Hello Wefunder Investors,
We’ve now concluded the fifteenth 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 the OodlesDeals mobile app, and overall at the company.
Third WeFunder Investment Round Is Here
With the new school year upon us, and processes to kick-start new schools, vendor pipeline set-up and closings, and multiple ways to grow the OodlesDeals app user base established, the Oodles Corporation management team confirms we are at the stage of significant scaling of the app. Capital to fund this scaling is the logical next step.
Lead by the Oodles Corporation Finance team, we’ve been organizing the materials required for the next round of funding via WeFunder. Our www.wefunder.com/oodles profile page is almost complete, and we are also working with an external financial organization to review our Yr 2018 financial statements, and will place them onto our WeFunder profile once this is completed. Yr 2017 audited financials are already viewable on our profile.
WeFunder was a natural choice, the team in San Francisco is a fantastic resource and help in navigating through the processes required for a successful funding. As soon as all the materials are collated and put onto the WeFunder Oodles Corporation site, we will let you know. We plan on kicking off the fundraise as soon as all this material is in place.
October ’19 Revenue > 5x Greater Than October ’18 Revenue
In last month’s WeFunder monthly update, I informed you that with the majority of schools where OodlesDeals is available — CSU - Chico, CSU - Sac State, UC - Davis, UC - Berkeley, Northwestern University, Loyola University, and DePaul University — were back in session in September ’19, the only outlier being the U of O — Eugene, which didn’t start school till 1st week October, revenue growth had resumed its trajectory last seen in May when school ended. The U of O - Eugene is also now back in session, and results in October ’19 are a corresponding reflection. Company revenue in October ’19 was > 5x what we achieved in October ’18, a trend we see accelerating through the rest of the year.
Our customer’s revenue via the app maintained its 20% average monthly growth, as evidenced by the below chart.
The capital we secure from the next WeFunder fundraise will be primarily used to accelerate new University launches, new vendor and user sign-ups, and to drive per user engagement higher. Full details of this plan will be available once the campaign is launched.
Consumer Segmentation Enables New Revenue Streams
In last month’s update, I mentioned that we would experiment with consumer activities that go beyond the restaurants based engagement and revenue model we have created with OodlesDeals in the past two years. The key to success is segmentation of the consumer database, so unique opportunities that are only relevant to a specific consumer base are provided to them. This is possible with the sizable user base now at the Universities where OodlesDeals has been available for > 1year.
The following are two consumer advertising examples executed, as a vendor-event and an in-app promotion respectively.
The vendor partners get the value of the marketing communication directly from OodlesDeals to the relevant set of consumers, both via periodic in-app notifications and e-mail campaigns, and the users get the benefit of offers that are highly relevant to their lives. All within the construct of the Oodles Corporation company mission, enabling consumers to establish and grow relationships over their lifetimes.
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. We look forward to continuing this journey together with you.
Co-founder & CEO
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