Sydney-based HR company focusing on wellness and mindfulness, Thrive Tribe Technologies (ASX: 1TT), has increased its shareholding in Daily Food, the brand behind Super Bites, the health snacks you might now find on Woolies’ shelves.
Thrive Tribe has paid $132,000 to subscribe to additional shares to increase its shareholding from 37.5% to 54%. This boosted stake comes as the Company gears up for the launch of its Instagram-esque health and well-being app, Sixty. The app will enable health and wellness influencers and brands to create (and monetise) content on the platform. It will also include e-commerce functionalities, wherein users can directly buy stuff from their favourite influencers on the app.
Upon the launch of Sixty, Daily Food will be the central health food offering on the platform. Further, the founder of Daily Food, Alexandra Thursfield, is a key content creator and influencer on Sixty.
Moreover, Daily Food has worked on expanding grocery and retail partnerships, new product development, a corporate B2B product strategy and brand building. So, the partnership with Sixty’s e-commerce platform will provide the infrastructure for Daily Food’s online sales and distribution.
Executive Director of Thrive Tribe Tech, 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 holistic 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.”
Daily Food is a health foods company that has launched its Super Bites into Woolworths Metro stores and WHSmith stores on the East Coast in the past six months. Daily Food has also secured partnerships with Better Foods and The Forage Company and executed distribution across independent Victoria, New South Wales, ACT and Queensland stores. With upcoming range reviews for the major grocery chains, Daily Food is looking to secure new national contract stores nationwide in 2024.
To support the 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. Thrive Tribe’s investment has then become critical in expanding the production capabilities of Daily Food. The current equipment enables the 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.
Daily Foods has decided to produce its items in-house instead of outsourcing to enable cost efficiencies and undertake quality control. Plus, it would increase its new products’ speed to market.
A significant advantage for Thrive Tribe is that Daily Food is social media savvy. Daily Food has relationships with 50 influencers with a combined audience of over 2.1 million followers. These relationships highlight this transaction’s benefits to Sixty and Thrive Tribe Tech’s shareholders.
Much of Daily Food and Alexandra’s online content is 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, Thrive Tribe can learn and develop a blueprint for future brands and creators to succeed on the platform.
Holding over $5 million in cash as of FY23, the Company is pegging its hopes on its rebrand (changing its name from Wooboard Technologies to Thrive Tribe Technologies) and the launch of Sixty to expand its portfolio from simply being a workplace platform.
Alinda is a Business Reporter for The Sentiment
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