{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Brand Growth Heroes","title":"Grubby D2C Plant-Based Meals | From Almost Failing to Scaling Profitably","html":"","width":"100%","height":180,"duration":3063,"description":"Grubby -  the award-winning plant-based meal kits and ready meals delivered to your door -  went from a £23M valuation and rapid growth TO around 140 VC rejections, losses of more than £1m in a year and a point where the founder says the business was probably only weeks away from “game over.” \n\nBUT... \nif you need some inspiration from someone who has been through this and successfully turned things around then you're going to love this convo with founder Martin Holden-White - an unusually open conversation about what it REALLY takes to turn around a scaling D2C consumer brand. \nToday, the picture looks very different! Grubby is heading towards roughly £6m revenue, growing around 25%, has recorded approximately six profitable months this year and is close to achieving its first break-even year. \nMartin shares what had to change to get there: the down round, cost cutting, greater financial transparency, bringing in stronger financial leadership, acquiring manufacturing and recipe IP from Allplants, launching ready meals and becoming far more disciplined about how growth is funded.  \nWhat You’ll Learn\nHow Grubby went from a £23m valuation to being weeks away from failure\nWhy Martin now looks back at that £23m valuation as “completely bonkers”\nWhat changed to take Grubby from £1m+ annual losses towards break-even while still growing\nHow acquiring Allplants’ manufacturing and recipe IP accelerated Grubby’s move into ready meals\nWhy Martin wishes he had hired a Financial Director much earlier\nKey Topics Discussed\nGrubby’s journey towards approximately £6m revenue\nThe danger of valuations becoming detached from business fundamentals\nRaising around £6m and navigating an extreme down round\nWhat happened after roughly 140 VC rejections\nCutting technology and marketing spend to change the economics\nHow existing investors helped save the business\nFounder dilution and protecting crowdfunding investors\nThe physical impact of founder stress\nWhy Grubby shares its P&L internally...","thumbnail_url":"https://img.transistorcdn.com/0ozOtqRzcBWmBZEqvRDok1E7iKs6EmkwTVPod03PH6o/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS82YzI2/ODgyOTczYWUxZTg4/YmUxMzI3MzUxMGM5/NmExOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}