|Project Title||Amazing opportunity in the food tech industry-Looking for seed funds to scale in Kuala Lumpur|
|Current Status||Revenue Generating, Pre-Profit|
|Amount Invested||RM 16,000|
|Funding Required||RM300,001 to RM600,000|
|Description||SmartBite wants to offer the best food experience to working professionals.
Food tech is not solving many problems in the industry both regarding the customer side and the sustainability of the the business itself.SmartBite operates in the industry adopting a different business model that can
1) Give to customers a greater experience (working professionals for lunch)
2) Provide to restaurants more sales without being to heavy on their daily business (off peak hours) and DATA, useful for them what their customers want.
3) Building stronger unit economics not squeezing restaurants or charging unreasonable amount to the final customers. Instead we reduce logistic costs per order keeping an great customer experience.
|Business Opportunity||As mentioned before the food tech market is incredibly huge but with no focus on how to handle different problems it will be difficult to scale in this market.
Our maximum potential in Kuala Lumpur is 1.2 Million working professional that ordering once a week it me.ans 240,000 orders a day for an average basket size of RM 17 means RM 4.1 a day. We want to solve problems for working professionals and give them the best food experience (lunch).
They don’t order because the order process is tedious and long, there is a minimum order and delivery fees just make people drop off. If they order they might order again, why? Because the food arrives late (working professionals have limited time) and because the food arrives from too far away, for example centralized kitchen.
SmartBite wants to solve these problems. We started 3 months ago in the toughest area of the city KLCC where working professionals have more than +300 restaurants to choose from, even there we validated many of our assumption showing growth in traction, repetitive buyers and subscribers. Now SmartBite is active in 6 Office towers in KLCC with almost 2000 orders in less than 3 months.