Hello Wefunder Investors,
We’ve now concluded the ninth month since the Wefunder first round seed financing was successfully completed and closed. As in previous months, I wanted to provide you with an update on the many things happening with our OodlesDeals mobile app, and overall at the company.
Year Ending Celebratory Event
School is now over at each of the three Universities where OodlesDeals is present — the U of O - Eugene, UC - Davis and CSU - Chico. To celebrate the end of the school year, OodlesDeals sponsored an event hosted by one of the key vendor-partners at each of the three schools - the best known pizza restaurant in Eugene, the premium ice-creamery in Davis and a much loved sub sandwich restaurant in Chico. As with previous events sponsored by OodlesDeals, hundreds of students came out to each event and enjoyed the SCORCHING deals available to them at the event via the OodlesDeals app.
There were many great moments the OodlesDeals team captured at each of these events, but no better one than a line of students waiting on a scorching day at Davis Creamery in UC - Davis for some amazing hand-made ice-cream. What a great way to blow off steam after a long week of studying and finals exams!The OodlesDeals team got the satisfaction of ending the school year with legions of happy Oodlers on each campus, the ideal way to set-up the new year once summer ends!
Customer Revenue Increases
In last month’s update, I committed to providing more detail in this month’s update on a final metric, i.e. customer transaction activity. It is a good summation of the transactions driven by OodlesDeals over the course of the entire school year for our vendor-partners, across each of the three campuses where OodlesDeals is available.
As you know, this transaction process is a patented protected one, and is what makes the OodlesDeals app truly unique and added-value to use.
From this data, we can see that customer revenue grew to 4x in May ’18 from what it was in September ’17. This growth in transactions happened with limited product development and marketing spend during the year.
Over the summer, the OodlesDeals will work on simplifying the user experience, adding new ways to share to achieve the scorching tier, and other product enhancements that should further accelerate per user transaction growth in the new year. I will provide more details of this plan over the next several months.
The OodlesDeals marketing team is also looking into innovative yet cost-effective ways of expanding awareness of OodlesDeals and the scorching deals available on the app, at each of the locations where the app is available. These activities should also contribute towards further per user transaction growth. More details on these activities will also be provided over the next several months.
In last month’s update, I explained that the OodlesDeals marketing team was busy working on an updated website, due to be completed by the end of the school year, that will focus on new vendor recruitment via an in-bound marketing approach. I also committed to providing more details on this enhanced website in this month’s update.
This new website is now live, and can be accessed by clicking the following link — bit.ly/oodlescorp. The OodlesDeals marketing team is completing final checks of each page of the website, making sure all the information is correct before the bit.ly link will transition to the formal OodlesDeals URL. This is expected to be completed within the next few days.
While there are many enhancements to this new version of the website, the “Oodles Story”, which describes the value proposition of the OodlesDeals app is provided below for your review:
Restaurants You Love. Best Enjoyed With Friends.
Oodles means “A Lot”. Our mission is to have Oodles of your favorite restaurants available on the app. All at Oodles of value.
And more being added all the time.
With Oodles, the more you share and do together, the more $$$’s you save.
So, go out there and have Oodles & Oodles of fun with your friends.
Discover. Share. Go. with Oodles.
In the nine months since the initial Wefunder seed financing round closed, and in reviewing the growth & metrics we’ve experienced to-date, we continue tracking in-line with the quantitative & qualitative expectations outlined in the original investment deck — an updated version of this deck is embedded on the recently refreshed Oodles Wefunder site (www.wefunder.com/oodles), and includes a ‘dashboard’ page that gives a summary view of each of the metrics we’re tracking, and the progress against each of these metrics.
There are a lot of activities actioned by the OodlesDeals product development, business development, marketing and finance teams over the course of the year. Without each of these activities being completed on-time, the metrics we track as a company would not be realized. The below chart is a “Key Events Timeline” that showcases many of the major activities the team worked on over the course of the year.
Our promise is that we will continue working at the same intensity and with the same sense of urgency into the new year to maintain the trajectory of the company in this next phase of growth. And most importantly, all activities will be envisioned and executed with a focused sense of Customer and Consumer orientation.
This next statement is the same one I’ve made in the past, and will always remain sincerely true — while our journey is just beginning, 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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