Q1 2023 Board Updates

Company Updates

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🏗️ Quarterly Progress

This quarter we further increased the number of farmers on the platform. The company was able to onboard 20 new farmers during the quarter, expanding the selection of produce available for customers to purchase.

This quarter we launched a referral program that incentivizes existing customers to refer new customers to the platform. As a result, the company was able to increase its user base by 15% during the quarter.

This quarter we invested in improving the mobile user experience of the platform, resulting in a 20% increase in mobile app downloads and a 10% increase in mobile purchases.

Finally, the Company launched a PR campaign that generated media coverage in several major publications, increasing awareness of the platform and driving new customer acquisition.

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.

Increasing sustainability efforts: While the platform has already made strides in sustainability by partnering with composting services and implementing new packaging policies, there may be additional ways to reduce waste and promote environmentally-friendly practices.

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 March 31, 2023

Cash: $35.65M

March Burn: -$1.9K

March Net Income: -$900K

Runway: 29 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.

Develop a customer loyalty program: A loyalty program could incentivize repeat purchases and increase customer retention.

Explore partnerships with restaurants and food service providers: This could be a potential new revenue stream for the platform while also providing additional exposure for the farmers on the platform.

Conduct customer surveys: By gathering feedback from customers, the startup could identify areas where the platform could be improved and make data-driven decisions to enhance the user experience.

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