© 2019 Pesky

Progress to Date

Where we started - Our Trojan Horse

 

Ahead of setting up Pesky’s market platform, we first had to create the 100% transparent chain that it would be built on. Therefore, in December 2017, we launched Pesky as London’s first and only same-day seafood distributor - linking chefs directly to fishermen and delivering their catch within 6-24 hours of landing.

 

We set out to achieve 3 primary objectives during this period:

 

  1. Prove demand for Pesky’s proposition to multiple buyers in the chain. 

  2. Prove Pesky’s proposition for fishermen

  3. Launch our first tech to link boat and plate

 

In just 24 months, the business has gone from two people running boxes of fish on the tube to now being established as one of London's best seafood suppliers to restaurants and, as of recent, fishmongers and merchants.

 

However, with our growth dependent on fishermen participation, we have focussed heavily on proving how our chain can organically return value back to their businesses. Having achieved 100% retention, an average uplift on their catch of 10%-300%, and a pipeline of future fishermen across the country, we’ve proven the value that will drive participation.

 

Therefore, with the proof from the metrics below, we are now ready to launch our platform and rapidly increase the supply, demand and data through our chain.

DEMAND KPIS - 100% organic growth as a result of delivering a proposition with unique value relative to competitive set.

 

  • Customer accounts: Having started with one customer in Mayfair, we have grown to service 65 of the best London restaurants and 6 fish merchants.

  • CAC: £0 - Outside the resource of relationship management, 100% of our customer growth has come organically with £0 marketing spend over 24 months. Current split by lead generation is 40% ‘customers through direct referral’ vs 60% ‘customers through instagram’.

  • Volume growth - Despite the obvious trends in seasonality, our volume growth has continued to increase alongside the growth of our customer base. At the beginning of 2019, we decided to focus our activity on a smaller range of high quality species which did reduce our volume growth slightly, but this has been made up by the growth of customer accounts, with May recording a 40% MoM growth. In addition, weather we’ve been impacted quite significantly in certain months due to weather, we are beginning to see spend per customer increase as customers look to increase their %spend of fish budget with Pesky.

 

  • Revenue growth - While revenue hasn’t been a main driver for the business given that our profit was based on weight, it has been a useful indicator to gauge the level of spend in the market ahead of us moving to a % fee through the marketplace. As is evident, revenue trajectory is positive.

  • Customer retention beyond 3 months - 91%. For the 9% of customers that we do not retain, the main challenge will often be the necessity for continuity given that our availability changes daily. We have never lost a customer to quality or service.

 

SUPPLY KPIs - Increasing the fleet of boats across the country having proven the value uplift that can be returned to fishermen through our 100% transparent chain.

 

  • Number of boat’s landing directly to Pesky - Having started with just 1 boat in Devon, we have now increased our fleet to 15 across 4 ports, supported by the launch of our own micro-port.

  • Average % catch value uplift - 29% with range of 10%-300% uplift based on port and up to 9x on abundant species. This is our most valuable metric as price has the biggest impact on participation.

  • Fisherman/Producer retention - 100% - Of the 15 boats that we have worked with during the last 18 months, we have retained and grown volume with all of them. We have worked with 2 additional boats - one based in Jersey and one in Felixstowe, but we decided to pull out of operations in those ports in order to focus efforts elsewhere. We will be retaining them as part of the next 18 months.

  • % direct vs % auction market split - In order to initially grow our customer base, we had to ensure that we had a sufficient variety of species to be able to have a sufficient offer. To do so, we chose to source catch from boats through an existing port market, initially in Newlyn but now in Plymouth. Since the launch of our own port, this number has obviously increased dramatically as we actively look to move away from souring from the existing port markets.

 
What have we learned about our customers so far?
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
How Pesky has already impacted both ends of the chain?

 

TECH - Currently rolled out to 60% of customers.

Having originally launched the business through WhatsApp to connect us to chefs, our tech objective was to launch the world's first catch to plate app - enabling chefs and now others to source directly from boats via Pesky's platform. 

Delivered by our development team of Andreas and Isaac, the platform has now been launched to include:

  • Live availability - chef able to browse and buy fish in real time, seeing not only the species, but which port it's landed into and boat/fishermen who caught it.

  • Boat information - buyers can find out the details of each individual fisherman and boat to know more about the people who catch their fish.

  • 5-day forecast - using our first execution of the catch projection model, buyers can now see what species are likely to land 5 days in advance. 

  • Order management - Customers can see the status of their deliveries, broken down by individual species. 

  • Pesky Chat - Customers can connect directly to Pesky team to ask questions and give feedback.

Monthly Updates
For a more detailed look at our progress throughout the last year, click through to one of our monthly updates:
  1. October 2019
  2. September 2019
  3. July 2019
  4. June 2019
  5. April 2019
  6. Feb 2019
  7. Jan 2019
  8. December 2019