OpenTaste

About OpenTaste

OpenTaste operates as an online marketplace connecting farms directly to consumers, with a primary focus on the Singapore market. The company was founded in 2016 by David Lee. There is some conflicting information suggesting a 2015 founding by two unnamed startup veterans, including Kenneth Wu as President and Co-CEO, initially launching in Los Angeles.

The core of OpenTaste's business model is to shorten the food supply chain by eliminating intermediaries like brokers and distributors. This direct-sourcing strategy allows the company to offer fresh produce, meat, dairy, and pantry items at prices often lower than traditional supermarkets. The platform features products from a wide network of farms, sourcing from locations including Asia, the United States, Europe, and Australia to provide a diverse range of items. Revenue is generated through the direct sale of these goods to consumers. In 2020, the company's annual revenue was reported as 24.2M SGD.

OpenTaste's service is built around an e-commerce platform where customers can browse and purchase groceries for home delivery. A key feature is its handling of logistics; the company manages the collection of orders from suppliers, packing, and final delivery. To enhance delivery efficiency and reduce costs, OpenTaste initially utilized a crowdsourced driver model and strategically focused on high-density residential areas in Singapore. The platform encourages bulk buying by offering discounts on larger orders, which benefits both the consumer through cost savings and the company by streamlining handling and shipping. To foster customer loyalty, OpenTaste offers a premium membership for an annual fee, which provides unlimited free deliveries on qualifying orders and a rewards credit system. The company served approximately 50,000 members in Singapore as of April 2020.