Hello Wefunder Investors,
We’ve now almost concluded the third month since the WeFunder third round financing was successfully initiated. 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.
I am writing this monthly update as the Coronavirus Pandemic affects the world. We are seeing severe effects of this health crisis on our business this month, and most importantly, our thoughts are with our student users, and restaurant vendor partners as they navigate their lives through this crisis. It is important at this time to stay healthy, stay safe, and take seriously the frequent washing of hands while practicing social distancing.
The OodlesDeals management team is taking concrete steps to ensure we practice these simple but effective measures as well.
Revenue Growth First Two Months ’20 4x Last Year
The OodlesDeals finance team recently closed the books for the month of February, and consolidated revenue for the months of January and February ’20 was approximately 4x that of January and February ’19. There were no new schools launched during this period, so this revenue growth was driven by per user engagement growth, consumer advertising opportunities and execution of in-restaurant events.
The fundamentals driving this growth were based on the same insight that drove the initial development of the company and the OodlesDeals app, i.e. students (and people in general) crave spending time together to strengthen their personal relationships, and eating out together is one of the biggest ways this comes to life. This is an insight that will remain true once the Coronavirus health crisis has passed.
As you know, this process of enabling students to spend time together is a patented protected one, and is what makes the OodlesDeals app truly unique and added-value to use.
The month of March is turning out significantly different. We are half-way through the month, and all eight schools where OodlesDeals is present — U of O Eugene, CSU - Chico, CSU - Sac State, UC - Berkeley, UC - Davis, Northwestern University, Loyola University, and DePaul University — have moved to remote/on-line classrooms, and students are back home, no longer living on campus. The OodlesDeals sales team has cancelled or delayed to a later date, multiple in-restaurant events. Consumer advertising opportunities have also been either cancelled or delayed to a later date.
I will provide full details of the effects of these changes in next month’s update.
UC - Davis Letter Of Intent Published
Since last month’s update, the OodlesDeals marketing team published a press release, announcing a letter of intent from the UC - Davis Associated Students Dining Services. You can read the full press release by clicking - Oodles Corporation Press Release February 2020.
So much has happened in the world since the publication of this press release, but reading it again reminded me of my earlier remarks - the insight driving our business is fundamentally strong, and will remain true well into the future.
Stay healthy, stay safe. Asheesh and I look forward to continuing this journey with you.
Co-founder & CEO
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