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The trunk of the silver Volkswagen Jetta opens to reveal its wealth: white boxes and oranges stacked on top five, a $ 8,000 delivery of 10,000 cookies that the owner is eager to share with his millions of followers. "What is going on? This is the postmate Malone and these are my Popeyes cookies, "said the singer (name of the scene, Post Malone). says in the camera excerpted from the Coachella music festival in 2017, a clip that made him taste the carbohydrates – and the name of the delivery service – became viral.
The celebs megaphone helped Postmates to survive the early collapse of food distribution businesses by spreading an image of hip wealth to the Millennials in cities like LA and Miami. Chrissy Teigen, model who did not pay tweeted about Commander five limes on service, and actress Sophia Bush, who like to buy Shake Shack by Postmates, helped the application gain a 40% market share in Los Angeles. Investors, including Founders Fund, Spark Capital and Tiger Global, have invested nearly $ 700 million in the San Francisco start-up, valued at $ 1.85 billion. He booked a reported $ 400 million in revenue last year. (The company declined to comment on its financial data.) "The only thing we did was we tried to create something cool. We have always wanted to be cool with Postmates, "said Bastian Lehmann, co-founder and CEO of the company.
Lehmann, 42, will need this early pull to override two formidable forces. In the months following February, when has filed confidential documents for an initial public offering for savings, investors fomented IPOs, taking tens of billions of dollars in market value to Uber and Lyft offers. And its three biggest competitors – DoorDash, worth $ 12.6 billion; Uber Eats, part of Uber, worth $ 55 billion; and Grubhub, whose market capitalization is $ 5 billion, dominates New York, can easily spend it more. The comrades of the post office increased their share of the national market to 11.5% last year, according to Credit Card Receipt Analyzer Second Measurebut at a cost: he increased the discounts and TV ads to grow nationally and to cling to key markets like South West
"If you look at the scale and ambition of Uber Eats, DoorDash and even Grubhub, I think maintaining regional dominance will be difficult over time," says KeyBanc analyst Andy Hargreaves. , of Postmates. "These guys, all three, are going to want the whole country, and they have a lot of capital."
Theehmann has always had a taste for Hollywood, but he pursued another Californian dream by leaving his native Germany: the startups. Raised in Munich, he dropped out of school and wanted to become a filmmaker before launching a website on flash deals in 1999, amid the boom of cyber businesses. In 2010, he traveled to the United States, joining a startup incubator in San Francisco to build Curated.by, which organizes tweets and social media around specific topics.
Unpaid celebrity tweets gave Postmates a boost and advantage in Los Angeles.
Potential investors hated the idea, so Lehmann and co-founder Sam Street changed course, teaming up with a third co-founder, Sean Plaice, to create Postmates. Lehmann originally planned to create a local messenger service that would allow customers to make deliveries with additional space in their car, such as carpooling for items.
"We could not realize that it was easier to search for something on Amazon, to click a button and have it delivered two to three days later. Do not forget that we are in 2009-2010 – rather than finding the same product in a store in your city, "says Lehmann.
L & # 39; Company started delivering furniture for stores in San Francisco, then extended to restaurants, by manually downloading hundreds of menus while allowing people to order everything they could imagine. They did it. In New York, a customer ordered a designer banana bag from Alexander Wang. In Los Angeles, someone spent $ 4,000 on alcohol, hunters, ice cream and Solo cups from the Pink Dot convenience store.
When Postmates launched its sixth market in 2014 at L.A., it tackled both creative users and wealthy users, mimicking Tesla's strategy to create a high-end market. In addition, wealthy clients were less likely to pay a $ 10 service fee (they now stand at 99 cents). "It was really a targeted product from the beginning, aimed at a well-off clientele, in the hope that, if they found and adapted the product, it helps us to lower the price over time," says Lehmann.
The other part was guerrilla marketing. In order to attract artists and writers, Postmates began to enter the lexicon of pop culture. Greedy users like Perfect singer Anna Kendrick, Travis Barker of Blink 182 and Selma Director Ava DuVernay has begun sharing orders, ranging from gourmet vegan cuisine to junk food indulgences, with their millions of followers on Instagram and Twitter. The singer Malone dropped it in his tube "Spoil my night. At the time of the beginnings of Postmates, nobody was paid to do it. That's what happened because the A-Listers liked the service.
Over the past two years, Postmates has begun to double that buzz of celebrities, starting to pay influencers like makeup mogul Kylie Jenner to share what she has publicly ordered. & nbsp;
"You do not want Kylie Jenner to amplify your message when you hold 4% of L.A.'s market," he says. "It's a lot cooler if you have 45%. Everyone sees it and is like "I understand". "
There is a tongue in the cheek YouTube Series with Martha Stewart, who asks people to give up her cooking instructions and "postmate it". The Chainsmokers entered into a quid pro quo market where fans could get a free delivery if they grabbed the title of the duet's new song "Takeaway" in the app. . He compensates others as an actress Cara Delevingne participate in The Receipt, a corporate blog that reveals all that celebrities have spent on service. Lehmann maintains that endorsements are cheap because famous customers already know the product. "They are peanuts. Maybe it's a percentage of everything we invest goes to influencers, "he says.
