MenuAid: FMCG Insights Revolution
Kia Ora friends!
NZVC now a Recognized Managed Fund for Investor Visa Programs
We are happy to report that NZVC is now recognized as an eligible managed fund under the Active Investor Plus visa program of the New Zealand government. Please visit this Invest New Zealand link to learn more. We are proud to be one of only a handful of venture capital funds to receive this designation. It is a testament to our commitment to developing the New Zealand startup ecosystem and bringing new investment capital into the country. We expect that this designation will lead to more new investors in our fund, and we will keep you posted on this development.
Startup of the month: MenuAid
MenuAid is a platform that empowers FMCG brands to gain a deeper understanding of their customers' behaviors and preferences. The company's technology allows brands to collect data on customer purchasing habits, preferences, and feedback, giving them insights into what their customers want and need. Brands then use this information to develop targeted marketing campaigns, optimize their product offerings, and ultimately grow their sales.
MenuAid's freemium meal planning tool is the trojan horse for its B2B offering. The tool allows consumers to add recipes and shop for ingredients from local supermarkets. This data on shopping preferences and switching between brands is a vital source of data for MenuAid's B2B offering. Brands love having actual consumer behavior data for their products rather than abstract marketing survey responses. This has allowed Toby, MenuAid's founder, to grow the company's B2B offering significantly.
What is particularly compelling about MenuAid is that once a brand signs up, they can probably use MenuAid forever as long as MenuAid continues to acquire customers in all the locations where they sell their product. Conversely, brands can do market research on similar products by using MenuAid. MenuAid has been growing explosively, with over 20 brands using the platform and 15,000 customers on the B2C side. The flywheel between the B2C and B2B sides is now taking off.
MenuAid is very much on top of the latest AI trends and is using Large Language Models (LLM’s) for generating brand reports. This gives them great scale and advantage over the existing survey based competitors who are still creating insights manually.
Toby is no stranger to entrepreneurship. He has previously launched a sustainability-focused peer-to-peer rental marketplace called Mutu. NZVC is excited to join Toby on this journey and help MenuAid become the go-to platform for FMCG brands to gain insights into their customers.
NZVC Founder + Investor Meet Up
Speaking of marketplaces and journeys, we welcomed LP Anthony Lee to Auckland last month with a meet and greet of some of NZVC’s most exciting B2B and marketplace portcos. This included a fascinating discussion over dinner at the iconic kingi restaurant with Shaun Quincey of Simfuni, Philip Fierlinger of Upstock - previously co-founder of Xero and NZ entrepreneurial advocate and founder of Kiwi Landing Pad, John Holt. Anthony graciously shared his insights on the potential of New Zealand venture capital, the power of the hedgehog versus fox approach, his work with Altos Ventures and his incredible journey with Roblox and many other long-held investments. A wonderful illustration of how venture capital, when done well, is more than money.
Best regards,
Mark Pavlyukovskyy, Ajay Gupta, and Glen Anderson