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Subscription produces startup Good & Fugly raises $530,000 through crowdfunding

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Investors have shown a healthy appetite for Sydney social enterprise Good & Fugly, which has raised $528,628 from 652 backers in a crowdfunding campaign.

The company was seeking up to $1.5 million at $1.59 per share at a pre-raise valuation of $13.52 million.

Good & Fugly offers stand-alone and subscription boxes with “ugly” fruits and vegetables. It is a form of food rescue that addresses the problem for farmers that 25% of the fresh fruits and vegetables they grow never leave the farm because they do not meet the aesthetic standards of supermarkets.

Investors who invested more than $250 in the Birchal campaign also received a free box of Good & Fugly products.

The company recently launched the 13-000-FUGLY product ‘rescue’ farmers hotline for the Good & Fugly team to source surplus fruits and vegetables.

Founder Richard Tourino said his startup is an economically and environmentally sustainable social enterprise that helps farmers get ahead.

“What we do is better for the consumer, better for the growers and better for the planet,” he said.

“The feedback from the farmers is very positive. They tell us we’re giving them an option that didn’t exist before.”

Two years after the launch of the Good & Fugly, Tourino said he plans to use the new capital to expand into Melbourne and grow across the country, as well as educate about the issue of food waste and the movement to ” fuglies”.

“We were blown away by the community’s response and encouraged to see so many people supporting our mission to reduce food waste,” he said.

“We had a total of more than 2,351 campaign followers, nearly 2,000 EOIs and 652 investors. Their support will boost our next growth phase in the fight to put ugly fruits and vegetables in their rightful place as we expand across the country.

“We will also be turning to this community for the feedback, ideas and energy we need to really make a difference and spread the word.”

More than goodandfugly.com.au

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