Hello Wefunder Investors,
We’ve now almost concluded the fourth month since the WeFunder third round financing was 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.
The Coronavirus pandemic is now pervasive throughout the US, including in Oregon, California and Illinois, where the OodlesDeals mobile app is currently available. The restaurant industry has been particularly hard hit, as strict “Shelter In Place” ordinances are in place. Our thoughts are with our vendor-partners, in the eight University markets where OodlesDeals is present — U of O Eugene, CSU - Chico, CSU - Sac State, UC - Berkeley, UC - Davis, Northwestern University, Loyola University, and DePaul University — as they refocus their businesses on pick-up and drive-thru only, until this pandemic passes.
Since my update last month, all eight Universities have closed their campuses through the end of this academic year. Students are safely back at home with their families, taking classes remotely, waiting like the rest of society for this pandemic to pass, so that school can resume in normal fashion in Fall quarter, at the end of the summer.
Given the profound downward effect of this market reality on our company’s short-term revenue, driven by the cessation of use of the OodlesDeals app, the only option the OodlesDeals management team can pursue is to significantly reduce expenses. We have instituted an essential-need only expenditure policy till further notice.
New App Experience Drives Higher User Engagement
The OodlesDeals Product Development team spent a majority of their time during Christmas/New Year’s break working on a simplified user experience of the app. The Android version of this simplified app was launched in January ’20, and the iOS version thereafter. The below is a snapshot of a new decluttered, but more informational front screen.
Usage data from users who updated to this new user experience, shows a meaningful growth in per user engagement, including transactional growth at new restaurants not visited previously.
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.
WeFunder Campaign Extended
Given the extraordinary market circumstances, and the significant effect on University students and the restaurant industry, the WeFunder management team was extremely helpful in enabling the OodlesDeals management team to extend our financing campaign from April to July ’20.
We will continue to monitor the Coronavirus pandemic, to make the appropriate decisions necessary over the next several months.
On behalf of Asheesh, and the rest of the OodlesDeals management team, I ask you to stay healthy, and stay safe during this time of crisis. We are all in this together.
Co-founder & CEO
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