Steven Novick is the CEO & Founder of Farmstand. Farmstand cooks & delivers fresh, fast, healthy, and affordable meals to businesses and consumers that they personalize. Their website is www.EatFarmstand.com. Steven previously built 2 billion-dollar businesses & climbed seven summits (including Everest - the very top). Beating cancer made him passionate about food and the environment, and growing up working class made him appreciate affordability and convenience, which is why he started Farmstand.
Like you said, there's certainly a tremendous amount of meal delivery services out there. And how we distinguish ourselves is really in four ways: we're affordable, we're fast, we're healthy, and we're also zero waste. So we describe the Farmstand formula as: we're $7 a meal, five minutes to heat, zero added sugar in zero ways. So it's “seven, five, zero zero”. To add a little bit more to that, we think, ultimately, we're 10 times better than the competition. Firstly, as much as we do a direct-to-consumer service, and we deliver directly to homes, what makes us highly unique is that we have large contracts with Office caterers and large institutions. But what makes us 10 times better than the competition is we're fresh, versus frozen or a meal kit. So we're ready to eat. We're 50% less expensive. We're 90% faster to cook, and we have 100% personalization. And oh, by the way, we take up 90% less fridge space than a HelloFresh would.
Yeah, at the moment, we're just in the UK. We cover the UK nationwide. But a contract that we've signed with a food service provider called ISS and the UK's largest bank, Barclays, that contract, although it starts in the UK, is a subscription agreement (because we’re a subscription-only business) allows us to expand into Europe and the US. And so our hope is to be in the US starting on a B2B basis as early as the first quarter of 2023.
Yeah, so prior to starting Farmstand, I co-founded an investment firm that now manages about $2 billion invested in private companies. And then prior to that, I was head of business development at a health tech business that raised about $50 million in venture capital. We scaled to $20 million in revenue, and it filed for an IPO of $650 million valuation, which in today's dollar might be about a billion dollars, and then that business was acquired. So I think the fundamental thing is like, when we started Farmstand, I think that the foundation of everything is our values, behaviors, and ultimately what you stand for as a business. In any business you start or you join, I think you have to be very values-driven. And so for us at Farmstand, that's been a real big driver. And so one of our big values that we really centered around, especially in the environment we're in, is making sure that what we're doing has zero food waste, zero packaging waste. We're a B Corp certified business, just like Patagonia or Ben and Jerry's. So these are kind of some of the things that are really important. I think that if you don't have the right foundation when you start a business, you can't grow from that.
Yeah, I think that's right, and ultimately your customers are going to follow you and get excited based on what you do. So we ultimately want people to take a stand – and take a Farmstand for that matter. So it's on...
