew
      21/07/2019 at 3:47pm

      "Go team!!"

      Chris Bloomer
      21/07/2019 at 12:42pm
      Denise Quinney
      21/07/2019 at 11:38am
      Asenati Simon
      21/07/2019 at 10:40am
      Matt Poole
      21/07/2019 at 10:39am
      Jan-Marie
      21/07/2019 at 10:33am
      Brian Cartmell
      21/07/2019 at 9:33am
      Carla Ross
      21/07/2019 at 7:40am
      Shane Caley
      20/07/2019 at 10:09pm
      Louise Nicholls
      20/07/2019 at 8:48pm
      Cassy Kenworthy
      20/07/2019 at 7:56pm
      Kelvin King
      20/07/2019 at 7:12pm
      Arish Naresh
      20/07/2019 at 6:54pm
      Carina Chambers
      20/07/2019 at 4:52pm

      "Great to be investing in Angel Foods."

      Karen Singleton
      20/07/2019 at 3:37pm
      Alastair Willcock
      20/07/2019 at 3:10pm
      Evan
      20/07/2019 at 2:47pm
      Tobias Keller
      20/07/2019 at 1:50pm
      Elizabeth Packrisamy
      20/07/2019 at 1:03pm
      Aline Paiva
      20/07/2019 at 9:45am

      "Looking forward to your even greater success!!! The future is vegan :)"

      Nicola Pinfold
      20/07/2019 at 8:30am
      Rebecca Pittman
      19/07/2019 at 11:14pm
      Eva Cadario
      19/07/2019 at 10:52pm

      "Because you're awesome!"

      This campaign was successful and got its funding on 24/07/2019 at 11:16 PM.

      This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Angel Food Ltd, you can sign up to be notified when a new equity campaign from this company is published.

      Notify Me

      Investor Perks

      Investor Shares

      NZ $350.00+

      A slice of our (vegan) Angel Food pie, invite to shareholder events and our AGM, full voting rights & help us bring more plant-based options to Aotearoa and beyond.

      Warning statement about equity crowdfunding

      Equity crowdfunding is risky.

      Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.

      You may lose your entire investment, and must be in a position to bear this risk without undue hardship.

      New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

      The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.

      Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.