Thrive Tribe increases stake in Daily Food, central offering on new Sixty app
Well-being platform developer Thrive Tribe Technologies (ASX: 1TT) has paid $132,000 to increase its stake in Australian early-stage start-up Daily Food from 37.5% to 54%.
The Byron Bay-based business will become the central health food offering on Thrive’s health and wellness app Sixty which is currently in development, while founder Alexandra Thursfield will be appointed a key content creator.
The partnership with Thrive and Sixty’s e-commerce platform is expected to provide the infrastructure for Daily Food’s online sales and distribution strategy.
Health bar launch
In the past six months, Daily Food has launched its “Super Bites” health bars into Woolworths Metro and WHSmith stores along Australia’s east coast.
The company has also secured a partnership with The Forage Company and executed distribution agreements across independent stores in Victoria, New South Wales and Queensland.
Daily Food has committed to the purchase of new equipment and infrastructure to support an anticipated increase in sales following its launch on the Sixty platform.
Current equipment enables the production of up to 1.8 million units of “Super Bites” per year and additional equipment on order is expected to substantially boost this capacity from 2024.
Thrive executive director Wes Culley said the company had provided critical support to Daily Food’s expanding production capabilities.
“It is essential that the community we are building with Sixty has access to quality health and wellness content [and] positive diet choices go hand in hand with that,” he said.
“Our investment and partnership with Daily Food and integration into Sixty means we are offering a complete solution of content, advice and quality food… we believe this will significantly strengthen the Sixty offering in the marketplace and provide a point of difference to our competitors in this space.”
Thrive is developing the Sixty app as a launching pad for new products and start-ups.
“Our primary focus is to build the technology which will enable content creators in the health and well-being space to grow their follower base and promote and monetise their products and services,” Mr Culley said.
“Our aim is to create a holistic ecosystem that fosters creativity and financial growth for our creators and users.”
He said partnerships with content creators and their products would be essential to the development of the Sixty marketplace.