Question 1

How does this differ from amazon/whole foods private label in terms of quality and price?

Accepted Answer

Hey Dillon- the quick and easy answer is that we will be higher quality (fresher and more artisanal) with lower prices (up to 20% off). Here’s the more in-depth answer: 1. Quality: by building online, we’re able to build a much more streamlined supply chain. For example, we can find the best cheese artisan in the country and take their product nationwide through shipping. Whole Foods/Amazon are still built on fragmented supply chains since they’re so deeply tied to the physical store infrastr...

Question 2

How are you going to fund your growth in the near term? (6-18 months) Wefunder prob won't provide enough capital. What are your customer acquisition costs? (I imagine $150+ at scale) Your valuation is so damn rich haha. I understand infrastructure is valuable, but man you're a...

Accepted Answer

Dillon- another great question! I know that our valuation can seem high. Honestly, as you know, it’s quite hard to value a pre-launch company. In the absence of real-launch stats, here’s what we relied on- 1. Previous funding- our last round was at a SAFE with a $15M cap. That was almost two years ago, before we’d built the infrastructure, team, experience or technology. Ofcourse it’s easy to say that perhaps that round was overvalued but what that shows to us is investor interest in Move and...

Question 3

Are you strictly focused on membership signups or will you be opening the product to non-members?

Accepted Answer

Hey William- we plan to be exclusively focused on membership. It’s something we’ve thought about for a long time. Here’s why we’ve decided to be members-only: 1. Economics: Membership allows us to dramatically reduce the markup on actual products. It allows us to sell products at an incredibly fair price- while still making the healthiest margin in grocery. This is not dissimilar from Costco. 2. Customer experience: Membership acts as a vetting process- it tells us that a customer sees Move a...

Question 4

What are the terms on the LT debt of the company?

Accepted Answer

Hi William- the company hasn’t taken on any real/traditional debt. What you’re seeing on financials are SAFEs. A SAFE is not a debt instrument. And as such it doesn’t accrue interest and we have to make no repayment on it. Instead a SAFE is just a promise a future equity. It’s just meant to help early investors own a piece of the company without having to prematurely value it. Our CPA thought it was best to classify it as debt to differentiate it from a trad...

Question 5

For the last several years, I have had my groceries delivered exclusively. I first used Jet, which I found great for the most part. There were some issues with shipping, particularly my eggs showing up every week consistently cracked and messy. I believe it was for reasons lik...

Accepted Answer

Rob- these are all great questions! Here are my answers- 1. This is something we're uniquely good at. The reason things break for most grocery delivery companies is that the packaging for these products isn't designed for shipping. Instead, all grocery packaging is designed primarily to sit on supermarket shelves and look appealing. And since grocery delivery companies are just built on top of the supermarket infrastructure, they can't do anything about that. Delivery companies are forced to ...

Move (YC W17)

The First Community-Owned Digital Retailer

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