Investors have shown appetite for Sydney social enterprise Good and Fugly Healthy Food, which raised $528,628 from 652 backers in a crowdfunding campaign.
The business is seeking up to $1.5 million at $1.59 a share at a pre-package price of $13.52 million.
Good & Fugly also offers “ugly” fruit and vegetable boxes separately. It’s a food rescue system that addresses the problem of 25% of farmers who produce fresh fruit and vegetables, because they don’t leave the farm because they don’t meet the supermarkets’ aesthetic standards.
Investors who raised more than $250 in Birchal’s campaign also received a free box of Good & Fugly products.
The business has recently launched a 13-000-FUGLY produce ‘rescue’ hotline for Good & Fugly Group farmers to purchase surplus fruit and vegetables.
Founder Richard Turino started the startup as a social enterprise that helps farmers get ahead with economic and environmental sustainability.
“What we do is better for the consumer, better for the producers and better for the planet,” he said.
“The feedback from farmers is really positive. We are saying that we are giving them an option that did not exist before.
Two years after launching Good & Fuglie, Turino says he plans to expand the new headquarters to Melbourne and grow across the country, offering education on the issue of food waste and the movement to save “fuglies”.
“We are overwhelmed by the community’s response and are thrilled to see so many people supporting our mission to fight food waste,” he said.
“We had over 2351 campaign followers, nearly 2,000 EOEEs and 652 investors. As we expand across the country, their support will catapult our next level of growth in the fight to provide ugly fruits and feed them their rightful place.
“We turn to this community for the feedback, ideas and energy we need to further make a difference and spread the word.”
More at goodandfugly.com.au