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Offpeak

An online platform that provided restaurant bookings and secure discounts.

Categories

Food & Beverages, Restaurants,

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Reasons for Shutdown

Failed Fundraising

Offpeak was trying to raised funds when 'capital winter' hit.

Offpeak was trying to raise Series B funds when 'capital winter' hit and with VCs running a tight ship during that time, Offpeak was caught unprepared for the turbulence of the funding market.
Offpeak, co-founder, Lau told Vulcan Post that even though Offpeak demonstrated a high profit gross margins at an early stage of the business on a small sample size, however, it was not enough to secure funding to continue growing the business.
Despite Offpeak high growth rate, it was not enough for VCs to jump on the bandwagon instead the VCs wanted them to show higher sales to complement their growth.
Lau said,"At our early stage, we were only able to demonstrate one or the other, but not both at the same time. I personally felt the unfortunate timing of the funding winter proved to be our undoing."

Strong Competition

Unexpected competition from digital payment.

The rise of digital payment platforms like GrabPay and WeChat Pay began to fuel their growth off Offpeak’s subsidising promotions on restaurants.
Lau said,”While we always wanted to move into digital payments ourselves in partnership with these payment platforms, we weren’t ready when they arrived due to the earlier minor business adjustment (better operational efficiency).”
That is when Offpeak realised that their business was no longer sustainable.
Despite the rise of digital payment platforms, Offpeak was not fit to profit from it, both financially and in terms of scale.

Poor Business Model

Diners paid the restaurant directly and they merely facilitated the transactions.

Lau said that Offpeak were low CapEx (capital expenditures) model and told Vulcan Post that they did not hold any of their partners’ money.
“Diners paid the restaurant directly and we merely facilitated the transactions.” said Lau.

Direct Competitors and Similar Companies

Note: Direct competitors are defined by similarity score of more than 40%, while similar companies are defined by similarity score of less than 40%

