Growth Expectations #003
Hi and welcome to this issue of Growth Expectations, a newsletter with thoughts about startups from GO Ventures’ Head of Investments Paul Grech
Each month, Growth Expectations speaks to a different founder to learn a bit more about their business and what key lessons they feel others should be aware of.
You’d think that with the aggressive restaurant to consumer food delivery options that have flooded the market in recent years, and which tend to be skewed towards the fast-food side of the industry, it would be virtually impossible to provide an alternative that is just as convenient and healthy. Yet that’s not the case. Fortify Meals and Garnish are two sides of the same company that aims to deliver a variety of healthy options to keep the individual going without having to resort to quick food. As per their website states, they "are proof that healthy meals do not have to be tasteless. Our meals are freshly cooked by professional chefs, following the advice of our certified dietitian...while taste is a priority, convenience is also key. We will take care of the shopping, planning and cooking, which saves you both time and money. All you need to do is reheat and enjoy!"
Aaron Buhagiar is one third of the founding team. Over the course of three years they’ve experienced rapid growth, quickly evolving from renting others’ kitchens to setting up their own commercial kitchen of over 300 sqm. An IT graduate who spent 11 years in the iGaming Industry, Aaron’s ambition to open his own venture was evidenced in the pursuit of a Master's degree in knowledge-based entrepreneurship at the University of Malta. Currently his role is to review and analyse the company's data, ensuring that this feeds into every aspect of the organisation's decision making.
What is the elevator pitch for Fortify Meals and Garnish?
Fortify Meals (www.fortify.com.mt) is dedicated to providing convenient, nutritious meal solutions that enhance overall well-being and increase productivity.
On the other hand, Garnish (www.garnish.mt) is a workplace catering platform that supports office managers in creating a positive and healthy work environment by providing lunch options for their employees.
Ok, can you tell us a bit more?
At Fortify Meals, our mission is to support our customers in their journey towards a healthier lifestyle by delivering delicious, balanced, meals. We strive to make healthy eating accessible and enjoyable, empowering individuals to make sustainable choices for their bodies and minds.
The Garnish ordering platform is re-inventing the way office administrators cater for their workforce. Our digital platform allows employees to choose from a daily changing menu of popular dishes from various locally renowned restaurants. Ordered meals are then labelled and delivered to the office by our driver at one go in order to prevent unnecessary interruptions during business hours.
We understand that treating employees to tasty food can improve their well-being and make them more productive.
Our goal is not only to provide a catering service but also to assist businesses in cultivating a positive culture and caring for their employees to help them retain their top talent.
How did the idea for Fortify Meals come about? And Garnish?
The idea for Fortify Meals was born in late 2019 when we initially explored the opportunity of providing healthy meals specifically tailored for bodybuilders. However, we soon realised that creating customised nutritional plans for each individual bodybuilder would make it difficult for us to scale the business effectively. This led us to shift our focus and develop a product that targeted professionals who needed convenient and balanced meals to support their busy lifestyles. We wanted to empower individuals to stay productive and achieve their personal goals while enjoying delicious, healthy meals.
As for Garnish, the concept evolved over time as we started receiving requests from offices looking for lunch options for their employees. Recognising a market need for a solution that offered a diverse daily menu, not limited to healthy meals only, we began collaborating with renowned catering partners and invested in developing the Garnish digital platform. This platform streamlines the process for office administrators, allowing them to provide their colleagues with a wide range of delicious and fresh food options from various local restaurants.
Which skill have you had to work on to meet the challenges of being a startup founder?
As a startup founder, one of the key skills I have had to work on is developing an analytical mind. It's crucial to gather and analyse data, make informed decisions, and assess the market landscape. Being able to interpret data and insights has helped us navigate the challenges and make strategic choices for the growth of our business.
Additionally, being agile has been essential. Startups often face unexpected obstacles and rapidly changing circumstances. Adapting to new situations, being flexible in our approach, and swiftly adjusting our strategies have been vital to overcoming challenges and seizing opportunities.
How important are your co-founders? Why?
Having the right co-founders is incredibly important for the success of a startup. They provide complementary skills, perspectives, and expertise, which can help fill gaps in knowledge and strengthen the overall foundation of the business.
In the case of Fortify Meals and Garnish, the significance of my co-founders, Mark Cassar, a certified accountant, and Mauro Leonardi, a professional chef, cannot be overstated. Our diverse backgrounds complement each other perfectly, creating a strong foundation for our business. With my background in computing and entrepreneurship, I bring technical knowledge and a deep understanding of the startup landscape. On the other hand, Mark's financial background is invaluable in ensuring the financial health and sustainability of our company whereas Mauro's extensive experience in the catering industry brings invaluable insights and understanding of the intricacies of the food service industry.
Together, we can leverage our collective strengths and navigate through various challenges more effectively. Each co-founder contributes a unique perspective, allowing us to make well-informed decisions, mitigate risks, and capitalize on opportunities. Our collaboration fosters innovation, drives operational efficiency, and enhances the overall effectiveness of our business.
Any advice about picking the right co-founders?
When selecting co-founders, it's crucial to seek individuals who come from diverse backgrounds and possess skills that complement your own. Look for people who share the same passion, vision, and values, but also bring unique perspectives and expertise to the table. This diversity of thought and skills will enhance the overall problem-solving capacity of the team and contribute to a well-rounded business approach.
It's also important to establish open and effective communication from the beginning. Ensure that everyone understands their roles and responsibilities, and that there is a shared understanding of the company's mission and goals. Trust, transparency, and clear communication are essential for building a strong foundation and maintaining a healthy working relationship.
What is the biggest mistake you've made as an entrepreneur?
One of the biggest mistakes I've made as an entrepreneur was getting too excited about an innovation without thoroughly validating its market potential. We invested a significant amount of time and resources in promoting the technology, assuming that it will attract a larger customer base. However, after meeting potential customers, we discovered that the market demand for it was not as significant as we had anticipated.
From this experience, I learned the importance of conducting thorough market research and gathering feedback from potential users before investing heavily in new ideas. It's crucial to validate assumptions and test hypotheses to ensure that there is indeed a market for your product.
What piece of advice would you give your younger self (or aspiring startup founders)?
Don't be afraid to take calculated risks, invest in your personal growth and stay humble. The path of entrepreneurship is filled with ups and downs, but by embracing these, you can navigate the challenges and maximise the potential for success.
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Something Else Worth Reading
Thoroughly enjoyed this analysis of hedge fund / venture fund Tiger Capital which, currently, is not looking too hot after years of fantastic growth. Some very valuable insight in the reasons for its recent results.