Discotech
OPENTABLE FOR THE $27 BILLION U.S. NIGHTLIFE MARKET
Last Funded October 2016
$126,788
raised from 202 investors
$1.2M by Wavemaker Partners
Last updated December 2018
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Disclosure: I have a financial relationship with Discotech
Jason Thomas
Jul 3, 2017
May I ask what your plans for expansion are? You have been growing the number of clubs under your service but when might you start adding more cities? Could you add one new city per quarter? Thank you, JT
Ian Chen
Co-Founder And CEO
Hi Jason, we have consistently added new venues over time. At this time though, we are no longer fund raising.
How come there have been no updates in 2020 at all?
Ian Chen
Co-Founder And CEO
Hi Todd, I will provide an update here next week. 2020 has been an incredibly challenging year but we took austerity measures early and are still fighting the good fight. Counting on a rebound in 2021 when the Covid situation starts to get under control.
Hi,
How is this going to beat bottles tonight app?
Ian Chen
Co-Founder And CEO
I would say that our company is already much bigger across the board. i.e, Sales (you can check out their numbers on angel list), users, better product, more venue partners, better reviews on app store, etc
Soheil Sharifi
Investor
Is there any estimate when the company closes their fundraiser?
Ian Chen
Co-Founder And CEO
Hi Soheil, we actually closed our round about a year ago. We surpassed our goal of $1M in total funding raised between WeFunder + other sources.
How can I become an investor in this company? I have some great ideas to create growth
Ian Chen
Co-Founder And CEO
Hi Eric, unfortunately we closed our last fundraising round a while ago and are not looking for new capital. If you still wanted to discuss ideas we could set that up and go from there.
Why is it still in escrow?
Ian Chen
Co-Founder And CEO
Hi JJ, we closed this round many months ago, I will have to reach out to the guys who run WeFunder and get back to you.
Ian Chen
Co-Founder And CEO
Hi JJ, WeFunder looked into this and below is what one of the Founders told me: "This was a presentation bug but it was fixed last week, his funds were disbursed to you Nov 3rd."
Hi, I am looking to invest as I think this project has great potential. However, I have a few requests/questions. Can you provide us (potential investors) with a detailed business plan, a non-dilution agreement, and a detailed marketing strategy? Also what are the planned exit strategies? Finally, What is your current valuation? Thanks.
Ian Chen
Co-Founder And CEO
Hi Edwin, we actually closed our round of funding via WeFunder. If you are interested in investing over $10K personally, I would be happy to chat offline, you can reach me at ian@discotech.me.
Peter Faust
Investor
When will the next round of financing be? As well, as an investor how can we help in growth and expansion? How can we suggest new locations to add to the platform?
Ian Chen
Co-Founder And CEO
Hi Peter, it is unclear when our next round of financing will be. Please feel to reach me directly at ian@discotech.me and we can discuss more!
Does investing in your company mean I own stock in it? How would I get my return back on this? Because I love technology and anything that takes advantage I'm all in, I'm just curious.
Ian Chen
Co-Founder And CEO
Hi Zach, yes you would be purchasing equity (stock) in the company. You would get a return during a liquidity event (when the company sells itself). We have actually already closed our WeFunder campaign, but if you are interested in learning more, you can get in touch with me at ian@discotech.me
Jason Thomas
Investor
Hello, May I ask if you have any updates on numbers for September? Of course I realize that post-summer things slow down. Also any new hires on the programming side of things to continue expansion of app functionality? Thank you.
Ian Chen
Co-Founder And CEO
Hi Jason, would be happy to share! We actually had a record setting month this past September - our total bookings (gross merchandise volume) was $341K, and our net revenue surpassed $40K. We recently on-boarded a full time iOS developer, and are in the process of interviewing / hiring for another Android Developer and Operations Associate. Hiring is definitely top of mind currently!