Thrive investment is making popular healthy snack maker Daily Food ‘a player on a bigger scale’
Food & Agriculture
Food & Agriculture
Thrive Tribe (ASX:1TT) invests in companies in the health and wellness space
1TT’s 51% stake in healthy snack maker Daily Food underpins ambitious growth strategy for 2024
Daily Food products sold in Woolworths, talks with other key retailers underway
Special Report: After Thrive Tribe Technologies increased its investment Daily Food is gearing up to work on its growth strategy in 2024 with equipment to increase capacity and talks underway for greater distribution.
In September, Thrive Tribe Technologies (ASX:1TT) increased its stake in local healthy snack maker Daily Food from 37.5% to 54% to become the majority stakeholder.
Daily Food has become a central health food brand for 1TT, which invests in companies in the health and wellness space providing them with the “resources, support, and technology they need to thrive and make a positive impact in the world”.
In the past nine months, Daily Food has launched their Super Bites into Woolworths Metro stores and WHSmith stores on the East Coast, 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.
Daily Food founder Alexandra Thursfield says the 1TT deal has enabled Daily Food to purchase equipment to increase production capabilities at its Byron Bay manufacturing facilities to more than 2 million Super Bites health bars annually.
“It’s very hard for a food manufacturer to exist on the micro scale so we had to invest in equipment and manufacturing processes that will enable us to get into the big retailers,” she says.
“Since partnering with Thrive Tribe we’ve really been able to step up a level and be a player on a bigger scale.”
With a background in biomedical science Thursfield established Byron Bay-based Daily Food in 2018.
Well-known for its beaches and famous residents, the Byron Bay region is also a growing hub for quality food produce and production.
Thursfield saw an opportunity in the healthy snack sector to create a fun and energetic brand, which built up a loyal following, especially on social media using influencer marketing.
“In the healthier food sector, brands a few years ago seemed to be duller and more lifeless so I was prompted to build a community around our brand where we educate and empower customers to make healthier choices,” she says.
“My big passion is the way is establishing a brand to really connect with customers to build a strong business.”
Thursfield says brand success these days with discerning customers is more than “pretty packaging a few good taglines”.
“We’re proud of our growth where there so many competing brands and it’s such a noisy market,” she says.
“Our brand has cut through and connected with long-term relationships with our customers.”
Daily Food’s Super Bites health bars line is sold in Woolworths, WH Smith stores and independent retailers.
The company has recently launched its gluten-free, plant-based, chocolate-coated truffles called Holy Truff, including a bon bon set in time for Christmas.
“Holy Truff is the first of many new products we’re planning to launch,” Thursfield says.
“In the first quarter of 2024, we will have two more product launches, so we are going hard on developing new products.”
As well as the traditional retail market, Thursfield says it’s also establishing a presence in the corporate and gifting market, offering diversification in a tough economic climate.
“A lot of food producers are down at the moment because of the economic conditions, and we are looking at ways at which we can capitalise on different opportunities,” she says.
“The brand has a really aesthetic and sustainability appeal, and we’ve found a lot of corporates are quite immune to the economic struggles in the retail space.”
Daily Foods is actively engaged in broadening its reach through increased collaborations with grocery and retail entities.
Thursfield says it is currently in talks setting the stage for potential new nationwide contracts across various stores throughout Australia in 2024.
This article was developed in collaboration with Thrive Tribe Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.