Flux Capital is an investment firm focused on winner-takes-all-markets. The firm’s previous investments include SpaceX, an aerospace company founded by Tesla CEO Elon Musk, Bitcoin and Ethereum cryptocurrencies, and Upward Farms, a hydroponic farm business, among others.
Mobile Food Ordering Brought to Venues
"Lengthy lines at venues aren't just a nuisance, they're an impediment to business with a direct effect on the bottom line," said Ari Stiegler, managing partner of Flux Capital. "Customers are 40 percent more likely to purchase food—and 60 percent more likely to spend more than they had initially intended—when queues are eliminated. Noble's unique platform achieves this goal, getting food and beverages more quickly to customers and increasing returns for businesses."
The mobile ordering startup company was founded in 2016 by entrepreneurs Drew Pomerleau, Matt Draper, Shane de Lumeau, and Varun Pathak. The Boston-based business designed a helpful app that helps you get your food and drink without waiting in long lines at your event. After downloading the app, users can preorder and prepay their concessions from their seats or even before entering the venue. When the order is ready, users will receive a notification from the app and be able to quickly pick up their food without standing in long queues or even have the food delivered to them.
The startup company touts several successful case studies with its platform at venues including Laugh Boston, Red Bull Arcade, Wang Theater, and others. At the Boston comedy club, the business found that attendees using the app ordered four times on average, as opposed to those who did not, who ordered only an average of two times during the night. Furthermore, the Laugh Boston study showed that users of the app developed by the startup company contributed to 42% of the sales that evening while only comprising 18% of the audience.
The online food delivery market is anticipated to reach a value of $200 billion by 2025. In the first nine months of 2020, startup company DoorDash posted revenue of $1.92 billion. Consumers are definitely responding to the mobile ordering craze, and Noble seeks to bring the service to a more niche market full of potential.
Flux Capital announced that it is backing Noble, a startup company developing mobile food ordering app for event venues. The business has brought a promising platform to a largely untapped market.
"After more than a year of various degrees of quarantine, Americans are more ready than ever to visit their favorite venues," Stiegle said. "Noble will help businesses translate this immense demand into greater profits and allow Americans to spend more time enjoying the moment, and less time standing in long lines for concessions."
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.