It began with free cooking classes for more than a dozen students. Learners enjoyed studying for free, and teachers enjoyed “leading a class.” Gradually, the classes became more structured, began charging tuition, and were organized more professionally. They gradually became Cooky's main business, generating revenue to sustain its operations.
Founded in 2015 with around 6 content managers, the cooking website was envisioned as a community space for sharing recipes and supplying ingredients…
After 2 years of operation, Cooky.vn had made several unsuccessful attempts to raise investment. Recently, however, luck smiled on Cooky.vn when it successfully raised capital from ESP Capital, a fund investing in early-stage technology startups.
To date, Cooky is the 5th startup funded by ESP Capital; depending on the business model, this investment fund provides companies with between USD 50,000 – 300,000 in capital.
With USD 20 million, the Fund focuses on opportunities in early-stage technology startups at the pre-seed and seed rounds. Previously, it invested in Canavi, a job search platform for women; Jamja.vn, a professional promotions aggregator in Vietnam and Southeast Asia; Homedy.vn, a Vietnamese real estate portal; and Luxstay.net, a startup offering premium, luxurious short-term serviced apartments.
Mr. Nguyễn Lương Minh Vương, CEO of Cooky Joint Stock Company (which operates Cooky.vn), said: “Failing to raise funding is not necessarily due to your ability. Often, you do not fit the investor's direction, or the 2 sides do not share similar goals.”
Accordingly, the founder of this cooking website said that some parties focused on revenue targets while Cooky was only just taking shape, while others wanted to steer Cooky's development in a different direction.
“We and ESP Capital share the same vision of developing greater depth of content rather than focusing on revenue,” Vương observed.
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| Website Cooky.vn |
Cooky currently still offers weekly cooking and baking classes with fees of VND 150,000–200,000 per student per dish. It holds one class of 20 students each week. This is its main revenue-generating activity; additional advertising revenue will come from partnerships with cooking oil and seasoning brands used in its cooking tutorial videos.
Statistics show that Cooky now has more than 60.000 members and nearly 21.000 cooking and baking recipes. The website has more than 130.000 images, 4.000 articles on European and Asian cuisine… and hundreds of different videos.
“Recipes submitted by members are verified by Cooky before being shared with everyone. The workload is therefore enormous,” Vương said. Cooky's team currently consists of 12 people who divide the work among themselves.
Businesses naturally encounter many difficulties during startup, and receiving investment brings additional challenges, particularly in reaching agreement on development direction or the targets set by the funding organization.
ESP Capital's exact investment is unknown, but according to Vương it is not particularly large for running the project long term. The real value, however, is defining a long-term development plan for content and community rather than chasing Cooky's revenue and profit figures.
The founder envisioned various directions for Cooky, such as supplying and advising on ingredients or developing a ‘grocery shopping on your behalf’ service for products not readily available.
Vietnam has over 90 million people, around 65% under 35. Its middle class is growing, and, more importantly, eating out is becoming increasingly common among young people. Foreign-style foods such as pizza, burgers, and sushi… are no longer unfamiliar to them. In recent years, however, young people have become more interested in family meals, increasing demand for learning delicious and new dishes.
The growing food and beverage business also increases chefs' need to learn and improve their skills. For example, nearly 50% of CBRE Vietnam's prospective tenants operate in food and beverage, mainly mid-range establishments rather than upscale restaurants.
There are currently dozens of foreign cooking apps, including Jamie’s Recipes, Giada Daily Bit, Nigella Quick Collection and ChefsFeed… Vietnam also has well-known apps such as Bếp Việt, Công thức nấu ăn ngon, Yêu ẩm thực Việt and Món ngon mỗi ngày… which compile thousands of recipes and tips with detailed instructions and clear presentation. Cooky.vn therefore faces fairly fierce competition from many different rivals.
However, Cooky's advantage is its integrated “ecosystem” for cooking enthusiasts. Besides varied recipes and in-person classes, Cooky.vn sells cooking tools and ingredients, allowing people to order what they need immediately after finding a new recipe they like.
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Chương trình liên quan tại YUP Education: X-FundUp – khóa học gọi vốn «Giải Mã Cơ Chế Vốn» · The Journey – lộ trình phát triển doanh nhân
