Hello Wefunder Investors,
We’ve now concluded the eleventh 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.
Q2 ’19 Company Revenue 4x Larger Than Q4 ’18
The OodlesDeals Finance team recently completed the closing of the Q2 ’19 quarter, and sales growth in Q2 ’19 continued at a similar pace to what we experienced in Q1’ 19. In fact, Q2 ’19 company revenue was ~ 400% greater than Q4 ’18 revenue.
This growth was driven by all three monetization aspects of the OodlesDeals app:
Each of the five schools where OodlesDeals is present — University of Oregon - Eugene, California State University - Chico, University of California - Davis, California State University - Sacramento, and Northwestern University — contributed to the strong results.
Summer Frenzy Underway
Every member of the OodlesDeals team — Product Development, Engineering Sales & Marketing — are working with an accelerated sense of urgency this summer, to substantially grow company revenue beyond already achieved levels, when the new school year begins.
Planning for multiple new school launches, faster vendor sign-ups via a no-risk proposition to restaurants, and an updated version of the OodlesDeals app that makes it even clearer for our users to transact via the app, are the high priority projects occupying the majority of the team’s time this summer.
I will go into deeper detail in each of these three areas over the course of the summer. In this month’s update, I will focus on the product development activities.
New Features Aim To Significantly Grow Per User Engagement & Transactions
The OodlesDeals Product Development team spent a lot of time with students over the past few months, going through the user flow of the app with these students, and gaining insights on how the app can be better understood and used more frequently.
Feedback primarily focused on the creation, visibility and usability of Badges created on the OodlesDeals app. Four main areas of improvement were identified:
The team is now busy working on enhancements for each of these four areas within the app. The enhancements, once completed this summer, should have a significant positive impact on growth in transaction volume at each of our vendor-partners in the new year.
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.
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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