The Lunchbox Series is a Metaverse concept that is changing the way restaurants serve their guests. And it’s getting the attention of investors, too. It recently closed a $50 million Series B round, which is a big deal for any company.
Founders
One of the hottest startups to grace the Octoberhall Tech Crunch lunchbox series is Lunchbox. The company’s suite of products is designed to help restaurants of all sizes engage customers digitally, while leveraging existing marketing efforts. Their new funding will enable them to expand their team, and improve their product.
Among their many innovations, Lunchbox has a “virtual food hall” that allows guests to order from a variety of brands in one cart. It’s a bit of a cliche to talk about ghost kitchens, but this is a real thing and they do require a technology layer to keep things running smoothly.
On the business side, Lunchbox has a suite of products, from channel marketing to customer loyalty programs, to digital signage. They even have a new line of products aimed at ghost kitchens. And they’ve done some experimenting with autonomous delivery.
One of the coolest features of their flagship product is their ability to make personalized marketing messages. Using their proprietary software, restaurants can create and automate the best content for their audience. In addition to print and mobile marketing campaigns, they’ve also launched a loyalty program that offers customers a rewards scheme in exchange for frequent visits.
$50 million Series B funding
Lunchbox, a New York-based company, is a tech startup that provides creative online ordering solutions for restaurants. It has recently secured $50 million Series B funding led by Coatue. The company plans to use the money to accelerate its product development, increase its hiring, and expand its target audience.
The company provides a range of online features including payment processing, digital ordering, and remarketing tools. To date, it has worked with more than 100 mid-sized brands. As of February 2019, the company has more than 250 employees.
The new round of funding will allow the company to focus on hiring top talent, add to its existing product suite, and accelerate its product research. It will also give it more financial freedom to pursue agency partners.
The company focuses on supporting the long-term health of the restaurant industry. In addition to working with the more established chains, the company will look to engage with smaller businesses.
The company’s technology allows users to order from multiple nearby locations. It also offers subscription-style orders.
Challenges for restaurants in the last two years
The food service industry has been facing several challenges. These include rising costs, labor shortages, and supply chain disruptions. However, restaurants have shown resilience. They’re continuing to adapt to the changes and are implementing new technology and solutions to make their operations more efficient.
Many restaurants are still understaffed, with nearly half of operators reporting they need more employees to meet demand. This means restaurants will need to find new ways to hire and retain staff.
One way that restaurants are coping with the challenge of a labor shortage is by expanding into different channels. For example, Panera Bread invested $120 million in technology over the last three years.
Another solution is to offer better benefits to attract and retain employees. Restaurants can also increase brand loyalty and engagement with their existing customers. A sober-friendly beverage program is a great way to bring in clients.
Another way to improve efficiency is through digital marketing. Tech solutions can help restaurant owners send alerts to managers’ smartphones, count orders, and track customer demographics in real-time.
Metaverse concept
Among the most anticipated technology evolutions of the next decade is the metaverse. While we are still in the early days of its development, a number of technologies have shown a glimpse of what could be.
For instance, the non-fungible token (NFT) is a virtual asset that can be used to purchase real-world goods, as well as concert tickets and other digital art. It is the first non-fungible token created by Americans, opening the door for experimentation with virtual art and other play-to-earn experiences.
Another example is Second Life, a virtual world with over 70 million registered accounts. It is a shared 3D virtual world where users can build, explore, and interact. As of now, there are fundamental technical barriers to its implementation. However, companies are already marketing their experiences in the metaverse.
The future of the metaverse could be a blend of VR and AR experiences, and it may even use new decentralized finance technologies. If it is implemented properly, the immersive experience will facilitate innovative products and services, allowing for faster time-to-market.
