The Exchanges

Q been very capital efficient because your, your annual occurring revenue is greater than the Total amount you've raised. I would call that a capital efficient founder. How have you sort of, I know this is such a stupid question, but it's important. Most founders could not resist VCs reaching out saying, Mads, please let me invest. You've resisted the urge to do that. How have you been able to resist?

A Um, so we, we've been able to grow without, um, and we, we did a merge, uh, with a Norwegian, uh, competitor last year, um, in late October, early November. And when you, when you merge two companies at that stage, um, you, you kind of have to get everything right. Um, and there's a lot of like, uh, both technical depth that you have to solve on both fronts and you have to get your BI straight again, because when you merge two companies with two different BI setups, it's always a big pain and a big headache to kind of merge those. Um, that's what we've been spending the past, uh, eight, nine months on. Um, and we wanted to get that right before we, we took on too much money. Um, so Um, that, that has kind of got us to, to the point where we are now, and we, we're kind of ready, um, to, at least after summer, we are ready to, to start racing because now our BI setup is, uh, is in a good spot.

AI assessment note: “we wanted to get that right before we, we took on too much money.”

Q been very capital efficient because your, your annual occurring revenue is greater than the Total amount you've raised. I would call that a capital efficient founder. How have you sort of, I know this is such a stupid question, but it's important. Most founders could not resist VCs reaching out saying, Mads, please let me invest. You've resisted the urge to do that. How have you been able to resist?

A Um, so we, we've been able to grow without, um, and we, we did a merge, uh, with a Norwegian, uh, competitor last year, um, in late October, early November. And when you, when you merge two companies at that stage, um, you, you kind of have to get everything right. Um, and there's a lot of like, uh, both technical depth that you have to solve on both fronts and you have to get your BI straight again, because when you merge two companies with two different BI setups, it's always a big pain and a big headache to kind of merge those. Um, that's what we've been spending the past, uh, eight, nine months on. Um, and we wanted to get that right before we, we took on too much money. Um, so Um, that, that has kind of got us to, to the point where we are now, and we, we're kind of ready, um, to, at least after summer, we are ready to, to start racing because now our BI setup is, uh, is in a good spot.

AI assessment note: “we wanted to get that right before we, we took on too much money.”

Q here. I want to talk about how you almost doubled ARPU. I mean, that's, that's driving that dollar attention. I'm sure through the roof. I want to talk about that. I also want to talk about merging, right? So, so what was the stat? I mean, did the, did the merging company take more than 50% of quick order? Like how did the sort of cap table dynamics work there?

A So it's a bit more than 50%, but it was roughly a fifty-fifty split. Um, and, um, so, so the, the drive in ARPU, um, Comes a lot from the merch because they brought on a more sophisticated online ordering and dine-in solution for guests to kind of self-order on their film. Um, and that has Made us able to upsell, um, to our existing client portfolio. Um, so in Norway, where they origin from, um, they did not historically have the whole restaurant always with the point of sale and schedule planning and, uh, table table reservation, like we did. So we could upsell that part of the suite to their original clients. Um, now our clients. And on the other hand, the Danish clients, We could upsell the Norwegian product too. So we kind of had this possibility to, to double the value basically, um, of, of both sides, uh, of the company's clients. And, and we've been doing that and it's been a great success.

AI assessment note: “So it's a bit more than 50%, but it was roughly a fifty-fifty split.”

Q Okay. So how, I mean, this is an incredible, incredible story, Mads. How did you, I mean, how did you go from, you know, you know, nothing? I mean, you basically grew four million in revenue very quickly. Where are you getting these customers? How are you setting them up?

A Um, so part of it came from, uh, a merge with a Norwegian, um, partner, um, not competitor in any way, but they were doing online ordering. Um, and of course they brought in a lot of synergies to the business. So we were able to accelerate the growth a lot on by bringing those guys in. Um, and the other part came from us being really, really fast, uh, to react to COVID. Um, so when COVID started back in March, We were the only post in the Nordics basically, um, especially in Denmark, Norway had a few competitors, but we were one of the only ones in the Nordics that had both posts and integrated online takeaway for, for their homepage, um, and the ability for the guests to order from the table with their phone. Um, and that just created a huge spike in demand. Because then the restaurateurs would actually continue operating instead of being shut down by the government.

AI assessment note: “other part came from us being really, really fast, uh, to react to COVID.”