Hello Wefunder Investors,
We’ve now concluded the eight 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 our OodlesDeals mobile app, and overall at the company.
Company Revenue Doubled In Q1 ’19
The end of Q1 ’19 brought good news on the financial front. Company revenue doubled quarter-over-quarter (Q1 ’19 vs. Q4 ’18), and Q2 ’19 is off to a strong start.
This is driven by the three main monetization aspects of the app:
* Monthly marketing fee paid by our vendor-partners for daily and weekly outbound marketing activities conducted on each campus
* Per user transaction fees for each deal used by students at each of the vendor-partners on each campus
* Paid monthly events conducted on each campus on behalf of our vendor-partners
As indicated in previous WeFunder monthly reports, the OodlesDeals marketing & sales team significantly simplified each of these monetization areas, with the goal of providing immediate value to our vendor-partners. This new approach had the benefit of accelerating the number of vendors who signed up on OodlesDeals at each of the campuses where the app is present, while creating minimum break-even risk.
Monthly Customer Revenue Generated From App Continued Strong Growth
In the March ’19 WeFunder update, I included a chart showing monthly customer revenue generated from the app, from September ’17, when CSU - Chico, the second University where OodlesDeals became available, launched, through February ’19. Please see below the same chart, now including March ’19 monthly data. Two key factors that need to be considered when reviewing this chart:
* Every one of the five Universities where OodlesDeals is present was off for a week during the month of March, for Spring Break
* Northwestern University in Illinois had it first full month of transactional growth
An apples-to-apples perspective of this chart would be to look at March ’19 data vs March ’18 data, keeping in mind the two factors mentioned above. March ’19 represents an approximate ~3x growth in customer revenue generated via the OodlesDeals app vs March ’18.
Largest Student Run Event In US Supported By OodlesDeals
April 13th was the annual Picnic Day event at UC - Davis, the largest student run event in the US. Attendance by 70,000 people was expected for this year’s Picnic Day, and OodlesDeals supported the day with a special promotion, executed in collaboration with the student run restaurants at the school’s Student Union building.
The below is a screenshot of the promotion on the OodlesDeals app, for the duration of Picnic Day. This is yet another example of our company’s commitment to supporting our student and vendor-partner ecosystem at each of the schools where OodlesDeals is present.
This next statement is similar to one I’ve made in the past — Asheesh and I owe a big thanks to all of you who have helped us get to this point.
Co-founder & CEO
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