Online retailer of healthier snacks, graze.com, reports it has achieved a run rate of over £20m in its first year of US operations, causing it to add to its office portfolio.
Launching in December 2013, graze.com said it adopted a pioneering ‘fail fast’ philosophy – aiming high but preparing to overcome the inevitable setbacks that emerge in the early stages of the journey.
The company thrived, and a further £45m has been committed to be invested over the first three years after launching to address an unprecedented growth in demand.
Commenting on its first year in the US, CEO Anthony Fletcher said: “We have seen phenomenal growth in our first year stateside. We have reached a run-rate of over £20m in that time – something which usually takes top tech companies two or three years to achieve.
“One of our main hurdles was distributing our snacks across such a huge area in comparison to the UK. A large part of our success can therefore be owed to ‘the brain’ – our bespoke proprietary logistics solution – which analyses the best way to get each box to the grazer using either FedEx or USPS.”
Graze.com said it utilised its vast data banks and technological expertise to address another key challenge – the differing taste preferences in the US compared to those of its UK customers. By collecting 20m US ratings from over 200,000 active subscribers over the past 12 months, graze has redeveloped approximately 40% of its range to suit the US market, including tailored snacks like its take on a cinnamon roll.
Graze.com’s said its rapid expansion and continuing recruitment has led the company to invest in office space in New York’s Silicon Alley.