Marley Spoon has been operating for 6 years and currently generates half a billion in AUD$ in runway revenue, it achieved positive operating cash flow 1st half 2020 and became profitable in Q2 this year.
Marley Spoon CEO Fabian Siegel says:
• “ We are at the beginning of the journey”
• “ We leapfrogged our development as a company by 18 months”
• “We achieved 2 years planned growth in just 3 months”
• “Marley Spoon currently services 180 million households across USA, Europe, and Australia.”
• “That said we would be tripling our capacity in Sydney over the next 12 months”
• “The largest risk going forward is to continue to manage the surge in growth”
Highlights the key drivers to this success:
• 90% of recurring revenue comes from existing customers.
• COVID stopped a lot of business in their tracks; it had the opposite effect on Marley Spoon.
• Supermarkets restricting the purchase of key staple goods.
• The risk of finding empty shelves at the supermarkets
• MMM outgrew all of its direct competitors during this period YOY Q2 +130%
How did Marley Spoon weather the perfect storm?
• Management ensured Marley Spoon was declared an essential service across all our states
• People were forced into lockdown and had to work from home, the desire to cook more frequently went up 10 fold
• MMM target market of busy working professionals were not canceling regular orders due to business travel commitments
• The fear of going to the supermarket and contracting COVID 19
• Throughout this period of extreme disruption Marley Spoon food boxes continued to arrive on doorsteps uninterrupted
• Swiftly integrated stricter health and hygiene standards across all its processing plants
• Empowered its management team to make swift critical decisions and to be entrepreneurial