UglyFood’s looking better the second time around

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Everyone loves a good comeback story.

Films, shows, and other forms of entertainment from both the East and West are chock-full of instances where the protagonist takes a beating – physically or otherwise – and it looks like they’re down and out.

But wait … what’s that? They’ve still got some fight left in them? The lead character grits their teeth, clenches their fist, and takes a shaky step forward. The audience cheers, and we think to ourselves, “There’s no way they’re actually pulling it off!”

And then somehow, with the power of friendship or something a little less corny, our hero gets a second wind and knocks the villain out cold.

At a time where workers are being laid off in the hundreds or even thousands, and startups are shuttering left and right, we could really use an uplifting tale. Could UglyFood, which closed its doors earlier in January, be the Comeback Kid for the startup scene?

Today we look at:

• UglyFood’s second chance
• ShopUp’s stellar revenue performance
• Other newsy highlights such as a Hong Kong crypto firm’s new product and a startup fund from the founder of Indonesia-based DailySocial

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Second time’s the charm

Image credit: Timmy Loen

I remember reading about UglyFood’s closure earlier this year and telling myself, “It’s a cool concept – shame that it didn’t work out.” Well, now that it’s back, I’m more curious than ever to see if things will work out, after all. Can the firm avoid repeating the same mistakes and thrive instead of tanking again?

• Version 2.0: After its relaunch in early May, the firm now has a 10-person team comprising a mix of ex-employees and new hires. It also got the backing of a strategic partner in the imports sector, which owns a joint stake in UglyFood but prefers to remain hidden for now.
• Fresh faces: With the fresh investment, UglyFood overhauled its logistics and procurement systems. By improving quality control and product freshness, the company’s fulfillment rates also improved.
• Sharing is caring: With this arrangement, UglyFood gets to share personnel and logistics assets with its partner, allowing the startup to reap economies of scale, obtain imported produce at a lower cost, and this brings its breakeven point much lower too.

Read more: Fresh start for UglyFood as new ‘strategic partner’ funds logistics overhaul

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