Mitten is an all-in-one cloud-based business managing platform thatreplaces a cash register, terminal, POS system, CRM and inventory software. It is a POS that generates sales for businesses. Mitten converts every transaction into a repeat customer and generates revenue by charging a monthly subscription fee. Right now Mitten focuses on one vertical - beauty salons. Later we want to create algorytm that will customize sales for buyers.
2. PROBLEM
Currently, the solutions are oriented on making business processes easier and
more efficient. But few solutions put the customer in the center of the attention.
Hence, business owners lose money on each customer.
3. SOLUTION:
give the right tools to the staff on the floor to drive more sales and
provide better customer experience
CRM with up-sales tips POS with cross-sales tips
client gallery menu with photos individual cosmetic online booking
Monetization: monthly subscription fee. Starts from 1$ up to 100$ / month / salon
4. USA
$20bn. market
100K+ salons
Ukraine
Target markets
today
Potential target
markets
Russia
$2,5bn. market
40K+ salons
Poland
Slovakia
Ukraine
$0,5bn. market
12K+ salons
MARKET GEOGRAPHY
We built cross-languages product. To scale our company in a new country we need
only new sales & marketing people focusing on the new country.
5. We can, they can’t They can, we can’t
Mindbody (USA) Client-oriented CRM; tips Inventory management
Vagaro (USA) Client-oriented CRM; tips Inventory management
1C Salon (CIS) Cloud; intuitive UI; client-oriented
Inventory management
COMPETITION
6. FINANCIAL FORECAST
36
79
- # of clients
160
510
CashFlow $(-10 750) $(-9 550) $(-9 650) $(-4 800)
-Wages
Year 2015 2016 2017 2018 2019
# of clients 500 1000 3000 4000 5000
Sales/customer
average annual 200 300 500 1000 1500
Revenue 100 K 300 K 1.5 M 4 M 7.5 M
# of employees 6 20 25 30 30
Wages (-400 K) (-800 K) (-2.5 M) (-3 M) (-3 M)
Profit -300 K -500 K -1 M 1 M 4.5 M
7. MANAGEMENT TEAM
co-founder Punchey.com (USA),
Stevens Ventures associate
INVESTORS & ADVISORS
Yuliya Sychikova | CEO
University of Pennsylvania, BA Economics
Yaroslav Mudryi | COO
ex Regional Director Groupon UA
MA Air navigation Systems; MA International
Economics; Military officer
Nickolas Olazabal | CTO
12+ years experience, ORACLE,
CISCO
Mikhail Miroshnichenko | angel investor
Garden Ventures ; Fidobank
Yuriy Chayka | angel investor
Monexy; Finovate Studio
Imperious Group VC | pre-seed investor
Nate Stevens | advisor
Founder of Yodle.com ; CEO&founder Punchey.com
Ken Leaver | advisor
Rocket Internet; ex. partner EastLab business Incubator.
com ; ex CEO Groupon UA
Dariya Kolodiy | advisor
Beauty salon owner
8. Did the research in Ukraine | Found “early-bird” customers
High
Found the right team | Raised per-seed funds
Low 2014 2015 2016 - ... Built the MVP | Tested it in Ukraine | Found competitive advantage in USA
Did the Product | Shipped it to the first customers
Boost the traction | Built a “wizard”
Scale abroad | Customize the product
Build the algorytm
Increase average price
Increase profit
Increase profit
M&A
Today
Risk
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ‘17 ‘18 ‘19 ‘...
9. FUNDRAISING
Investment ask:
300 000 USD - 10% equity
Investment requirements:
- local B2B (SMB) market experience
- local legal knowledges
- international VC network
Advantages:
- experienced team
- product with traction
- fast-growing market
- easily scalable product
- business verticals (retail, fitness, yoga, medicine..)
- other countries
www.mittenpay.com