Thrive Tribe Technologies (ASX: 1TT) has increased its shareholding in Daily Food to 54%.
Upon the launch of the health and wellness app, Sixty, Daily Food will be the central health food offering on the platform.
In addition to the integration with 1TT and Sixty to facilitate online sales and distribution, Daily Food has also worked on expanding grocery and retail partnerships, new product development, a corporate B2B product strategy and continued brand building. Importantly, the partnership with 1TT and Sixty’s E-commerce platform will provide the infrastructure for Daily Food’s online sales and distribution.
In the past six months, Daily Food has launched their Super Bites into Woolworths Metro stores and WHSmith stores on the East Coast. Daily Food has also secured partnerships with Better Foods / The Forage Company and executed distribution across independent stores in VIC, NSW, ACT and QLD. With upcoming range reviews for the major grocery chains, Daily Food is looking to secure new, national contracts stores across the country in 2024.
To support anticipated increase in sales from Daily Food’s launch on Sixty and increased sales from retail partners, Daily Food has committed to substantial investments in equipment and infrastructure. 1TT’s ongoing support has been critical to expanding the production capabilities of Daily Food. The current equipment enables production of up to 1.8 million units of Super Bites annually, and additional equipment has been ordered this year, which will further increase this capacity for 2024.
The choice to invest in in-house production over outsourcing allows a high level of quality control, cost efficiencies at scale, and, most importantly – exciting product innovation with rapid speed to market. New, market-leading products creates a higher volume of orders across all channels, resulting in a greater ROI across the board.
Online presence is extremely importance to the Daily Food brand and is central to the mission of 1TT and Sixty. Daily Food has relationships with 50 influencers with a combined audience of over 2.1 million followers. These relationships are extremely valuable to 1TT and Sixty and highlight the benefits to 1TT shareholders of this transaction.
Currently, much of Daily Food and Alexandra’s online content is available free of charge. The partnership with Sixty allows Daily Food to evolve this into a more extensive, content- rich experience for paying subscribers via Sixty. Through Daily Food’s content and engaged audience to be integrated on Sixty – 1TT and Daily Food can test, learn and develop a blueprint for future brands and creators to find success on the platform.
We are excited to further strengthen our ongoing working relationship with Alexandra and Daily Food. This relationship has been pivotal to the ongoing development of Sixty,” Executive Director, Wes Culley, said.
“It is essential that the community we are building with Sixty has access to quality health and wellness content. Positive diet choices go hand in hand with health and wellness content.
“The investment and partnership with Daily Food and integration into Sixty means 1TT is offering a wholistic solution of content, advice and quality food. We believe this will significantly strengthen the Sixty offering in the marketplace and provide a point of difference to our competitors in this space.”