Bastian Lehmann, presented here in 2017, has changed its look as Los Angeles has grown in importance. He is now wearing white t-shirts and a Dodgers baseball cap.
Christian Peacock for Forbes
Any additional savings are worthwhile as the company begins to spend more on national advertising, its main weapon to gain a larger share of the growing market. In the United States, online food distribution will represent a $ 28 billion market by 2023, says Statistaand online platforms are the fastest growing revenue segment (over 21 percent in 2019, according to Statista). As food deliveries grow, companies collaborate with retailers for other deliveries, such as 7-Eleven's deal with DoorDash and Postmates.
"Postmates and DoorDash have a longer shelf life than I originally expected, as investors understand that the online restaurant delivery market is large and growing rapidly, and businesses such as Walmart is supporting these startups to deliver faster delivery, "said analyst Tom Forte. at DA Davidson.
Yet, like celebrity, it's easy to have 15 minutes of fame and more difficult to maintain a career. Although this is a growth story for Uber, Uber Eats is still not profitable and pushes Uber's deliveries and travel margins to 8%. Grubhub, while profitable, has lost 40% of its stock market value over the past year as the company was spending more to fight the competition. DoorDash, which raised more than $ 1 billion in capital in 2019 alone, paved the way for marketing to beat Grubhub nationally.
If all else fails, the presence of Postmates in L.A. helped position it as an acquisition target. In July, recoding reported Uber's businesses at DoorDash had been considering buying Postmates. In response to the rumors of the acquisition, Lehmann paraphrases a lyric of Kanye West, considering him a useless gossip: "People talk so much about shit about us at the hairdresser that they forget to get cut hair, "he says.
Los Angeles has been beneficial for Postmates, but the company must now convince investors that it's a good bet for them too. Even Lehmann does not know how it will happen.
"I do not necessarily know 100% if the national market share is really the main measure to take into account," he said. "Metropolitan areas could actually be the biggest price."
Get & nbsp;Forbes& # 39; Daily headlines directly in your inbox& nbsp; for information on the world's greatest entrepreneurs and superstars, expert career advice and secrets to success.
Top Image by Jonpaul Douglass for Postmates
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The trunk of the silver Volkswagen Jetta opens to reveal its wealth: white boxes and oranges stacked on top five, a $ 8,000 delivery of 10,000 cookies that the owner is eager to share with his millions of followers. "What is going on? It's the postmate Malone and these are my Popeyes cookies, "says the singer (name of the scene, Post Malone) at the Coachella Music Festival's camera in 2017, a clip that made him taste the carbs – and the name of the delivery service – go viral.
The celebs megaphone helped Postmates to survive the early collapse of food distribution businesses by spreading an image of hip wealth to the Millennials in cities like LA and Miami. Chrissy Teigen, model who did not pay tweeted about Commander five limes on service, and actress Sophia Bush, who like to buy Shake Shack by Postmates, has allowed the app to gain a 40% market share in Los Angeles. Investors, including Founders Fund, Spark Capital and Tiger Global, have invested nearly $ 700 million in the San Francisco start-up, valued at $ 1.85 billion. He recorded a turnover of $ 400 million last year. (The company declined to comment on its financial data.) "The only thing we did was we tried to create something cool. We have always wanted to be cool with Postmates, "said Bastian Lehmann, co-founder and CEO of the company.
Lehmann, 42, will need this early pull to override two formidable forces. In the months following February, after filing confidential documents for an initial public offering, investors flocked to public technology IPOs, taking tens Billions of dollars in market value on Uber and Lyft offers. And its three biggest competitors – DoorDash, worth $ 12.6 billion; Uber Eats, part of Uber, worth $ 55 billion; and Grubhub, whose market capitalization is $ 5 billion, dominates New York, can easily spend it more. According to the Second Measure Credit Card Receipt Analyzer, Postmates' market share grew by 11.5% over the last year, but it came at a cost: it has multiplied discounts and TV ads to grow nationally and cling to key markets like the Southwest. .
"If you look at the scale and ambition of Uber Eats, DoorDash and even Grubhub, I think maintaining regional dominance will be difficult over time," says KeyBanc analyst Andy Hargreaves. , of Postmates. "These guys, all three, are going to want the whole country, and they have a lot of capital."
Theehmann has always had a taste for Hollywood, but he pursued another Californian dream by leaving his native Germany: the startups. Raised in Munich, he dropped out of school and wanted to become a filmmaker before launching a website on flash deals in 1999, amid the boom of cyber businesses. In 2010, he traveled to the United States, joining a startup incubator in San Francisco to build Curated.by, which organizes tweets and social media around specific topics.
