Up to 40% of the world’s food production is wasted annually, with households accounting for over 50% of this waste, costing an estimated EUR 200B. Food retailers lose billions of dollars each year due to food waste, with estimates of up to 30% of EBITDA yearly, and both households and retailers account for over 70% of total food waste in the supply chain. Additionally, food waste is the third largest greenhouse gas emitter after transportation and electricity production, exacerbating social inequalities, food scarcity problems, and environmental pollution.
Overall, food waste is a serious systemic global issue that negatively impacts the environment, society, and economy.
The EatMeApp is a mobile application that aims to reduce food waste by creating a marketplace for unsold food at discounted prices, benefiting both food retailers and consumers. The app utilizes cutting-edge AI technology and a unique “Marketplace” feature to offer unsold perishable food in real-time, with prices automatically adjusted based on expiration dates (provided by our partner, Pricer). Users can easily browse and order fresh, discounted food for delivery through the app’s user-friendly interface. By analyzing user behavior and providing customized loyalty programs, the app encourages more sustainable practices and improves the overall customer experience. The app also generates valuable data for food retailers, helping them reduce overall costs and losses in food waste.
EatMeApp has a grand vision of becoming the foremost food marketplace that operates with a primary focus on minimizing food waste, alongside introducing pioneering and sustainable solutions to all stakeholders on the platform.
B2B model: includes a transaction fee or shared revenue structure, where a portion of each purchasing transaction is dedicated to shared revenue. The estimated range for this fee is between 0.25% to EUR 1 per transaction. We aim to assess its feasibility through pilot and go-to-market strategies, specifically targeting its potential for growth in the supermarket industry. The foundation for this assumption is based on the average supermarket unit processing between 900K to 1.2M transactions annually according to a vertical rule of thumb.
B2C model: adopts a freemium and dynamic subscription structure. Initially, users can access the Marketplace and basic features for free. During this trial period, the application will begin recording user behavior patterns and providing customized suggestions, including loyalty programs created from supermarket data. These benefits are offered at a reduced cost, resulting in cost savings for users. This approach is the basis for our initial subscription fee of EUR 3.
The EatMeApp has implemented a dynamic revenue model that adapts pricing and monetization methods to changes in user behavior and external factors. This approach creates a more flexible revenue model for the company and an appealing financial incentive for user conversion. As users’ needs and demands evolve, they can easily upgrade or downgrade their plan to suit their current circumstances. This market trend is recognized by the company as a positive strategy element that leads to a more sustainable and profitable business model.
Released the initial e-mockup version of “Smart Kitchen Assistant” on iOS and Android, gaining over 700 organic early adopters. Received funding support from the European Institute for Innovation and Technology (EIT Climate KIC) and secured a SAFE note. Secured a Letter of Intent (LOI) with Pricer, fortifying our partnerships. Proudly graduated from the globally renowned pre-seed accelerator, Founder Institute, signed a Warranty contract, earning lifetime membership in a robust network of investors, handpicked founders, and start-ups. Established collaboration with Business Angels of Slovenia and Gateway Venture. Recognized and rewarded for our commitment to reducing food waste, serving as Global Ambassadors in the fight against food waste.
In a recent development, EatMeApp received the approval of a non-dilutive EUR 30K grant through the Smart Startup Program, administered by the Innovation Fund of the Republic of Serbia.
The potential exit strategies for EatMeApp include a trade sale to a larger player in the food or food waste industry looking to expand their sustainability initiatives, as well as the possibility of going public through an initial public offering (IPO). Another potential avenue for growth is the development of a decentralized autonomous organization (DAO) marketplace for food stock exchange, which will allow users to buy and sell excess food, reducing waste and improving access to fresh and affordable food. EatMeApp hopes that by exploring this opportunity, they can become a market leader in the digitized food marketplace.
CEO/CVO, Co-Director
CEO/CMO, Co-Director
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