A couple of weeks ago we unfortunately had to take the tough decision to not continue our business operations. We set out to innovate a new and better service in the meal kit space by connecting local restaurants and chefs with potential home-cooks & consumers. During this journey we learned a lot about the dynamics and specifics of the restaurant & hospitality industry - which admittedly we underestimated a lot – this confirmed our belief that a lot more capital was needed to really ignite momentum in this space and enable us to build what we really wanted to build. In addition we monitored the development of so-called “food-tech” companies, their venture capital raises, missing exits, average marketing spend for customer acquisition (mostly unprofitable), their execution tactics, and recent failures/bankruptcies with a growing concern for us to build a profitable business operation with Yummchef fast. At this point we do not believe that the market setting is right to pursue a much needed capital raise to attempt this gigantic project, hence, we decided to quit our operations to focus on new entrepreneurial challenges and projects, which we believe we are better suited to solve successfully. If anyone is interested in a more detailed explanation and a chat through our learnings, please do not hesitate to reach out to firstname.lastname@example.org. Many thanks for all the support and positive feedback on the service.
Daniel & Pierrick