Loob Ventures makes strategic investment in digital media company Good Foodie Media
Loob Ventures, a venture capital entity owned by Loob CEO Bryan Loo and partners, is making a strategic investment in Malaysian lifestyle and digital media company Good Foodie Media, marking Loob’s first entry into the digital media space. Although the monetary value of the investment was not shared, Loo, Founder and CEO of Loob Holding, said the move was strategic to “enable more SMEs in the restaurant sector to have affordable access to digital platforms.
In an interview with A+M, Loo said the company sees its involvement in Good Foodie Media as a journey to build its brands, for Tealive, Bask Bear Coffee and others. Loo shared that Good Foodie Media has great content that is highly relevant to their customers, and shares a similar aspiration and understanding that for an F&B operator, advertising isn’t just simple.
“Good targeting tactics are just as important and Good Foodie has a great platform with genuine followers,” Loo said. “We thought it would also be beneficial to take a strategic stake in the company. This way we can contribute to the F&B community, especially the smaller operators. »
Good Foodie Media was established in 2016 by the founding trio of Nicholas Lim, Edward Lim and Ang Rui Mei, and sought to bring local food stories to the global stage. The trio’s foray into the media business began with Penang Foodie, which took them across the expanse of the island in search of not only the forefront of the local food scene, but also its legendary food heritage. Soon after, the company expanded its reach to the Klang Valley with the establishment of KL Foodie in 2018.
Today, the company operates 13 different media titles in five major cities in three countries, with stakes in food, travel, lifestyle, e-commerce and current affairs. These include KL Foodie, Penang Foodie, Johor Foodie, Bangkok Foodie, Singapore Foodie, Foodie ChiHuo, Halal Foodie, Travel Rookie, Malaysia Homie, Malaysia Pickie, Singapore Pickie, Review Mantap and Wau Post.
Some of the brands the media company has worked with include Nestle, McDonald’s, KFC, Maybank, CIMB Bank, Grab, AirAsia, Tealive and many more.
Loo added that the partnership came about because Loob Holding was a client of Good Foodie Media. “Typically, we think most digital media platforms are 80% focused on multinationals and 20% on large SMEs. We are convinced that if Good Foodie Media can focus 80% to 90% on SMEs or even VSEs, we will not be competing in the same space. Thus, we will not disrupt the media industry, but better serve the underserved community. By doing so, access to digital media may be more affordable for smaller operators,” Loo said.
He added that the fact that Good Foodie Media has served mom and pop stores in these difficult pandemic times with a clear purpose is what has made them successful today. This vision was in line with Loob Holding, which shares a similar aspiration and understanding as an F&B operator.
“One of the biggest critical success factors is the development of Good Foodie Media, coupled with videography that is effective, unpretentious, natural, raw and accessible to everyone. Videos are short, don’t look very glamorous and certainly without the professional finish. That’s what made the content so accessible to the masses. Once people are attracted to the content, they become real customers of the store,” Loo said.
Meanwhile, Good Foodie Malaysia founder Nicholas Lim added that the company hopes to leverage Loob’s Malaysian and regional expertise in the beverage industry to give us a leg up on the social media scene. F&B in Malaysia and across the region. “This is in addition to the values shared by our teams which will undoubtedly prove a major asset in our strategic collaboration”, he added.
With this partnership, the company also seeks to become more content-focused, bringing value to both its audience and its stakeholders.
In the near future, Good Foodie Media will aim to expand into the East Malaysian market, as well as neighboring regions of Southeast Asia, including the Philippines and Indonesia.
Given Malaysia’s rich association with food, Good Foodie Media believes that food can act as a true unifier between communities, and the company also aims to foster a digital community that will help businesses and businesses grow. local restaurants by sharing their stories through the media. To date, Good Foodie Media titles have amassed over 10 million followers with a combined reach of over 100 million people on social media. The company’s key demographics include a mix of local and international audiences that span a wide age range, from 13 to 65, all of whom share a common interest in food.
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