Unpaid celebrity tweets gave Postmates a boost and advantage in Los Angeles.
Potential investors hated the idea, so Lehmann and co-founder Sam Street changed course, teaming up with a third co-founder, Sean Plaice, to create Postmates. Lehmann originally planned to create a local messenger service that would allow customers to make deliveries with additional space in their car, such as carpooling for items.
"We could not realize that it was easier to search for something on Amazon, to click a button and have it delivered two to three days later. Do not forget that we are in 2009-2010 – rather than finding the same product in a store in your city, "says Lehmann.
The company began delivering furniture to San Francisco stores, then to restaurants, manually downloading hundreds of menus while allowing users to order everything they could imagine. They did it. In New York, a customer ordered a designer banana bag from Alexander Wang. In Los Angeles, someone spent $ 4,000 on alcohol, hunters, ice cream and Solo cups from the Pink Dot convenience store.
When Postmates launched its sixth market in 2014 at L.A., it tackled both creative users and wealthy users, mimicking Tesla's strategy to create a high-end market. In addition, wealthy clients were less likely to pay a $ 10 service fee (they now stand at 99 cents). "It was really a targeted product from the beginning, aimed at a well-off clientele, in the hope that, if they found and adapted the product, it helps us to lower the price over time," says Lehmann.
The other part was guerrilla marketing. In order to attract artists and writers, Postmates began to enter the lexicon of pop culture. Greedy users like Perfect singer Anna Kendrick, Travis Barker of Blink 182 and Selma Director Ava DuVernay has begun sharing orders, ranging from gourmet vegan cuisine to junk food indulgences, with their millions of followers on Instagram and Twitter. Singer Malone inserted it in his hit "Spoil My Night". At the time, he was not paid anybody to do it. It happened because the stars enjoyed the service.
Over the past two years, Postmates has begun to double that buzz of celebrities, and has started charging influencers like makeup magnate Kylie Jenner to share what she has publicly ordered.
"You do not want Kylie Jenner to amplify your message when you hold 4% of L.A.'s market," he says. "It's a lot cooler if you have 45%. Everyone sees it and is like "I understand". "
Martha Stewart, a tasteless series on YouTube, invites people to give up her cooking instructions and "Postmate it." The Chainsmokers entered into a quid pro quo market where fans could get a free delivery if they entered the movie title. The new song of the duo "Takeaway" in the application. It offsets other actors such as actress Cara Delevingne for their participation in The Receipt, a corporate blog that reveals the celebrities' considerable expense for this service. Lehmann maintains that endorsements are cheap because famous customers already know the product. "They are peanuts. Maybe it's a percentage of everything we invest goes to influencers, "he says.
Bastian Lehmann, presented here in 2017, has changed its look as Los Angeles has grown in importance. He is now wearing white t-shirts and a Dodgers baseball cap.
Christian Peacock for Forbes
Any additional savings are worthwhile as the company begins to spend more on national advertising, its main weapon to gain a larger share of the growing market. According to Statista, online food products in the United States will represent a $ 28 billion market by 2023, and online platforms are the fastest growing income segment (over 21% in 2019 , according to Statista). As food deliveries grow, companies are collaborating with retailers for other deliveries, such as the 7-Eleven chain deal with DoorDash and Postmates.
"Postmates and DoorDash have a longer shelf life than I originally expected, as investors understand that the online restaurant delivery market is large and growing rapidly, and businesses such as Walmart is supporting these startups to deliver faster delivery, "said analyst Tom Forte. at DA Davidson.
Yet, like celebrity, it's easy to have 15 minutes of fame and more difficult to maintain a career. Although this is a growth story for Uber, Uber Eats is still not profitable and pushes Uber's deliveries and travel margins to 8%. Grubhub, while profitable, has lost 40% of its stock market value over the past year as the company was spending more to fight the competition. DoorDash, which raised more than $ 1 billion in capital in 2019 alone, paved the way for marketing to beat Grubhub from a national perspective.
If all else fails, the presence of Postmates in L.A. helped position it as an acquisition target. In July, recoding reported that Uber companies at DoorDash had considered buying Postmates. In response to the rumors of the acquisition, Lehmann paraphrases a lyric of Kanye West, considering him a useless gossip: "People talk so much about shit about us at the hairdresser that they forget to get cut hair, "he says.
Los Angeles has been beneficial for Postmates, but the company must now convince investors that it's a good bet for them too. Even Lehmann does not know how it will happen.
"I do not necessarily know 100% if the national market share is really the main measure to take into account," he said. "Metropolitan areas could actually be the biggest price."
Get Forbes& # 39; Daily headlines directly in your inbox information on the world's greatest entrepreneurs and superstars, expert career advice and secrets to success.
Top Image by Jonpaul Douglass for Postmates