“Use PM’s thinking to make functional foods in China.”
It was learned that the functional food brand “minayo” received tens of millions of yuan in Pre-A round of financing. This round of financing is exclusively invested by Northern Light Venture Capital, Vision Capital Acting as exclusive financial advisor. This round of financing will be mainly used for product matrix improvement, market launch and brand upgrade. At the beginning of 2020, Minayo received a multi-million yuan angel round of financing from the well-known artist brokerage company Lehua Entertainment.
The minayo product was launched in August 2020, and the next month’s sales exceeded 2 million. The current monthly repurchase rate has exceeded 30%, and the customer unit price is more than 200 yuan. Among them, the weight management product “Thermal Control Tablets” has stable daily sales since November last year. Tmall International’s single-product sales of thermal control tablets ranked No. . Minayo has deployed two product lines, a “functional snack line” and a “professional supplement line” to meet the needs of consumers in different scenarios. Taking female users as the entry point to meet the needs of the whole family is the logic of Minayo’s product line expansion.
minayo product map
According to Euromonitor International’s statistics, in 2019, China’s health food terminal retail market was worth 180 billion yuan, with an average annual compound growth rate of over 10%, making it the world’s second largest health food market and the largest health food market. Food incremental market. According to the team, For developed countries such as the United States and Japan, China’s health food has greater room for growth in penetration, consumption stickiness, and per capita consumption.
Hu Ran told that the health care product category has a strong cross-purchase rate and collateral rate within the platform, and consumers have stronger consumer stickiness. There are many pharmaceutical companies in the United States and Japan. Health care products and functional food brands, such as Kobayashi Pharmaceutical, GSK, Bayer, etc., these brands all appeared in the process of consumption upgrade when the country’s per capita GDP exceeded 10,000 US dollars. The United States and Japan mainly rely on offline channels. strong>However, the development of China’s e-commerce has not allowed biological and pharmaceutical companies to slowly try in traditional channels. Brands that understand young consumers better are needed.
Because of the special attributes of functional foods, relevant departments have stricter supervision over functional foods, which helps brands to form barriers to a certain extent. among themThe integration capability of the supply chain is a key link.
The two founding partners of Minayo are both from the NetEase Koala executive team. The founder Hu Ran is one of the founders of NetEase Koala. He used to serve as the vice president of NetEase Koala. He built a business team and platform from zero to one. During the procurement and sales system, self-operated supply chain, etc., the annual turnover of the platform increased from 1.2 billion yuan to 12 billion yuan. In addition, she has led innovative businesses such as koala factory stores, offline stores, social e-commerce friend product purchases, and private domain communities. She has extensive e-commerce operation and product selection experience, and has worked with more than 80 countries around the world. The high-quality supply chain and brand cooperation are deep. Co-founder Tao Ran used to be the director of NetEase Koala International Supply Chain, and designed and implemented bonded warehouses and international logistics systems for cross-border business. Hu Ran once led the koala procurement department to conduct brand inspections in various countries, introduced Swisse, POLA, FANCL and other products, and cooperated with high-quality supply chains and brands in more than 80 countries around the world.
The team has 5 years of experience in cross-border supply chain organization, and is familiar with the difficulties of raw materials and finished products customs clearance. The partners have established a cross-border e-commerce logistics system and established a koala customs declaration company. The Minayo team has currently cooperated with the United States, Brazil, Japan, Australia and other countries to mine French grape seeds, Israeli chickpeas, British black tea and other raw materials for use in products.
minayo product map
Hu Ran told me that I am a product manager and have always used PM’s thinking to iterate products. Through data analysis and user research, he has researched market pain points and adopted different product forms for different pain points. , The cross-border professional line focuses on strong functions, and the domestic consumption line highlights taste and snacking. During this period, users will participate in co-creation to ensure the “explosive attributes” of the product.
The team found through data analysis that on social media, the number of users who radiated the topic of “weight” far exceeded that of beauty, clothing, etc. The content that was most relevant to the topic was diet and exercise, and users tended to It is the guilt of body management after overeating or irregular eating. The team has launched short-acting “meal savior”, “heat control tablets” and “plant enzyme jelly bars”, which provide users with immediate and visible weight management effects by controlling heat absorption and accelerating intestinal digestion, respectively; With “probiotic yogurt tablets” and “dietary fiber matcha/latte tablets”, it can fundamentally regulate intestinal health for a long time. One of the best sellers on the marketThe single product “Heat Control Tablet” is a collaboration with Japanese professional health care product manufacturer Toyo Shinyao. The black ginger extract and white kidney bean extract used in it can effectively reduce heat absorption by 30%-40%.
Difficulty persisting is the biggest consumer pain point of functional foods. The team lowered the food threshold in a more snack-oriented and portable way, and regarded “good taste” as the third basic rule after “safe” and “effective”. Take the new product “Probiotic Yogurt Tablets” of the functional snack line as an example. Minayo combines active probiotics with yogurt powder in a freeze-dried state, which not only ensures the activity of the ingredients, but also achieves the taste.
minayo probiotic yogurt tablets
Hu Ran believes that Compared with other fast-moving consumer goods industries, functional food is an industry that focuses on operations. Minayo’s operations and marketing teams come from Internet companies such as NetEase Koala, Tencent, and Bytedance. They have many years of experience in traffic operation, content marketing and user operation capabilities. In addition to its own brand, the team also exports marketing capabilities. Served brands such as “Kong Ke” (Top 1 in the Tmall Pasta category). Minayo’s current online channels include Tmall, WeChat, Douyin, etc., as well as cross-border channels such as Tmall International, JD International, and Xiaohongshu Cross-border channels. Offline channels are gradually entering imported supermarkets.
Hu Ran said that Minayo hopes to connect the world’s top supply chains and consumers through high-quality products, and provide the market with more professional, diversified and younger health solutions.
Lin Lu, partner of Northern Light Venture Capital, said: “We are firmly optimistic about the general trend of’healthy lifestyle’. The consumer demand for healthy food and snack food has been verified in developed markets such as the United States and Japan. In China, it is still an incremental market with extremely high growth. The rapid rise of the demand side will reversely accelerate the promotion of orderly liberalization of policies. We are optimistic that the Hu Ran team will use its strong supply chain organization and operation capabilities to bring consumers Really safe, effective and innovative functional foods have grown into China’s’FANCL’.”