Hello Wefunder Investors,
We’ve now concluded the fourteenth month since the WeFunder second round financing was successfully completed. As in previous months, I wanted to provide you with an update on the many things happening with the OodlesDeals mobile app, and overall at the company.
Sep ’19 Revenue 4x Greater Than Sep ’18 Revenue
With the advent of the new school year at the majority of Universities where OodlesDeals is present — UC - Davis, CSU - Chico, CSU - Sacramento, Northwestern University, UC - Berkeley, Loyola University and DePaul University, the company’s revenue resumed the growth trajectory seen in Q2 ’19. Sep ’19 company revenue was ~ 400% greater than what was achieved in Sep ’18. The U of O - Eugene did not start their school year until early October ’19, the results of which we will see in next month’s report.
This growth in revenue is a by-product of the simplification of the product completed over the summer by the OodlesDeals Product Development & Engineering teams, the growth in choice and types of vendors on the OodlesDeals app achieved by the OodlesDeals sales team, and growth in students using the app at each of the schools where OodlesDeals is present resulting from activities conducted by the OodlesDeals marketing team.
As OodlesDeals further permeates the student population at the three new schools launched this school year — UC - Berkeley, Loyola and DePaul universities, the OodlesDeals management team expects monthly revenue growth to accelerate over the remainder of the year.
1k Student Milestone UC - Berkeley and Loyola University
The OodlesDeals marketing team has been very busy since the launch of UC - Berkeley at the end of August ’19, and Loyola University a couple of weeks later. Driven in conjunction with the Student Ambassador teams at both campuses, as well as the in-restaurant events conducted on behalf of the vendor-partners for the OodlesDeals app at both campuses, penetration of the app on each campus is approximately at the 1,000 student mark. This is right in line with the six-week new University launch model put in place by the OodlesDeals marketing team, as the company plans its longer-term scalable growth.
This month, the OodlesDeals marketing team is shifting its focus to DePaul University, so that growth in students using the app there achieves a similar trajectory.
Experimentation With Consumer Focused Activities
With ~ 25,000 users now on the OodlesDeals app, the OodlesDeals business development team has initiated experimentation with new forms of services for our user base via the app. What will remain steadfast, as these experiments are conducted, is the management team’s mission to enable consumers to spend time and have fun together.
The OodlesDeals management team is confident that maintaining focus on this mission will further strengthen the trust consumers have with OodlesDeals, resulting in strong engagement with the activities executed, and ultimately revenue growth for the company.
I will provide more details on the results of this experiment in next month’s update.
This next statement is the same one I’ve made in the past, and will always remain sincerely true — Asheesh and I owe our sincere thanks to all of you who have helped us get to this point.
Co-founder & CEO
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