A Zero-Waste Meals Service: VEGETABLE + BUTCHER

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EXECUTIVE SUMMARY

Vegetable + Butcher is offering equity in a priced round at a $28.75 million pre- money valuation. Vegetable + Butcher focuses on providing fresh, healthy, pre-prepared meals with options for various dietary preferences, emphasizing local sourcing and a zero-waste food system.

KEY FINDINGS:

• Business Overview: Founded in 2016, Vegetable and Butcher has served over 2.5 million meals and generated over $42.5 million in sales since inception. The company reports a strong gross margin of over 40% and claims a high LTV/CAC ratio of +10:1. Recent (Q1 2025) unaudited figures suggest an annualized revenue run-rate of approximately $9 million, an improvement over the $7.1 million revenue in 2024 which saw a 6% decline from the previous year.

• Financial Health: The company had $207,980 in cash as of December 31, 2024, and reported a net loss of $2.08 million in 2024. Recent monthly figures indicate a reduced annualized net loss of ~$540,000. However, the company carries significant short-term debt ($2.77 million as of Dec 2024). The current fundraising is crucial for continued operations and growth. Keep this in mind as you consider this opportunity.

• Founding Team: Co-founders Turner Hoff (CEO) and Ariane Valle (CXO) have led the company since 2016, demonstrating commitment and combining financial/strategic expertise with food industry experience. They have previously raised over $6 million.

• Market and Competition: The meal delivery market is large and growing but highly competitive, with numerous established players and new entrants. V&B aims to differentiate through its focus on fresh, healthy, sustainable meals.

• Valuation: The $28.75 million pre-money valuation translates to a ~3.2x multiple on recent annualized revenue. This is within a plausible range for a growth-stage company with good gross margins, provided it can sustain its recent growth momentum and clearly demonstrate a path to profitability.

• Use of Proceeds: Funds are primarily intended for new market expansion (including a new facility launch), scaling marketing and sales, and technology development, which are aligned with value-creating milestones.

• Risk Factors: Key risks include a history of losses, intense competition, reliance on key personnel, operational challenges in scaling, the need for future capital, and the illiquidity of the investment.

• Exit Scenarios: Modeled scenarios indicate a range of outcomes from a potential loss of principal (worst-case) to a moderate return (base-case, e.g., ~2.8x valuation uplift) or a significant return (best-case, e.g., ~13.9x valuation uplift), contingent on substantial revenue growth and achieving profitability.

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_{Reg A+ via StartEngine Crowdfunding, Inc. No BD/intermediary involved. Investment is speculative, illiquid & high risk. See OC and Risks on page.}