Producer to restaurant digital marketplace disrupting traditional supply chains

Live Two Hands (CaroMel Ltd)

Two Hands | Investor Video

Fixed Priced WholesaleType of Offer
16 Nov 21Offer Open
07 Dec 21Pay By
$1.00Price
Up to $1mSize of Offer
$5,000 Minimum Investment
OnMarketLead Manager

This is a wholesale offer and only open to professional, sophisticated and experienced investors. 

More information on how to qualify here. Minimum application size of $5,000.

We sat down with Founder and Managing Director of Two Hands, Greg McLardie, to learn more about Two Hands, their technology and the near term opportunities on the horizon. 

 

Company Overview

Food supply chain inefficiencies and food fraud cost the industry a combined US$100 billion per year. Further, fishers and farmers are being increasingly impacted by globalisation and technology, and have become faceless to chefs and consumers, not receiving the respect, recognition or reward they deserve.

Underpinned by blockchain and track and trace technologies, Two Hands is restoring provenance, traceability and human connections to the global food industry via their digital marketplace and reinvented supply chain. By removing middlemen, the Two Hands solution fosters direct relationships between the producer and consumers, redistributes profit margins back to producers and buyers, and provides tracking direct from the source to improve food ethics, security and sustainability.

The Two Hands technology and business model is built for global scale. The Two Hands-branded marketplace redistributes power away from middlemen towards producers, chefs and consumers. Their products have a unique, tamper-evident Smart Tag - their ‘passport’. Scanning the Smart Tag connects restaurants and consumers to a customised experience for each item, showcasing the producer, provenance and sustainability, secured by blockchain authentication.

Two Hands is now well positioned for rapid growth achieving $1m in annualised Gross Merchandise Volume (GMV) of goods sold in September 2021. They now have over A$50m in annualised GMV in the pipeline across seafood and beef.

Everything Two Hands is doing is leading to harnessing the full power of blockchain technology. Blockchain technology is so much more than “track and trace”. Blockchain has the potential to democratise supply chain power and to make ethical and sustainable actors of all participants. This is the mega opportunity Two Hands presents.

Two Hands Technology

The Two Hands Technology replaces intermediaries with a direct connection between producers and the restaurant. Using Blockchain, the technology removes numerous pain points for producers and restaurants while providing a complete view of the products details, origin and journey from producer to plate.

 

 

Blockchain

  • Delivers integrity though end-to-end traceability
  • Eliminates food fraud
  • Identifies the more sustainable choice
  • Authenticates provenance
  • Will underpin a publicly curated register of quality, sustainability, carbon cost and ethics metrics
Customer User Experience
  • Independent sustainability advice via trusted NGO partnerships
  • Provenance information and videos
  • Blockchain dashboard

Business Model

Two Hands is a B2B2C marketplace built for global scaleability:

  • Asset-light – Two Hands does not own supply chain physical assets, including inventory and/ or logistics assets.
  • Based on fee per transaction – Like AirBnB, the Company earns its margin based on receiving ~5% commission from every transaction on its marketplace.
  • Building market share through high volume, low margin – Leveraging technology to cut supply chain costs and to capitalise on a first mover advantage.
  • On-going incentives for users – The savings generated from our reduced supply chain and from partners who act towards a common goal means we can financially incentivise both fishers and farmers as well as restaurants, driving demand and market share.
Growth Pathway

Two Hands is seeking to capture significant near term opportunity in Australia and overseas.

As restrictions begin to ease in Australia, Two Hands is looking to expand their client base across both producers and restaurants to meet significant demand. Melbourne restaurants are focusing on locally sourced produce and many of these restaurants have reached out to Two Hands to provide a streamlined supply chain for their produce.

In China, the focus is on hotel chain expansion, opening the doors to large hotel groups operating high-end restaurants. Already working with some of the most well-known restaurants and hotel brands in China, including the Waldorf Astoria and M on the Bund, Two Hands is now in discussions with Chinese government organisation, Chongqing Agricultural Cooperative (CAC). CAC have invited Two Hands to connect their 20 million regional farmers directly with international hotel groups and will provide a guarantee for Two Hands to enable working capital finance for the partnership.

Additional opportunities exist in Europe with Two Hands in discussions for localised marketplace country deployments.

With Gross Merchandise Volume through the Two Hands platform estimated to grow to over $50 million within the next 12 months, the Company is targeting an IPO in the second half of 2022.

Market Opportunity

The global market for fresh produce is big. The addressable market for high-end restaurants is worth $130 billion, globally. Two Hands has identified high-end restaurants as their initial focus for several reasons:

  • Chefs are key influencers for all food trends, globally – for both consumers at home as well as for more mainstream restaurants – as they are passionate about a better food experience;
  • They are purchasers of high value proteins and are willing to pay for better quality;
  • Concentrated market, particularly via hotel groups.

Locally, the serviceable addressable market for Two Hands, worth in excess of $245 million per year, is already gaining traction. Further technology advancements, improved access to proteins via relationships with producers and the continued success of Two Hands by high-end restaurants and hotels will continue to drive growth.

Two Hands is already working with major hotels, restaurants and producers, globally. The world's best restaurants and hotels want to know where their produce is coming from and get the best price for the highest quality produce.

 

The Offer

Two Hands is raising up to $1,000,000 via a convertible note offer.

The terms of the note are outlined below:

  • 20% discount to the next capital raise
  • 7% p.a. interest rate accruing monthly, added to the discount to a maximum discount of 27%
  • Valuation cap fixed at $23,600,000 giving investors significant upside potential
  • Conversion event at next capital raise expected to be IPO in late 2022

Risks

Section 708 disclosure: The issuer of the securities is CaroMel Pty Ltd (Two Hands). The securities to be issued are ordinary shares. The information provided on the OnMarket website has been prepared by Two Hands, and OnMarket makes no representation as to its accuracy or completeness. No prospectus has been prepared and accordingly, the Offer is being made to sophisticated, experienced and professional investors only. 

The Investor Presentation is intended to provide potential investors with information only and does not constitute a prospectus, short form prospectus or other disclosure document as defined in the Corporations Act 2001 (Cth) (“the Act”). This document has not been lodged with the Australian Securities and Investments Commission ("ASIC") or any other government body. The offer made under this Investor Presentation is only available for persons who qualify as sophisticated or experienced (as defined in s708(8)-(10) of the Act), professional investors (as defined in s708(11) of the Act), investors to whom personal offers are made under s708(1), or investors to whom disclosure is otherwise not required under Part 6D of the Act (collectively, “Qualified Investors”).

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