Photo - LuBu (LunchBuddies)
45260

LuBu (LunchBuddies)

Connecting people via coffee/lunch in a smart&innovative way

Germany
Market: Internet and IT, Information and media, Services, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 29.02.2020
Rating
equalizer from 2000
help
Calculated and estimated occupancy of the project (more about ratings)
My rating
1
2
3
4
5
6
7
8
9
10
Average rating:

Idea

LuBu (LunchBuddies) is an intelligent B2B Matching App that connects people for coffee and lunch in an easier, faster, more fun and flexible way – and works completely without texting.

Current Status

First version of the app is launched, now in talks with paid pilots/first customer, as we're pitching in front of different larger/ multinational corporations at the moment.

Market

General market situation: Very high growth of so-called Smart Social Business Solutions and Enterprises Social Networking Software (market volume quadrupled in the last 8 years, up to 50% growth CAGR in the market). B2B software represents the strongest growth market within the software segment in general, SaaS market (~21% CAGR) is estimated to be around 117 billion US$ for the year 2022.

Currently, there are several small start-ups, but increasingly larger companies can be identified that operate in the niche of "lunch organizer/lunch roulette software applications". Start-ups such as LunchClub (US$ 4 million seed investment in 2019) are getting traction, especially in San Francisco and NYC. Discussions with customers (even often from the startup environment are dissatisfied with the solution and onboarding).

Problem or Opportunity

,,Though most executives recognize the importance of breaking down silos to help people collaborate across boundaries, they struggle to make it happen. That’s understandable: It is devilishly difficult.“ - HARVARD BUSINESS REVIEW, MAY/JUNE 2019

Solution (product or service)

LuBu (stands for LunchBuddies) is an intelligent B2B matching app that (re-)connects people for coffee and lunch in an easier, faster, more fun and flexible way – and works completely without texting. As opposed to all other solutions, we are not another "lunch roulette application/lunch date generator" or "lunch calendar", but rather a social platform that focuses on flexibility, user experience, spontaneity, and corporate networking needs.

Competitors

Various solutions (web, very few app-based solutions). Workwell, Let's Lunch, Lunchzeit, Lunchpool, Mystery Minds, Workdate, Lunchclub, Tandemploy. Concrete market share not clear, however it is a market that leaves a lot of room to gain a huge market share, as most companies so far rely on building their own solutions for the problem, although being rather unsatisfied with the results (own study).

Advantages or differentiators

In contrast to all other solutions on the market so far, LuBu is the only app that works completely text-free, the only app that allows for spontaneous appointments (and thus brings a unique added value according to our target customer conversations, besides a "block list" and other features) and leaves it up to the user to decide whether he/she wants to match up with someone he/she already knows on that day or just wants to make new contacts. Furthermore, our setup is structured in such a way that LuBu can be used both inside and outside the organization/company through private use within a closed group of companies. This is a further advantage, since LuBu is the only solution that is B2C and B2B-compatible.

Finance

We plan to acquire a first selection of paid pilots with companies who mainly approached us so far (larger/multinational companies, mainly banks within the Frankfurt-/Rhine-Main Area in Germany and beyond). In order to grow and scale our business as fast as possible, we're looking for an investment in late 2020, thus acquiring a market share of at least 1% in Germany by Q1 2021, as our setup and onboarding process is highly scalable.

LTV: $132.607
COCA: $11.058

Business model

B2B SaaS Model, consisting in a set-up fee, based on the amount of custoomization requested by the customers (customizable in-app lunch group & additional features) and a subscription cost starting from ~0,5$ per employee/month.

Money will be spent on

Mainly Software-Development and Marketing

Offer for investor

240.000$ for 15% equity

Team or Management

Risks

As we have already shown product market-fit and a proof of concept, our biggest risk we face is companies copying our unique algorithm and approach.

Incubation/Acceleration programs accomplishment

Alumni of Social Impact Lab Frankfurt, now WeWork Labs (WeWork Incubator) and official Telekom TechBoost Startup

Product Video

5,00
1
2
3
4
5
2 voices
Sign in/Sign up
arrow_back
EN
more_horiz
close
visibility202
star0
Add to favorites
Delete from favorites
share
close
thumb_up3
Like
Unlike
Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video