Q4 2022 Board Updates

Company Updates

⁠

🏗️ 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 20 new farmers to our platform, bringing the total to 120, and we saw a 15% increase in sales compared to the previous quarter.

Additionally, we made significant progress on our platform's user experience. We've improved our search function, added new filters for dietary restrictions and food preferences, and made checkout even more seamless. These improvements have resulted in a 10% increase in conversion rates.

In terms of marketing and outreach, we partnered with several local food festivals, farmers' markets, and community events.

Finally, we've made strides in our sustainability efforts by partnering with local composting services to ensure that any unsold produce is repurposed instead of going to waste. We've also implemented a new packaging policy that prioritizes reusable and compostable materials.

For More Detail, please see Board Slides:

⁠

↗️ 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.

Expanding marketing efforts: While the platform has already had success with social media campaigns and partnerships with local events, there may be opportunities to reach even more potential customers through targeted advertising or influencer partnerships.

⁠

💲 Finances

As of December 31, 2022

Cash: $38.65M

December Burn: -$1.1K

December Net Income: -$1.4K

Runway: 32 Months

⁠

📆 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.

Launch a referral program: The platform could incentivize existing customers to refer their friends and family to the platform with a discount or reward, helping to increase user acquisition.

Improve the mobile user experience: As more and more consumers use their smartphones for online shopping, it may be worth investing in improving the mobile user experience of the platform.

Launch a PR campaign: A well-executed PR campaign could help raise awareness of the platform and generate buzz in the media.

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.

⁠

Board Asks

⁠

Request

I can help

Do you know any executives or ad salespeople at performance marketing agencies? We would like to find more agencies to partner with to get feedback on our product.