“Fund raising mode and full steam ahead with new openings”
Ice cream season has started and people are finding our first unit, and guess what – they love it!
We have now been open for 7 weeks (4 days a week) and more and more guests are finding out about our unit. It’s interesting to see that BonBot is introducing new purchasing behaviours in both they way they order but also sharing and posting the experience on social media.
We have started to hire staff for the units and we’ve managed to find some really talented young students that will help us to deliver a welcoming and joyful visit in our stores.
Our main focus right now is to be prepared for the launch of our mobile units. The work is in a very intense phase right now and the latest delivery date is 4th of July from the factory.
With the opening of our second unit we saw revenues increase significantly. This proves our capability to quickly launch units and get them up and running. July revenue came in at 188 500 SEK. We expect August to barely surpass that number. With 10 days left we are at 162 200 SEK.
Our units combined generated a profit of X SEK during July and Y SEK in August. This gives a profit margin of 44%, which is above our financial model and it’s a testament that the model can be very successful
Our financial planning was based on the fact that our Seed round would be closed by August. However, the current market situation has pro-longed the closing and in order for us to operate without any disruption the founders issued a convertible note of 1M EUR to the company.
Cash in bank is currently approx 12M SEK
The cohort analysis is based on the first purchase date i.e. if a customer makes their first purchase in May everything is attributed to that month. It’s encouraging to see that our guests are returning and that the order value increases as they return back to BonBot. We believe we have a lot of new features that will drive retention, from gamification to loyalty and push notifications.
Our product offering seems to be hitting the right notes. Our customers love the product, the interaction with the app, the convenience with the BonBot experience and the price point. When looking at the few data points we have from external reviews it looks encouraging.
Currently our Social Media focus has been very low due to other prioritizations. We feel that our location on Sturegatan is suffering and we will be focusing on attracting more foot fall in the coming months as well as build a bigger audience on Instagram
Google reviews are coming in without any promotion or encouragement to rate us. Negative reviews are related to the fact that you have to download an app
Tripadvisor is not heavily used in Sweden and have been no focus for us.
