Just Legends: tackling the increasing health concerns of the growing market for esport players with its Next Level food products.
Early 2020, we started noticing increased interest from Big Food companies in the esports and gamer space, which led us to conduct an in-depth market study to build a point of view on the segment. We soon discovered why corporates are spending big marketing dollars to gain share of the video gamer’s wallet: the customer persona is very attractive because of their average age (20–40 years), split of 60% male 40% female, medium high income, high repeat patterns, and digital savvy nature. They are also active on ‘new’ social media platforms such as Twitch and Discord, where they form strong communities. The total addressable market is huge with 2.7b gamers worldwide and 54m in Europe, of which 35% purchases food especially for the gaming occasion.
When it comes to food, gamers look for convenience, taste, and an energy and concentration boost to continue to perform in their game. The most consumed foods (that can be consumed with one hand and don’t spill too much over the keyboard or game controllers) in order of popularity are pizza, potato chips, and energy drinks. It is therefore of no surprise that with the increasing popularity of esports and gaming, health concerns about its players are on the rise. And it is exactly on the health front where we felt there was a blank space for a brand that offers food products that fit into the gamer lifestyle without compromising on health and nutrition.
The moment that we learned that Ole Schaumberg — founder of Foodist and former Marketing Director at Foodspring — was looking into starting a new venture in this space, we got excited. His plans for Just Legends, the to-be-started company, were big: build Europe’s #1 better-for-you and holistic gamer food brand with innovative products that support gamers’ performance and health. We got hooked on his ambition and had confidence in his proven track record of execution skills. It led us to decide to do something we had never done before at Five Seasons Ventures: fund a company on the day of its inception.
And here we are, 12 months later, with some promising results. Just Legends has managed to build a strong community of 12.000 Followers on Discord, Youtube, Twitch, Instagram and Twitter and more than double of that number in active customers. Their product portfolio consists of 21 products that target the gamers’ key needs in terms of energy & concentration, sleep & recovery, smart snacking, eye-health, and anti-stress. Revenues have grown 800% from January to November, and there is a strong mix of customer acquisition and retention (>36% in the recent cohorts) that contributes to this. In our view, the team also sets itself apart from the competition with their laser-focused approach and fast-paced execution.
We are therefore confident we placed the right bet on the right company in the large market for esports and gamer nutrition. A space that is ready to reach its next level, and with Just Legends we are ready to lead the way.
PS: did you know that gamer nutrition is not a new food tech vertical at all?
Legend has it that John Montagu, the 4th Earl of Sandwich (England) had a substantial obsession for games which led him to spend hours at the card table. Worried about his health due to his lack of eating, the cook tried to prepare him meals that he could eat while playing cards. He tucked a piece of meat between two slices of bread, so that the Earl could eat it without a fork and without getting the cards greasy from the meat on his hands. Pleasantly surprised by this innovative way of consuming food, the Earl introduced this concept in his aristocratic circles, where it soon gained popularity as a meal that could be shared while gaming. Hence, in 1762, the Sandwich was born. An in a certain way, the sandwich was the first gamer food product on the market.
