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Farm+Feed is creating a chain of gaming eater-tainment centers. The gaming industry is seeing a major boom online but has no presence in the offline market with a social setting. The company aims to target people who would prefer socializing face-to-face while enjoying their favorite games together. The target market includes every person who would like to play games and socialize irrespective of their age.Farm+Feed is an eater-tainment gaming restaurant. The range of games available includes PC games to board games. It also has a wide variety of food items and alcohol on its menu to serve the preferences of all the customers. The restaurant is currently located in Dallas but soon plans to expand in more areas including Houston, San Antonio, Austin, and El Paso. The company earns revenue from three streams including food, alcohol, and entertainment/events. Soon, it will sell curated merchandise, gaming peripherals, and tabletop games under the retail segment. It is also planning to start local and national marketing which will allow it to host larger events and add retail (online+offline) for additional revenue. The gaming market is estimated to be >$300B and is growing rapidly. The gaming eater-tainment industry has been growing steadily in recent years, with an estimated market size of $3.2B in 2022, according to IBISWorld. The market for offline gaming is highly fragmented with traditional LAN or PC Cafes running hourly PC rentals. Sharing wallets include other eatertainment concepts like TopGolf, premium bowling alleys, Dave + Busters, and premium movie theaters like Alamo. The current estimated spending per person equals $25.The $1.8M revenue and 4.5+ star ratings prove that the services have great traction.The restaurant is rated 4.5 stars on Yelp and Google and 4.7 stars on Sevenrooms. The company has generated $1.8M in revenue and hosted over 75k guests in the first year of its launch. It had $1.65M in revenue for 2022 with 73% gross margins. The revenue mix for 2022 was roughly 40% food and beverage sales, 30% alcohol, and 30% entertainment. The company expects to become profitable in 2-3 years.
The company plans to use the proceeds for working capital, operations, marketing, team, and platform fees.
The management team is strong.Maximilian Seel; Founder, CEO, and Sole DirectorMax is a Passionate restauranteur and lifelong gamer who believes in the importance of bringing people together over food and drink (and games!). He is the Co-founder of Oath Pizza and is responsible for growing it to 10+ locations in 4 years across 4 major markets, along with forming a partnership with Aramark for expansion into colleges, stadiums, and corporate dining. Prior to Oath Pizza, he spent 6 years in venture capital at Breakaway Ventures (Boston) and 2 years at General Electric Research + Development as a Cell Biologist. He has done his BA from Union College and MBA from Harvard Business School. Max has prior experience with founding and growing a startup and currently works full-time at Farm & Feed. The company also has advisors for all major positions, a general manager, a business development manager, and an executive chef.
The company has valued itself at $7.46mn pre-money. The valuation looks very reasonable at the current levels of sales and traction. Most of the current liabilities of the company including convertible notes and promissory notes have been issued by the shareholders of the company.
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