Venture Insights #1: Stove
"Everyday home cooking with your favourite chefs and restaurants. Make it better" - Stove
The Pitch 💡
“Everyday restaurant recipes to shop, cook and enjoy at home.
We're a digital cookbook, hosting restaurant recipes over video, live streams and chat. Recipes from your favourite brands, ingredient shopping from your local grocery stores.
For restaurants and influencers we bring an additional revenue stream and a new way to engage with your dine-in audience.” - Stove
Team 👥
Mehul Lad: Previously Special Projects Lead (Global Biz Ops) @ Lime, Consultant @ REEF (Ghost Kitchen, raised US$700m), Global Special Projects Lead (worked on a new global business venture) @ Deliveroo.
The Spark ✨
Trend shift towards home-based cooking 🏠 : The next category-defining in the f&b vertical will no longer be subscription box or food delivery, but home cooking. In fact, according to HUNTER, home-based cooking is getting more popular during the COVID-19 period, and the trend is highly likely going to be at least the same or better after the pandemic end.
source: HUNTER A vertical-specific social network for serious-yet-amateur home chefs 🌐 : Given the rise in home-based cooking popularity, better cooks (even they’re amateur) will have the opportunities to build up their own brand by leveraging the platform capabilities. Do your friends and family like your cook? If yes - Great! Now you can share it with the people in the community while extracting direct financial value out of it (potential monetization part).
Opportunities to build a full-stack home-based cooking experience 🎡 : Initial target could be high-profile chefs with a strong fan base that could help pull in users into the platform, in which the engagement can be done via recipes sharing or live-cooking streaming. As the users engage more over time, the platform can increase their value by making it easier for users to purchase grocery items and also link up via APIs to recommend recipes based on leftovers or nutritional contents.
Founder-Market fit 👨🚀 : Having the experience in leading few projects for one of the pioneers in the previously game-changing f&b industry (Deliveroo) as well as advising a well-backed ghost kitchen pioneer (REEF) give Mehul a strategic insight on how to approach this highly untapped f&b vertical.
Snapshot 📸
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