No.	Name	Similarity score	Description	Industry	Categories	Location	Ownership status	Entity type	Stage of development	Transactional model type	Defensibility moats	Last financing round	Total raised	Post-money valuation	Last financing date	No. of funding round(s)	No. of investors	Investors	Total revenue	Market capitalization	No. of investments	No. of acquisitions	No. of board seats taken	Competition	Management	No. of employees	Company reputation	Contact info	Operational status	Operational duration	Shutdown date	Founded date	Legal name	Former legal name(s)	Ticker
1.	SpoonJoy	15.8%	A subscription-based online platform that allowed office goers and other consumers to order meal packs.	Internet	Delivery, Mobile Applications, Food & Beverages, Subscription, Foodtech	India	-	-	-	-	-	Early Stage	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2013	-	-	-
2.	Take Eat Easy	14.8%	A company that offered online platform that connects customers with restaurants.	Internet	Food Distributors, Applications, Restaurants, Food & Beverages, Logistics, Food Delivery	Belgium	-	-	-	-	-	Early Stage	-	-	-	-	-	-	-	-	-	-	-	-	-	100-250	-	-	Inactive	-	-	2013	-	-	-
3.	Sedapur	14.7%	An e-commerce service for food.	Internet	Culinary, Food & Beverages, E-Commerce	Indonesia	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Inactive	-	-	2011	-	-	-
4.	Eatfresh	13.4%	An online platform for chef-made meals.	Internet	Foodtech, Restaurants, E-Commerce, Food Delivery, Food & Beverages	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2015	-	-	-
5.	The Poultry Exchange	13.1%	An online marketplace for bulk poultry and meat purchases.	Internet	Marketplace, Food & Beverages, Food Distributors, Trading Platform	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2016	-	-	-
6.	OrderSnack	12.9%	Online food ordering portal.	Internet	Food & Beverages, Delivery, Foodtech, Online Portals	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Inactive	-	-	2012	-	-	-
7.	LocalBanya	12.1%	An online convenience store offered a range of products.	Internet	Food & Beverages, E-Commerce	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100-500	-	-	Inactive	-	-	2012	-	-	-
8.	Flowtab	11.5%	A mobile app that offered ordering and payments platform designed to enhance users nightlife experience.	Internet	Mobile Applications, Food & Beverages, Transaction Processing, Payments, Nightlife	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2011	-	-	-
9.	Fastbee	11.2%	A food delivery startup that was set up with the aim of changing the way Singaporeans obtain their meals daily.	Internet	Food Delivery, Food & Beverages, Foodtech	Singapore	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Inactive	-	-	2016	-	-	-
10.	HolaChef	11.0%	A food service company that offered chef-crafted fresh meals to consumers.	Internet	Food & Beverages, Foodtech, Restaurants, Delivery	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2014	-	-	-
11.	Kitchensurfing	10.9%	An online platform for listing and contacting chefs for private dining events.	Internet	Foodtech, Hospitality, Food & Beverages, E-Commerce	United States	-	-	-	-	-	Early Stage	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2012	-	-	-
12.	OrderMonger.com	10.8%	Food delivery service.	Internet	Food & Beverages, Delivery, Startup	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2006	-	-	-
13.	Ola Cafe	10.2%	A food delivery app by OLA.	Internet	Food & Beverages, Software, Delivery	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5000-10000	-	-	Inactive	-	-	2015	-	-	-
14.	The French Cellar	9.9%	A wine subscription e-commerce model into Asia.	Internet	E-Commerce, Subscription, Food & Beverages	Singapore	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2013	-	-	-
15.	SpoonRocket	9.1%	A next-gen, ultra-fast delivery platform that delivered high quality tasty meals to customers in 15 minutes or less.	Internet	Food Delivery, Food & Beverages, Organic Food, Foodtech, Applications	United States	-	-	-	-	-	M&A	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2013	-	-	-
16.	Eatsy	8.9%	Mobile-first restaurant technology company.	Internet	Applications, Food & Beverages, Foodtech	Singapore	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2018	-	-	-
17.	Bite Club	8.8%	A food delivery startup that delivered handmade meals prepared by talented chefs to people's home/office.	Internet	E-Commerce, Food Delivery, Food & Beverages, Food Processing	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2014	-	-	-
18.	Vinetrade	8.3%	An online wine trading platform for building and managing wine portfolios.	Internet	E-Commerce, Food & Beverages, Applications	United Kingdom	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2011	-	-	-
19.	MealHopper	7.9%	A startup that connected local cooks with users looking for homemade meals.	Internet	Food Processing, Food & Beverages, Foodtech, Food Delivery	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2015	-	-	-
20.	Cyberchef	7.4%	A virtual marketplace for traditional meals.	Internet	Restaurants, Marketplace, Food & Beverages	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2015	-	-	-
21.	Cusoy	7.4%	Curated restaurant finder for people with food allergies.	Internet	Restaurants, Search Engine, Food & Beverages	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2013	-	-	-
22.	Dine In	7.3%	A platform that delivered food from a range of restaurants.	Internet	Hospitality, Delivery, Food & Beverages	United Kingdom	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2011	-	-	-
23.	Twigly	7.2%	A food ordering app.	Internet	Food & Beverages, Foodtech, Delivery	India	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2015	-	-	-
24.	Sprig	6.7%	A mobile application that enabled users to find and order healthy meals and have them delivered in a minimal time frame. All the ingredients used in these meals were locally-sourced, sustainable, and seasonal.	Internet	Food Delivery, Foodtech, Software, Applications, Technology, Food & Beverages	United States	-	-	-	-	-	Early Stage	-	-	-	-	-	-	-	-	-	-	-	-	-	50-100	-	-	Inactive	-	-	2013	-	-	-
25.	Munchery	6.6%	An online food ordering and meal delivery service.	Internet	Foodtech, Food Delivery, Food & Beverages, Consumer	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100-250	-	-	Inactive	-	-	2011	-	-	-
26.	Cibando	6.5%	An application that enable users to find restaurants.	Internet	Food & Beverages, Search Engine, Technology, Applications, iOS	Italy	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2011	-	-	-
27.	TinMen	6.4%	An app that designed to provide home-cooked lunches and dinners to working professionals.	Internet	Food & Beverages, Food Delivery, Applications	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2015	-	-	-
28.	Zeppery	6.1%	A mobile application that enabled its users to find and pre-order food from restaurants.	Internet	Foodtech, Restaurants, Applications, Food & Beverages	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2015	-	-	-
29.	ZuperMeal	5.1%	A home food delivery startup that provided home-cooked meals.	Internet	Cooking, E-Commerce, Foodtech, Food & Beverages, Food Delivery	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	10-50	-	-	Inactive	-	-	2015	-	-	-
30.	Buddy Beers	4.7%	Travel app for buying beers from abroad.	Internet	B2C, Social, Food & Beverages, Mobile Applications, Applications	Germany	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2010	-	-	-
31.	TinyOwl	4.6%	Developed location-based mobile application for ordering food.	Internet	Applications, Food & Beverages, Information Technology, Mobile, Location Based Services	India	-	-	-	-	-	M&A	-	-	-	-	-	-	-	-	-	-	-	-	-	500-1000	-	-	Inactive	-	-	2014	-	-	-
32.	Golama	4.2%	An online platform designed to provide home delivery of food products from stores.	Internet	Food & Beverages, Delivery, Logistics	Russian Federation	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100-250	-	-	Inactive	-	-	2017	-	-	-
33.	Foodily	3.4%	A social recipe network where users could discover and share recipes.	Internet	Foodtech, Food & Beverages, Social Network, Communities, Sharing	United States	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1-10	-	-	Inactive	-	-	2010	-	-	-
34.	Eazy Meals	3.1%	A food tech business platform.	Internet	Foodtech, Consumer Goods, Food Delivery, Food & Beverages	India	-	-	-	-	-	Seed	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Inactive	-	-	2015	-	-	-

