Q2 2023 Board Updates

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Company Updates

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🏗️ Quarterly Progress

First, we'd like to report that we continue to see strong growth in both the number of farmers on our platform and the volume of produce sold. This quarter, we added 25 new farmers to our platform, and we saw a 18% increase in sales compared to the previous quarter.

Additionally, we launched a customer loyalty program that rewarded repeat purchases with discounts and other incentives. This program resulted in a 25% increase in repeat purchases during the quarter.

Finally, we formed a partnership with several local restaurants, providing them with access to fresh, locally-sourced produce while also generating additional revenue for the farmers on the platform.

The Company conducted customer surveys to gather feedback on the platform and identify areas for improvement. Based on this feedback, the Company is planning to invest in additional features such as recipe suggestions and personalized product recommendations.

For More Detail, please see Board Slides:

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↗️ Areas of Improvement

Increasing the number of farmers and variety of produce: While it's great to have a solid number of farmers on the platform, increasing the diversity of products available could attract more consumers and drive more sales.

Enhancing the user experience: Although the platform has made improvements to the user experience, there may be additional ways to make it even easier and more intuitive for consumers to find and purchase the produce they want.

Building stronger partnerships with farmers: It may be worth exploring ways to foster deeper relationships with the farmers on the platform, such as offering more support and resources to help them grow their businesses.

Exploring new revenue streams: In addition to taking a commission on sales, the platform may want to consider additional ways to generate revenue, such as offering premium subscriptions or selling advertising space.

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💲 Finances

As of June 30, 2023

Cash: $30.65M

June Burn: -$1.6K

June Net Income: -$1.1K

Runway: 26 Months

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📆 Plan for Next Quarter

Increase the number of farmers on the platform: The startup could aim to onboard at least 25 new farmers in the next quarter to expand the variety of products available to consumers.

Expand Platform Offerings: Update marketplace to include additional features such as recipe suggestions and personalized product recommendations.

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