Thrive Tribe’s fresh majority stake in Daily Food eases integration to bolster its wellness platform, Sixty
Health & Biotech
Health & Biotech
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Thrive Tribe has increased its shareholding in Daily Food and will make the healthy snacks maker the central health food offering on its Sixty well-being and wellness e-commerce and content platform.
Thrive Tribe Technologies (ASX:1TT), formerly Wooboard Technologies, now has a clear line of sight to its goal of leveraging the massive $250 billion creator economy through its wellbeing and wellness content and e-commerce platform called “Sixty”.
Thrive Tribe’s latest step towards that goal was a strategic increase in its stake in Daily Food – makers of “fun, functional and fudge’n delicious snacks to help you build a happy and healthy life” – from 37.5% to 54%, becoming the majority shareholder and easing the passage of an integration that Thrive Tribe says is crucial to achieving its aims.
With the buy-up now complete, Daily Food is set to become the central health food brand on the Sixty platform, which 1TT says will be a game-changer in the health and wellbeing space, ready to connect individuals, creators and companies and share ideas, products and knowledge to enrich the lives of everyone involved.
Thrive Tribe Technologies is an outlier in the tech space, especially among the usual fare to be found listed on the ASX – a community-minded company looking to create a connected world of thriving humans, inspired by impact-driven business, through its soon to be launched Sixty platform.
“We partner with change-makers and disruptive brands to build a better future, scaling purpose-led brands and supporting mission-aligned creators,” the company says, which will allow Sixty become an all-in-one content and services monetisation hub that focuses on scaling purpose-led brands, supporting mission-aligned creators and providing unrivaled value to the app’s users.
But while the philosophical drivers of the company are massively important, where many other platforms and online communities falter is a lack of proper financial space within their market to grow.
The current $250 billion creator economy is growing very, very quickly, and is projected to nearly double in market size by 2027, putting Sixty in the hot seat for dominating a half-trillion dollar marketplace combining content, advice and products.
The underlying concept is simple enough: bring creators together with users, and let everyone interact to consume and create to their heart’s desires.
Creators will be able to take appointment bookings, run online courses, offer pay-per-view content, sell digital products and services, and sell subscriptions and memberships.
Users will have up close and personal access to their favourite creators, gain access to rich tailored content, services and programs, and gain early access to new product releases and promotions from their favourite brands.
It’s not hard to see, then, that the move by Thrive Tribe to pay $132,000 – after securing ASX approval – to increase its shareholding in Daily Food from 37.5% to 54%.
The plan is now to position Daily Food as the central health food offering on the platform, with its founder Alexandra Thursfield in place as a key content creator and influencer on Sixty.
“We are excited to further strengthen our ongoing working relationship with Alexandra and Daily Foods,” executive director Wes Culley said.
“This relationship has been pivotal to the ongoing development of Sixty. 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 has recently been working hard on expanding grocery and retail partnerships, new product development, a corporate business to business product strategy and continued brand building.
The recent launch of Daily Food’s Super Bites health bars into Woolworths Metro and WHSmith stores across the east coast of Australia is just one of the major milestone results from the endeavour.
Daily Food has also secured partnerships with Better Foods / The Forage Company and executed distribution across independent stores in Victoria, New South Wales, ACT and Queensland.
With upcoming range reviews for the major grocery chains, Daily Food is in great shape to secure new, national contracts with a range of stores across the country in 2024.
Over the next 12 months, Daily Food will market its product range across the Sixty platform which has over 50 influencers and an audience of over two million followers.
That push, combined with efforts to continue expanding its product offerings through fresh innovation is set to push Daily Food even further to the top of its commercial space, where the integration with Thrive Tribe’s Sixty platform will provide the scale required to leverage its already-popular product to a larger, purpose built philosophically and lifestyle-aligned consumer base.
Thrive Tribe is in an excellent position to meet the challenges of its part in the plan, having successfully attracted a $5 million cash injection from sophisticated investors through a well-received capital raise in June of this year.
“We view what we are doing in the health and wellness tech space to be a recession proof concept, in fact a concept that can thrive during these times,” 1TT Executive Director Wes Culley said at the time.
“The fact investors have shown this support to the Company reflects the ongoing view of the Company that our future prospects are strong.”
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.