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WYZchef

B2B Catering platform with AI

Singapore
Market: Food industry, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 02.03.2020
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Idea

“WYZchef” is a B2B digital platform that analyses data to simplify and personalize office catering services based on previous preferences saving users between 6-10 hours per week when ordering food for the office.

Current Status

https://drive.google.com/file/d/1EaXPs7fXKOBWUlVbqIoQfUfZFg9iL73g/view

WYZchef has 9 months in Singapore, we broke even in January 2020.

The founders have invested their personal money in the business and 1700+ hours of work doing market research, developing the 1.0 product, and creating the company a brand. We haven’t raised from any external investors.

Market

Southeast Asia catering market amount $8 billion USD.

USA catering market amount $60 billion USD

We aim for 3% of these two markets in the first five years.

Problem or Opportunity

A person looking for catering can easily waste 10 hours searching through caterers & restaurant options as well as asking others for their preferences to order food for the office or an event.

Restaurants and caterers are being exploited by marketplaces, with high percentages rates and low value-added, where they don't feel like partners.

Solution (product or service)

We believe the best way to tackle this is to build a platform that successfully acquires enough data to understand people’s culinary needs, we will be using artificial intelligence technology to customize the order process and simplify food delivery at the workplace.

Additionally, we are providing caterers digital tools that solve marketing, operations & finance problems.

Competitors

We have three types of competitors.

• Catering marketplaces
• B2C platforms that also has a section of office catering
• Catering companies who produce foods and serve corporates directly (Some of these will be our customers as well).

Advantages or differentiators

Our team is our strongest asset.

We have just the right mix of
• Catering experience – We have run a successful B2B catering company in Houston, TX for 5 years and ranked number 1 in leading marketplaces.
• Corporates understanding – Together in our team we have 63 years of corporate experience in sales, hospitality, operations and technology
• Innovative technology – 2 of our team members have 8 years of experience in application development and web designing, with an extended focus on Artificial Intelligence.
• Vision – Together we have worked for more than 10 years and share a common vision of building an innovative marketplace that can make life easier for company admins and restaurants.

that gives us already a massive advantage in building a flawless marketplace, creating a win/win situation for companies and restaurants.

Finance

Here our latest updated Metrics year to date until mid-January.

YTD Total Revenue (GMV): $89,126 SGD
YTD Total LOST deals in pipeline: $44,519 SGD
YTD Average repeatability of users to our services: 2.9 orders/month
YTD Qualified Leads in Database: 1067
YTD Total number of visitors on the website: 14,666
YTD Visitors Growth MOM in website: 211%

Business model

We take 15% for all the transactions that go thru our platform

Money will be spent on

Development of the platform.
Marketing in Singapore.
Business Development in USA.

Offer for investor

Investment thru a safe note for equity.

Team or Management

Risks

We face three risks which keep us up at night:
1. the competitors and what they are working on in stealth mode
2. the possibility of running out of money before we breakeven
3. losing members of our team.

To deal with this, we have always focused on creating the product fr om the need of our clients as we are continually moving forward to innovation.

We will push hard to close significant contracts in Singapore and forming new partnerships.

Finally, we've created an atmosphere wh ere everyone believes in what we are doing and is highly committed to its success.

Incubation/Acceleration programs accomplishment

Bacecamp - ACE Program. (https://bacecamp.ace.org.sg)
Block 71 - NUS Program. (https://singapore.block71.co)
SMU - BIG Program. (https://iie.smu.edu.sg/big-incubation-programme)

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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