GINKAN is digitally transforming marketing in the restaurant industry in Japan to benefit both restaurants and consumers with SynchroLife. SynchroLife is a social media style restaurant discovery service with AI recommendations and cryptocurrency token rewards for consumers, and offers flat rate, risk free, automated big data-based CRM tools for restaurants. GINKAN has raised $3.7 million in Japan and has already launched both restaurants and consumer products, and we work with the top share credit card holder Sumitomo Mitsui Card, as well as a variety of other notable companies.
From April 2020 to December 2020, the number of our partner restaurants grew by 300% and our mobile app MAU increased by 150% during the same period. Our business model has proven strong even during the pandemic. We have over 1200 restaurant partners in Japan and we work with the top share credit card holder Sumitomo Mitsui Card, as well as a variety of other notable companies such as major realty company Tokyu Land Corporation, sports teams such as Kawasaki Frontale, and more.
Problem or Opportunity
Up until now restaurants have often struggled with loyalty marketing because of limited customer data, low IT literacy, and limited resources. As a result, restaurants have become dependent on restaurant search and advertising services with expensive upfront monthly fees. Our social media model platform SynchroLife opens up big data on diners to restaurants and is digitally transforming the restaurant marketing scene.
Solution (product or service)
SynchroLife allows restaurants to both digitalize and automate their CRM and marketing-- SynchroLife automatically contacts diners to reward them for being loyal customers or to remind them to visit again if they haven't been to the restaurant in awhile. Diners receive special meal vouchers, cryptocurrency point rewards, stamp card points, and more depending on the loyalty program the restaurant wants to set up. All of this is offered for a flat rate commission of 5% on sales for SynchroLife, and there are NO other fees to restaurants. SynchroLife is risk free with no upfront, hardware, or monthly fees.
We consider our three top competitors to be Tabelog, Zomato, and Openrice. Our competitors are other restaurant marketing and advertising platforms.
Advantages or differentiators
SynchroLife has a variety of competitive advantages: no set or upfront fees for restaurants and a unique business model that benefits SynchroLife, restaurants, and consumers, a business model that focuses on helping restaurants during their casual costumers into regular diners (and not just on getting new diners with big discounts like our competitors), cryptocurrency cashback rewards for diners that can easily be expanded to an overseas market, a unique social media based review platform that encourages positive reviews and feedback, and more.
Our revenue comes in the form of 5% commission on sales restaurants get from SynchroLife. Diners scan a QR code at checkout at our partner restaurants, and SynchroLife takes 5% of those sales.
Money will be spent on
We are currently based in Japan, but we are interested in meeting potential investors and business partners to help us enter new markets in Southeast and East Asia in 2022 and beyond. We have a fundraising round planned for next spring that we are beginning to look for investors for, that round will be used to fund our international growth.
SynchroLife has participated in a variety of acceleration programs in Japan and in Southeast Asia including: Plug and Play Japan Batch 1, Mitsubishi UFJ Financial Group’s MUFG Digital Accelerator’s Batch 4, DENTSU INC. run accelerator program GRASSHOPPER's Batch 2, 500 Startups’ Global Launch Singapore Program in fall 2020, and more.
Won the competition and other awards
SynchroLife has won a variety of awards. Some major awards include: - Selected for Aichi Startup Festival 2021 powered by Aichi Prefecture and e27 and won the Aichi Award - Selected as AWS Startup Architecture of the Year 2020 finalist, won Solution Architect Award - Selected for Weekly Toyo Keizai’s 2020 “100 Amazing Startups” Special - Selected for Mitsubishi UFJ Financial Group’s MUFG Digital Accelerator’s Batch 4, won Demo Day - Selected for Plug and Play Japan Batch 1, won best domestic fintech company at Demo Day