Microcap tech company Family Insights (ASX: FAM) is going to make penny saving simpler for families with the launch of their smartphone app Frugl which enables users to compare identical grocery product prices between supermarkets.
Beyond its price comparison functionality, the app also has health and wellness functions which enable users to create individual shopping lists for different retailers and track recommended daily intake thresholds for products like sugar, fat and sodium with the aim of giving shoppers a way to identify the healthiest products.
“Helping shoppers to find affordable, healthy food for their families has been at the core of our development program over the past year since we acquired the Frugl business,” said Family Insights CEO Sean Smith.
“The Company is very excited to give Australian shoppers this fantastic tool whilst continuing to drive its commercial focus via the provision of its advanced retail analytics platform for grocery retailers and suppliers.”
The grocery comparison engine will initially compare products between Woolworths and Coles but Family Insights has set out a roadmap to develop the app further to offer more features in the future.
This will include pop-up warnings for pre-selected ingredients, sharing and export functionality and product reviews amongst fellow Frugl users.
The Frugl app itself is free to download and available for both Apple and Android devices with Family Insights set to undertake an intensive four-week marketing campaign to drive awareness around the app and its health benefits.
No financial forecasts or expectations have been mentioned by Family Insights but the app will offer marketing and advertising opportunities as a source of revenue from the app.
For the quarter ending 31 December 2019, Family Insights reported a loss of $484k with expenses primarily associated with the development of Frugl, with $646k cash in bank after successfully raising $1 million via an institutional Placement at an issue price of $0.0625 per share.