Photo - Start up Battle project
30422

Start up Battle project

USA, California
Market: Mobile applications
Stage of the project: Operating business

Date of last change: 07/25/2018
Min investment
$  50.000
0
Total required
$ 1.000.000
Rating
equalizer 175 из 1000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

On demand restaurant seating. A guest can walk into a restaurant, without a reservation and be sat more quickly by bidding on the next available table. If accepted by the restaurant, the amount bid will be credited to the final bill.

Current Status

We have a fully functioning ios and android app as well as a web based cloud based restaurant tool. We have a dozen Restaurants on board in LA and LOIs with over 30 more. We now have a team of 8 and are gradually expanding in LA.

Market

The market can best be categorized as a combination of seated guests and at restaurants, total attendees in clubs and bars. With this calculation it's estimated that the total market is 49M/month.

Problem or Opportunity

Problems:

Reservations: Guests don't show up, they show up late or they show up with different party sizes.

Guest Spend during peak times: Guests who dine at restaurants during peak times without spending much money eat into the already small margins that a restaurant tries to maintain.

Guest information: there is no transparent way to treat regular guests to special services

Wait times: guests do not like waiting for tables at busy restaurants

VIP treatment: there are not great tools for more personalized hospitality experience.

Solution (product or service)

Trufl is an on demand seating platform that allows guests to wait less by bidding on the next available table. Trufl is a front of house tool that manages the waitlist, guestlist and seated guest floor plan. Similar to existing solutions like opentable, Trufl is capable of taking reservations.

Unlike Opentable or all of the "opentable lites" that exist, Trufl utilizes an on demand platform allowing for restaurants to reduce their reservation inventory and thus create more efficiency at their front of house. Reservations have major issues; guests don't show up, they show up late, or they show up with different party sizes.

All of these regular occurrences create inefficiencies. In addition to issues with reservations, the restaurant industry is the only industry where limited inventory(a table) is given to consumers before they know what the consumer is going to pay. With Trufl restaurants can increase average guest spend during peak times.

Lastly, Trufl has a guest profile that follows them to any restaurant they attend. Allergies, drink preferences, vegan? Every Trufl partner restaurant will be able to provide a personalized experience even on the first visit.

Competitors

Open table, resy, reserve, tock, allset, yelp reservations, no wait, bouncein.

Advantages or differentiators

Unlike Opentable or all of the "opentable lites" that exist, Trufl utilizes an on demand platform allowing for restaurants to reduce their reservation inventory and thus create more efficiency at their front of house. Reservations have major issues; guests don't show up, they show up late, or they show up with different party sizes.

We allow restaurants to maximize revenue during peak times. We also allow restaurants to provide a more personalized hospitality experience.

Finance

Our financial model is very simple. Since we are a platform marketplace, we take a percentage of every guest transaction from the restaurant as well as charge a small transaction fee to the guest.

Business model

We partner with restaurants to become their exclusive guest-list waitlist management system. We then anchor with restaurants to drive consumer use. Guests with our app can bid on the next available table, add their name to the waitlist, or get seated right away for a preset amount all from their mobile phone.

Money will be spent on

The money will be spent expanding our current footprint. We have over two dozen additional restaurants who would like to start using Trufl but we simply do not have the ability to service them at this time.

Offer for investor

Convertible note. 6% interest, 20 percent discount 10M cap. These are the same terms our existing investors have been given.

Team or Management

Risks

It is a very saturated market. Most of our competitors are fighting for the same front of house software. We are trying to define a new category which comes with risk in itself.

Incubation/Acceleration programs accomplishment

None.

Won the competition and other awards

None yet.
Comments:

You need to login

5,00
1
2
3
4
5
1 voice
arrow_back
EN
more_horiz
close
visibility18
star0
Add to favorites
Delete from favorites
share
close
thumb_up0
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Product Video