- Investment sought:
- Equity offered:
Wriggle is on a mission to help people discover, and spend their money at the best local food & drink establishments.
Our mobile app marketplace creates a tapestry of amazing eat-out food & drink establishments, all inviting customers to try them out. Wriggle's users (or "Wrigglers") search and pay directly through the mobile app, then head to their chosen establishment to enjoy their food and drink.
This is a proven, established model. Wriggle is a market-leading eat-out transactional platform in 3 cities (Bristol, Brighton and Cardiff), with a proven model currently generating over 20,000 transactions per month (March 2019). After keeping things tight and proving our model, Wriggle is ready to scale up and attack our vision of creating a national consumer champion, supporting the best local eat-out establishments across the country.
The UK Eat-Out sector is booming. It's a £50bn market, and growing as a millennial audience increasingly spends on experiences (eating out and events), over goods or products. This audience represents 80% of Wriggle's customer-base, and research shows this demographic now spends on out-of-home food between 20 and 30 times a month.
Enter Wriggle. Our digital marketplace curates quality local establishments, giving customers breadth of choice and an unparalleled user experience. They can browse, search, save money and purchase, all within one visually-pleasing, easy-to-use mobile app.
FOR EAT-OUT ESTABLISHMENTS
Wriggle is changing the way that eat-out establishments bring in new customers.
For these businesses, Wriggle is a direct sales and marketing platform, providing access to thousands of local foodies. It’s revenue generating, simple and risk-free, in a way that digital channels like Google Ads and Facebook, or flyering or print media, can be less so - and it generates a monthly-recurring income stream.
Substantial accomplishments to date
- A proven model grown to over 20k transactions per month (in only 3 cities) - and growing consistently in every city.
- City #1 (Bristol) profitable (gross profit), and Cities #2 and #3 following the same path.*
- With 175k monthly revenue in March 2019, we estimate an £2m+ annualised platform revenue, going to awesome local eat-out establishments.*
- We've successfully tested a city-by-city roll-out model (launch process 2x better in Cardiff, our latest city, than our previous best), and we aim to be significantly better in our next city.
- Over 215,000 monthly web and app traffic.
- Over 4.7 million views for our local food & drink videos - part of our award-winning content marketing strategy.
- Gathering large volumes of hyperlocal data on food & drink preferences (for instance, over 45,000 pieces of customer feedback on Wriggles), which helps local establishments to optimise their performance and understand their customers.
Our customers love us:
- Average rating of 4.7 out of 5 from 1,000+ ratings on Apple and Google play store.
We've won Awards along the way:
- Sparkies Awards Best App (twice).
- Sparkies Awards Best Marketing Campaign Award (judges said "Wriggle has achieved staggering results with an impressively small team and a tiny budget.").
- Seedcamp Winner.
- Pitch@Palace South Winner.
*Based on unaudited management accounts
Revenue Stream 1: Platform Fee
Customers purchase directly over the Wriggle mobile-app or website - and Wriggle takes a 15% + 20p fee.
In doing so, Wriggle allows local businesses to leverage the rapidly expanding mobile-payment economy whilst directly reaching a local foodie audience.
Revenue Stream 2: Business Subscriptions
Currently, over 100 businesses are paying Wriggle's subscriptions, ranging from £24 to £100 per month for additional marketing services. We expect this to grow substantially in both volume and pricing as we provide further optional services and value-adds for businesses.
Revenue Stream 3: Marketing Services
Because we build up large hyperlocal audiences, we have an opportunity to help relevant food & drink brands reach them. By way of example, Gousto, the recipe kit, sold 1,400 boxes in 2 months through Wriggle, in which we generated over £28k marketing services revenue.This opportunity will only grow as we reach further locations.
Use of proceeds
With our model proven, this round of investment is to achieve 3 things:
1. Geographic growth - launching in new cities across the UK.
2. Revenue growth within existing cities - we have only just begun in existing markets - and will continue to go deeper. As an example, we estimate our largest market, Bristol, is currently 1/26th of its total opportunity - so there's plenty of room for growth.
3. Tech - we will substantially grow our tech team (3x new developers, an experienced UX designer, and a Product Manager) - as we look to build out a suite of tools to help the eat-out industry market themselves - each providing additional subscription revenue opportunities.