Ooooby Limited

Ooooby Limited

We have spent five years building the systems, know-how and software that allows for local teams to setup an Ooooby Hub. It is time to add to our systems, infrastructure and team to allow for more communities to buy and sell locally using our Ooooby platform.

We are not your standard business. Our primary purpose is to rebuild local food economies. 

Founded in 2010 in the backyards of Auckland through the realisation and understanding that the world's globalised food structure was failing us at a local level.

Ooooby's founders and core team are serious about putting mission before money.

90% of the founders shares have been transferred to the Ooooby Foundation, a not-for-profit trust with the primary purpose of rebuilding our local food systems. This way a large proportion of any profits will be channelled back into tackling the issues around food systems instead of personally profitting. 

Ooooby provides software that connects growers and creators of local food with buyers in the form of a weekly subscription.

Oooby Limited owns the software used by all Hubs who pay an 8% licensing fee based on total sales made through the platform.

Local Hubs are setup and managed locally with the use of our platform. 

We have chosen licensing for hubs outside of Auckland rather than a company-owned model because local food systems need to be owned by the local communities and run by local people.

This model and ethos means the range of communities a Hub can sustainably operate is significant.  

We have already coordinated the delivery of more than 70,000 boxes of fresh local food to more than 5,000 happy customers from four hubs in three countries (NZ, Australia, and USA).

Sales across the Ooooby network are in excess of $1 million in the past four months. We are beginning to make a real impact. 

What's different about the Ooooby model?

Our model is lean. This means our market isn't just major cities, Ooooby can operate anywhere that has more than 150 households who want local food delivered weekly to their door.

We are offering a minimum of $200,000 and a maximum of $800,000 investor shares at $1 each in Ooooby Limited. There is a minimum purchase of 500 shares per shareholder. These are non-voting shares (with very limited exceptions). Any dividends paid on investor shares will not be unrestricted cash dividends- see "What is different about the Ooooby share offer" below for more details. This information is a summary of the offer only - please refer to the Information Memorandum for full information and terms & conditions. By accepting this offer you'll be bound by the terms & conditions in this Information Memorandum.

We have valued Ooooby Limited at $8 million before this offer. This is based on a five times projected revenue for the current financial year (ending 31 March 2016). For more information on methodologies used and assumptions refer to page 32 of our Information Memorandum.

Ooooby Shareholding

What is different about the Ooooby share offer? 

• 90% of company's shareholding is now owned by the Ooooby Foundation, a not-for-profit trust committed to using any of its realised profits from Ooooby Limited in ways that help rebuild our local food systems.
• The Ooooby Foundation shares carry full voting rights. Investor shares are non-voting shares (with very limited exceptions). The founders hold investor shares.
• Any dividends paid on investor shares will not be unrestricted cash dividends. Rather they must be used for local food projects (e.g. conversion into Ooooby store vouchers, put towards a local school food growing project). See Schedule 3 of the constitution and page 15 of the Information Memorandum for full details..

About our Team

The Ooooby team has developed organically over the last five years allowing for well-established working relationships, a healthy team culture and a well-rounded complement of skills, talents and expertise.

What we've done so far

• 5 years of operation
• 70,000 boxes delivered (to 5,000 customers)
• 35 growers and 40 artisan suppliers
• 3 countries with operational hubs
• 15 fulltime equivalent staff currently
• 6,000 members on our food growers network
• Finalist in the Deloitte Rising Stars
• $20,000 of food donated by our customers to Auckland City Mission
• 900 expresssions of interest in New Zealand outside of current delivery areas and 1,300 around the world.
• 109 customers who have received over 100 Ooooby boxes.
• 90% of our customers have rated our service betwen 7 and 10 out of 10.

What's next?

Our focus will be around two key elements: People and Software. This will allow us to better help current hubs as well as work with new communities interested in setting up hubs in their own backyards.

We have teams already working with us to begin setting up new hubs in

• Bay of Plenty
• Palmerston North
• Kapiti Coast
• Christchurch
• Yorkshire (UK)

Beyond this we have received interest and been connected into communities throughout NZ, part of Australia and more of California. 

Finally, with a full raise we will look to expand the range of offerings in Auckland by adding infrastructure and chilled delivery options.

Risks and Challenges

Note from PledgeMe

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

Offer Details

Explanation of valuation:

We applied a 5 times projected revenue for current financial year as one approach. We also benchmarked against similar businesses using a value to earnings ratio.

Rights attached to these shares

The shares on offer are investor shares. These are non-voting shares, except in very limited circumstances. This ensures that shareholders’ core rights are protected and gives shareholders the right to one vote on a proposal or resolution:

• That would affect the rights attached to the investor shares;


• To put the company into liquidation;


• For the disposal of the whole, or a material part, of the property, business and undertaking of Ooooby Limited.

Investor shares will give the holders:

• The right to an equal share in dividends and other distributions made by Ooooby Limited (subject to the rights of any other class of share);


• The right to an equal share in the distribution of surplus assets of Ooooby Ltd.

Investor shares do not give shareholders any rights to vote on the appointment or removal of directors. We recommend that you read our constitution for other terms that will apply to any shareholding in Ooooby Ltd. The constitution is available with this offer.

Any dividends paid on investor shares will not be unrestricted cash dividends. Rather they must be used for local food projects (e.g. conversion into Ooooby store vouchers, put towards a local school food growing project). See Schedule 3 of the constitution and page 15 of the Information Memorandum for full details.

The following financial information is based on Ooooby's Gold projections. Full projections can be found on page 25 of the Information Memorandum.

Financial Summary

Company Details

Company Name: Ooooby Ltd (registered as OOOOBY LIMITED)

Company Number: 9429031660853

Companies Office URL: https://www.business.govt.nz/companies/app/ui/pages/companies/2407277

Incorporation Date: 18 Feb 2010

Company Status: Registered

Entity Type: Registered

Constitution Filed: Yes

Annual Return Filing Month: July, last filed 06 Jul 2015

Addresses:

Company Documents

Director Details