Invest in Jupiter (YC S19)

Jupiter is on a mission to make it ridiculously easy to get your meals on the table. For the 80M shoppers who use recipes from publishers to build grocery shopping lists, Jupiter is turning digital recipe inspiration into grocery action. 

Hello shoppable recipes! With Jupiter’s proprietary AI-powered platform, recipe publishers now offer their followers the ability to shop for recipe ingredients - in just a few clicks! 

Backed by Y Combinator, Khosla Ventures, and NFX - the investors behind Instacart, Impossible Foods and DoorDash - Jupiter is connecting consumers, food publishers, and grocery brands like never before, helping food publishers unlock the $250B online opportunity in the $830B grocery market. 

Whether on Instagram or TikTok, more than 80M shoppers today find inspiration for what to cook online from recipe publishers - long gone are the days with cookbooks on a shelf! 

Unfortunately, the way we build grocery shopping lists for these recipes is hopelessly outdated – shoppers are still using old-school printouts, texts, or note taking apps! No one has solved this because recipe content is fragmented everywhere on the internet — across blogs, Instagram, and TikTok. 

The problem? Recipes are not shoppable! They don’t include instant purchase links. And when consumers do head to the grocery store with diligent lists, recipe authors don’t get the credit, nor the profits they deserve.

At the same time food brands spend billions on dinosaur marketing initiatives, like in-store placements and magazine ads, missing the chance to catch people's attention when they are most inspired to buy - when they are drooling over TikToks and reels!

It’s a missed opportunity and disconnected journey for hungry people, recipe creators and food brands alike.

The only way to radically transform the experience for shoppers is to aggregate all recipe publishers and use AI to convert their content platforms into commerce experiences. If you do this, 80M+ shoppers are yours for the taking!

We make it easy for recipe publishers to own and operate their own online stores, by connecting them to digital grocers, like Instacart, who pack and ship items to your door. Imagine finding the most delicious recipe you have ever seen and with the press of a button grocery list items are shipped directly to your doorstep - voila! 

You can think of Jupiter as the Shopify for the $830B grocery market. Utilizing AI, we help publishers turn their recipes shoppable, so you can easily add the ingredients to your shopping cart. We help them partner with some of America’s favorite food brands, so when you shop for a recipe, hallmark brands are suggested to you. And we help attribute the sales publishers generate, so when you shop, they get paid their fair share!

Brand marketers also love our platform because Jupiter gives them clear, measurable results on their advertising spend and gets them in front of people at the time they feel most inspired to cook - when they are drooling over recipes! 

This is a big market opportunity, because today food brands are spending $10B+ on dinosaur in-store grocery promotions and magazine ads. These dollars are quickly moving online, and we’re in a strategic spot to capture our share, because we give marketers a direct link between advertising spend and sales. 

Jupiter makes money in two ways: (1) brand advertising and (2) a grocery shopping commerce commission. We generate revenue by charging food brands fees whenever they advertise, and we receive a 10-20% share of the gross basket price whenever consumers purchase a shoppable recipe. 

We’re proud to have launched a strategic partnership with Instacart, making the commerce side of our business frictionless. Our business is highly scalable since we hold no inventory and because large parts of our onboarding for brands and publishers are self-service. As we grow, we expect to expand margins by securing still more favorable deals with online grocers and food brands. Our system is flexible & modular, so in the future, we could add additional commerce partners like UberEats & DoorDash, increasing the shopper experience further. 

By 2025, we project revenue-share from commerce to constitute 40% of our revenue, as expanded volume allows us to obtain even more favorable revenue-share agreements.

Food publishers on our platform are earning real money, and brands are seeing real results - and it’s showing in our numbers! Since last year, we’ve helped our recipe publishers earn $1.6M+ and our food brands reach hundreds of millions of potential shoppers. 

Our partnership with Instacart, launched only last month, is already driving annualized GMV of $236k, and growing monthly 100%+. Plus, the number of brands we work with has grown year-over-year by 245%.

La Tourangelle’s story clearly demonstrates how we are already delivering impactful results for brands and why they are increasingly choosing to spend their advertising dollars on Jupiter.

Building on our base of happy customers, we’ve grown a strong business that is on track to double revenue again this year, paving our path to a $125M+ revenue business. 

Forward-looking projections are not guaranteed.

We work with some of the largest food publishers in the world - and we’re proud to have premier brands like Haven’s Kitchen, La Tourangelle, and Kerrygold put their faith in us!

Our leadership team brings together world-class expertise in engineering, technology, product development, and operations from some of the most innovative companies and institutions in the world, setting us up to win the big market ahead of us.

We have a solution our customers love, a strong team, and we’re facing a big opportunity. And when we say big, we mean BIG:

Forward-looking projections are not guaranteed.

The grocery industry is valued at $830B and undergoing rapid digital transformation. As consumers shift their spending online, the $250B online grocery delivery market is growing at a rapid 21% CAGR.

From this $250B market, we’re uniquely positioned to capture part of a $27B combined market opportunity; $25B in online grocery demand generation and a $2B opportunity from online food brand advertising. The segments are growing rapidly and there is no clear market leader - until now.

Forward-looking projections are not guaranteed.

Because we earn back our customer acquisition cost in less than two months (CAC payback), our business can quickly reinvest in growth, which gives us high capital efficiency. We earn more than 8 times what we spend on acquiring new brands (LTV:CAC), contributing to profitable unit economics and, as a bonus, capital for continued expansion. 

We expect to generate $2.2M in 2024 with a network of 330 publishers (not guaranteed). With over 200,000 potential publishers in the market, there’s significant room for growth, both in expanding our existing network and with each individual publisher. By 2028, we project that two-thirds of our revenue will come from kick-back on grocery commerce, and the remainder from our advertising business. 

By onboarding more publishers and brands, we’re building sustainable network effects to drive advertising dollars and commerce velocity.

As we grow our audience of recipe publishers, our shoppable recipes expands, which in turn increase traffic to our storess consumer visibility, driving more sales both in advertising and grocery commerce.driving more traffic and more publishers to our platform.

As the network grows, we’re able to attract more brands, and improveing the commercial terms we’re able to secure on advertising deals and increase the commerce commission we receive from online grocers like Instacart.

This is how we solidify our competitive moat.

Several decacorns (companies worth $10B+) have already been built in the online commerce space and with the growth we’re seeing in the digital grocery industry, there’s a compelling reason to believe that there are more being built right now. Hint hint.

We’re aiming to build an enduring company and taking Jupiter public is one viable route. With little overhead and a highly scalable business, our commercial setup as a software company enabling sales is fairly comparable to Shopify. If we are able to deliver on our growth plans and achieve a similar multiple (14X price-sales), we could be in reach of unicorn status by the end of 2027.

We’re reimagining how people shop for groceries, how food publishers earn revenue, and how brands connect with consumers. We’re excited to invite you to invest alongside our lead investor Pete Flint, two-time unicorn founder and General Partner of NFX.

By investing now, you get a rare early opportunity to invest alongside Y Combinator, Khosla Ventures and NFX, and hopefully grow your investment as we grow. Don't miss your chance to join us on this journey, and to build the future of grocery shopping.