Oodles Corporation
The ONLY APP that enables users to invite friends and go out to restaurants together
$282,089
Highlights
Our Team
Our company mission is to enable truly meaningful relationships throughout a person's lifetime. We strongly believe that college is the best time in a person's life, and that experiencing the many restaurants (and other social venues that are best enjoyed together) together with their friends is what makes the time together special.
There's no app that drives foot traffic into restaurants via friends inviting and going out together. So, we made it.
We as founders (Saj, Ash) remember our time at University primarily via the restaurants we visited with our friends. At school reunions, years later, the same friends always meet at the same restaurants we used to go to together. This spurred us to create the OodlesDeals mobile app, with a mission for our company of enabling people to establish and strengthen personal relationships throughout their lives.
Restaurant's Revenue Generated Via OodlesDeals
On average, this is growing 20% month-over-month.
Students Engage with the App — UC-Davis Example
Students love us because they save money on great food. What's even better, when they go to restaurants with their friends, they save even more and have a great time.
Why OodlesDeals is working
College students are busy. Still, they want to spend time with friends and create memories that last a lifetime. Going out to eat with friends is the #1 aspirational activity. Students already eat out 1-2x times per week on average.
With this said, money is always tight— as evidenced by the trillions dollar student debt crisis confronting millennials in the US.
So, we made Oodles to solve both problems — we incentivize students to invite their friends to go together to the restaurants they love around campus, and when they do go together, they get the best value.
How we make money
We charge a monthly marketing services fee, and per transaction charge for deals redeemed in the restaurant. We also charge for events we execute on our vendor's behalf.
Once critical mass of users on a campus is established, $45,000 revenue on average at each University is achievable, and with 4,400 universities, our total addressable market is about $200 MM.
Milestones
Phase I - University of Oregon 1st University [Completed since 1st Wefunder Raise]
Established minimum viable proposition of app. Determined student acquisition methodologies. Signed first paying customer.
Phase II - Revenue Generation [Completed since 2nd Wefunder Raise]
Released v2 of app, simplified transaction process. Established new University launch six-week process.
Phase III - Revenue Acceleration [Completed since Seed round Raise]
Released v3 of app, expecting significant growth in engagement via app. Revenue growth >400% Y-O-Y and accelerating.
The Plan— Revenue Potential
Scale nationwide. Grow from University students to other consumer target groups. Extend revenue from vendor focused to consumer advertising focused. Extend app usage from Restaurants to all Social Retail activities (movies, put-put golf, etc). Grow Internationally.