Prediction Not checkable as stated
Ben Walters: Dynamic pricing will inevitably become standard in restaurants
“Prices are going to be changing at restaurants. I'm like, I'm convinced, and I've had a lot of conversations with a lot of smart people, and everyone is also with me that the way that the pricing is working right now, it just doesn't make sense.”
Assertion Not checkable as stated
Ben Walters says frequent price changes increase app engagement without hurting conversion
“What's been so cool is, so what we've seen is in our app, the more times we actually change prices, the more people check into the app to see what prices are. And so it actually increases engagement, and we see conversion rates stay pretty flat, and so when yo…”
Disclosure
Feedback charges $99 per month for restaurant pricing SaaS
“And we're charging for this SaaS product right now 99 dollars a month.”
Prediction Not checkable as stated
Feedback forecasts $65K MRR within 12 months
“65,000 dollars is what I've modeled out for our forecasting. In 12 months from now, yes.”
Assertion Not checkable as stated
Restaurants use static pricing because offline menus limit price changes
“They've never had the opportunity to really change prices like some of these other industries because transactions happen in an offline environment.”
Disclosure
Feedback pitches $800,000 to pivot its dynamic pricing tech to restaurants
“So my name is Ben Walters, CEO and co-founder of Feedback, and we're here raising 800,000 dollars in order to repurpose the pricing technology that we have both developed and tested through a mobile marketplace in order to allow restaurateurs to apply it to th…”
Assertion Not checkable as stated
Feedback generates $350,000 in off-peak sales over 13 months
“What we've done over the last 13 months is we've have, we have a mobile marketplace. We've generated 350,000 dollars in off-peak sales and sold 22,000 meals that were gonna end up in landfill, and we've done that by changing the price based on demand and inven…”
Assertion Not checkable as stated
Feedback works with 300 restaurants in Toronto
“We're now working with 300 restaurants in Toronto.”
Disclosure
Feedback is raising an $800k convertible note at a $4M cap
“So, so 800 K US, it's a four million dollar cap. It's going to be a convertible note. 20% discount.”
Assertion Not checkable as stated
Feedback's consumer app has 35,000 quarterly active users
“We've got 35,000 people that use this app on a quarterly basis.”
Disclosure
Feedback joins Founder Fuel accelerator with a $120,000 investment
“So we actually accepted entrance into a prestigious accelerator called Founder Fuel based in, in Canada. It's run by Real Ventures, which is one of the bigger or best venture capital firms here in Canada... So they make a 120 K investment.”
