Wotif co-founder Andrew Brice has invested $1 million in a venture that designs and produces healthy, pre-made meals for diabetics, with the entrepreneur saying he will continue to look for new venture capital opportunities.
Brice says the move to invest in Made For You Foods comes in part as a result of the growth in the health industry, saying he felt there was an opportunity to provide products for health-conscious shoppers.
“There were two stand-outs here. The first is the quality of the people involved, including the vice president of the Australian Food Technology Association,” he says.
“The other stand-out is health. This is becoming a big issue in society, with people more concerned about diet and exercise. This is clearly a large emerging trend.”
Brice, along with his two children Anna Cottell and William Brice, have invested $1 million in Made for You Foods, which produces pre-made meals designed for people with diabetes or high blood sugar levels. The venture is being sold through Woolworths stores only through an exclusive deal.
The business wants to reach revenue worth $50 million within five years. Brice is one of nearly 30 investors in the business, saying he’ll provide more money if the need arises.
“We’ve committed $1 million as the start money, and we’ll provide half a million more as backup money if the company needs it. If it shows legs we’ll fund some more.”
Brice says he’ll continue to be on the lookout for new ventures, although they won’t necessarily be in the health industry. In fact, he says he doesn’t mind investing in any industry – as long as the business plan is sound.
“We’ve got money to commit to venture capital. We look at pretty much any industry but it needs to have some sort of ethical slant to it.”
“The other key elements are the people, and then the next is our assessment of the business model. It has to be sound.”
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
