- $9.15M Market Capitalization
Vejii Holdings Ltd. (VEJI.C) announced today that it has signed an agreement with Blender Bites Ltd. (BITE.C). Under the terms of the agreement, Blender Bites will be joining Vejii’s fulfillment and distribution platform, Vejii Fulfillment Services (VFS). In doing so, Blender Bites will be merchandised alongside the Company’s top-selling products in Canada through its Vejii Express platform.
“We love Blender Bites and their product offering that provides consumers with a simple solution towards maintaining a healthy diet. We’re proud to partner with an award-winning brand that recognizes our ability to deliver their products across the country, direct-to-consumer, and at the same time offer a world-class buying experience,” said Darren Gill, President, and COO of Vejii.
To provide some background, on November 11, 2021, Blender Bites announced that it had signed a distribution agreement with Vejii. Since then, Blender Bites’ products have been available through the Company’s eCommerce platform, ShopVejii.com. However, Vejii’s latest agreement will enable Blender Bites to receive the full benefits of VFS and Vejii Express, two highly beneficial platforms for vendors.
Blender Bites Ltd.
Blender Bites Ltd. (BITE.C) is a Vancouver, Canada-based consumer packaged goods (CPG) company founded in 2016. The Company develops and markets a line of premium frozen food products, namely its pre-portioned frozen smoothie pucks, to provide customers with organic, nutritious, and convenient solutions. Blender Bites’ products are also certified organic, vegan, non-GMO, gluten-free, dairy-free, and soy-free. Moreover, they contain no added sugar and are made in Canada.
Blender Bites’ products are distributed internationally across Canada and the United States (US). Currently, the company’s products are available in more than 850 stores, including major retailers like Sobeys, Safeway, Save On Foods, Whole Foods Market, Buy Low, Nesters, IGA, and Fresh Street. Furthermore, Blender Bites was recently awarded the 2022 Product of the Year Canada Award, under the organic beverage category.
Keep in mind, Blender Bites has been doing quite well for itself since it began trading on the Canadian Securities Exchange (CSE) on September 21, 2021. Recently, the company announced record sales revenues of CAD$560,654 in January 2022, representing a more than 3,000% increase compared to the same period in 2021. Additionally, on November 4, 2021, Blender Bites announced a 2,934% increase in production during the month of October, having produced 279,658 smoothie pucks compared to just 9,216 in October 2020. If you’d like to know more about Blender Bites, check out this article!
Vejii Fulfillment Services
In addition to a variety of vendor benefits, Vejii offers Vejii Fulfillment Services (VFS). Through VFS, brand partners are able to send their products to Vejii’s warehouses. In doing so, vendors are able to take advantage of the Company’s pre-established distribution network. Currently, Vejii boasts five fulfillment centers across two countries and five distribution centers across the US. Furthermore, there are over 100 independent vendors fulfilling orders either directly or through VFS.
“The VFS program is similar to the Amazon FBA model, but provides fulfillment services for D2C and B2B channels, specializing in the challenging category of cold-chain logistics, which is something that we do well. As we’ve been helping support our brand partners, we identified the need for brands to have access to our internal cold-chain distribution network,” said Kory Zelickson, CEO of Vejii.
More specifically, VFS allows vendors to provide their products on consignment. Vejii then picks, packs, ships, and completes last-mile fulfillment for its vendors. In other words, Vejii does the heavy lifting for its vendors, ensuring that products reach their intended end customers. According to the Company’s latest agreement, in addition to joining Vejii’s VFS platform, Blender Bites will be merchandised on the Vejii Express platform, which offers express shipping and local delivery on high-velocity SKUs, including fresh and frozen products.
since we launched Vejii Fulfillment Services, over 40% of our brand partners participate in the program. The VFS program has proven to be valuable for our brand partners and brings Vejii the ability to continue to scale and onboard brands by accepting inventory on consignment from brands into our distribution network,” continued Kory Zelickson.
Since going public, Vejii has made significant acquisitions, including VEDGEco and Veg Essentials. The Company has also signed a multitude of agreements with vendors such as Planet Based Foods, Franklin Farms, and Komo Plant-Based Foods. While Vejii is still in the growth phase, the Company saw a record 1,158% increase in unaudited consolidated revenue for January. If you’d like to know more about Vejii check out Equity Guru’s latest “Gauntlet” series with Chris Parry!
Vejii’s share price opened at $0.08 today, compared to a previous close of $0.08. The Company’s shares were trading at $0.08 as of 11:06 AM EST.
Full Disclosure: Vejii Holdings Ltd. (VEJI.C) is a marketing client of Equity Guru.