Investors

No.	Image	Name	Investor type	Description	Location	Preferred investment stage(s)	Stages invested in	Assets under management (AUM)	Investment range	Investment sweet spot	Preferred investment focus	Preferred investment geography	No. of investments	No. of lead investments	No. of follow-on investments	No. of co-investments	Portfolio companies	No. of exits	Total exit value	No. of failed investments	Loss on investments	No. of acquisitions	No. of board seats taken	No. of funds	Limited partners	Co-investors	No. of partners	Partners	No. of employees	Management	Board members	Founders	Investor reputation	Contact info	Entity type	Legal name	Former legal name(s)	Founded date	Ticker
1.		Cradle Fund	-	Cradle Fund Sdn Bhd encourages entrepreneurship in ICT, bio-technology and life sciences, material sciences, and technology industries.	Malaysia	-	-	-	$ 50K - $ 500K	-	Enterprise	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.		Gobi Partners	-	Gobi Partners is an early stage to late stage venture capital firm focusing on IT and digital media investments in China, HK and ASEAN.	Shanghai, Shanghai, China	-	-	-	$ 1M - $ 50M	-	Advertising	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Leadership

No.	Name	Previous designation	Previous company	Previous biography	Previous profile type	Previous location	Experience	Education	Reputation	Current company	Current designation	Current biography	Current profile type	Current location	No. of investments	No. of exits	Total exit value	No. of board seats taken	Contact info
1.	Christian Nguyen	Co-Founder, Director of Sales, Federal Government and Eastern Canada	-	-	-	-	-	-	-	TeraMach Technologies	-	Christian is a Co-Founder of TeraMach, and currently holds the position of Director of Sales, Federal Government and Eastern Canada. He obtained an Honours Bachelor of Business Administration from Wilfrid Laurier University, and has over 20 years of experience in supporting and managing Federal Government and Public Sector clients. Christian has obtained a variety of vendor sales and technical certifications to support him in his role at TeraMach. Launching his career at Hewlett-Packard in 1993, Christian quickly amassed the skills and knowledge necessary to successfully co-found TeraMach in 1996. Since then, he has handled sales, account management for key customers, in addition to business development. He helped develop and implement TeraMach’s go-to-market strategy for solutions and services, and won large, multi-year RFPs for the company as a result. Christian is recognized for his excellence in building and maintaining solid relationships with large enterprise clients and business partners. He focuses on ensuring a positive experience for all customers from the moment of engagement to the realization of success. Christian’s tenacity has been a driving force behind the company’s growth, expanding its customer base in Ottawa and across Canada. Christian is a team player and great relationship builder, and is always listening to customers, partners, and staff. Christian is well known for his professionalism, positive attitude, sense of style and fun. Outside the office, his hobbies include golfing, skiing, hockey, travelling and real estate investing. His favourite pastime is spending time with his wife and two daughters.	-	-	-	-	-	-	-
2.	Lau Ngee Keong	Co-founder	-	-	-	-	-	-	-	Offpeak.my	-	-	-	-	-	-	-	-	-
3.	Tan Ban Eu	Co-Founder	-	-	-	-	-	-	-	Offpeak.my	-	Tan Ban Eu is one of the co-founders of Offpeak.my and is currently the managing director who is responsible business operations and strategy. He was previously one of the co-founder and angel investor of carlist.my (now known as iCar Asia Limited (ASX:ICQ), and is now listed in the Australian stock exchange. He is currently the CEO of RTW Technology Sdn. Bhd which he also is a director. RTW Technology specializes in CCTV and surveillance system. In his earlier years, he also started CNX Broadband Sdn. Bhd. which was later sold to Redtone Telecommunications and renamed to Redtone-CNX Broadband Sdn Bhd after it obtained with WiMAX license back in 2007. A serial entrepreneur in the IT industry, Ban Eu is a graduate (Bachelor of Science in Computer Science/Information Technology) of Monash University, Australia.	-	-	-	-	-	-	-

Funding

No.	Financing date	Financing round	Total amount raised	Post-money valuation	Financial viability	Fundraising target amount	Remaining target amount	Financing type	No. of investors	Board seats	Lead investors	Entity type	Financing status
1.	5 Sep 2016	Series A	-	-	-	-	-	-	2	-	-	-	-
2.	10 Dec 2015	Grant	USD 117K	-	-			-	1	-	-	-	Completed
3.	22 Jun 2015	Series A	USD 800K	-	-			-	1	-	-	-	Completed