ROUND, which aims to be the “Uber” of in-venue ordering by offering a single app to buy food & drink from your smartphone, wherever you go, has secured 34% (£345,151) of its fundraising target via Crowdcube, with 21 days left in the sale.
ROUND says that it plans to “disrupt how we purchase in-venue, by making it easier for customers and businesses – increasing convenience and revenue.”
The company has acquired over £345,000 in total investments from 604 investors at the time or writing and intends to acquire £1,000,000 in capital. The company reports a £33,000,000 pre-money valuation and a £0.23 price, along with 2,94% equity (and EIS).
Here are key business highlights:
- Over 890 venues, 900,000 downloads, and average 4.4* from 48k reviews
- £28m+ in app orders in the past twelve months
- Agreements with national hospitality groups (over 4,000 venues)
- 63 University outlets across 25 Universities in the UK
As noted in the announcement:
“Just Eat owns the out-of-venue market; delivering from the venue to your home. I wanted to own the in-venue experience. Modern-day in-venue consumers may face frustration due to lost time. This could be caused by queuing at the bar, whilst they miss out on their conversations, or missing a winning goal.”
The update also mentioned:
“As a venue operator the in-venue problems can be; lost sales and poor customer service due to queueing, inability to upsell, inefficiency of staff and a lack of access to behavioral data.”
ROUND claims that it solves both. Consumer and venue demand “is clear.” the update noted.
The company also shared:
“What sparked this idea? 3 years ago, I was an entrepreneurial student in my uni bar and saw an opportunity for change within the industry. Fast forward to today, we have raised £3.3m from experienced industry-leading investors, and been downloaded over 900k times.”
There are more than 100,000 licensed venues in the United Kingdom. The team reports that it has formed relationships with “some of the largest pub companies in the UK – including Greene King & Stonegate, and deliver the in-venue ordering app for 25 Universities.”
They further noted that their system is robust – “on the day of the Euros Final, our platform was so busy that we processed the equivalent of 3 transactions per second, for 3 hours straight.”
They added:
“ROUND makes its revenue from a % fee of every transaction through the platform. Future value is planned to be enhanced by marketing the granular end-consumer data which we collect.”
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