With fans heading back to sports arenas to watch live concerts and games, tech startup Snackr has raised $915,000 in Seed funding for its in-seat ordering system.
The round was led by RAC-backed venture fund BetterLabs, joined by Woodside Energy Technologies, Eastcourt Capital and Spacecubed Ventures.
Snackr CEO Matt Lim said the mobile ordering startup’s raise reflects a global trend towards the safe return to live events amidst Covid-19 and increasing demand for digital technology to improve the fan experience.
The cash will be used to expand to service more venues across Australia and the UK.
Lim said Snackr operates in a similar space to major food aggregators such as UberEats and DoorDash and fast-growing table ordering products like Mr Yum, but differs by catering specifically to the stadium and live event markets.
“The product has been designed to address the unique challenges associated with catering in such venues – primarily, large volumes of orders in tight timeframes and congested concourses,” he said.
“The funds are vital to our growth trajectory and will give us the opportunity to capitalise on the rebounding live events industry and booming last-mile delivery sector.”
Snackr launched at the KFC Big Bash League at Blundstone Arena in December 2020 amidst Covid-19 uncertainty and subsequently delivered a 55% increase in spend per transaction, with 62% of fans placing repeat orders and 50% of revenue generated during off-peak times
Lim said that results in a smoother demand curve and more efficient staff utilisation for vendors.
“Beyond improving the fan experience and driving revenue, Snackr generates real-time data insights to help operators make informed decisions across inventory, staffing, pricing and promos,” he said.
“Further, the product provides new marketing opportunities for sponsors and rights holders looking to promote products and activate fans.
BetterLabs CEO James Edwards said they’d followed the Snackr team for some time and love what they are doing.
“Their technology provides a revolutionary change in stadium patron and vendor experience and we are very excited to now journey with them as they scale with our recent seed round investment,” he said.