Massive grocery store chains have their very own buying and logistics features, however there are millions of small, impartial grocery shops and chains. They usually don’t get pleasure from the specialised software program and tech to assist make every part run smoother, however that’s the place Vori noticed a chance.
The corporate agreed to share the pitch deck it used to raise a $10 million Series A so I can take a more in-depth look. (It additionally wrote a bit extra concerning the fundraise on its own blog.)
For this pitch deck teardown, it’s useful if in case you have a little bit of context for why Vori is smart as a enterprise, and it’s fairly superior to see its founder define how the corporate works — and the way he thinks about constructing a chunk of B2B software program that “is as enjoyable to make use of as Sweet Crush.” Beneath is a five-minute video that tells the story fantastically. I solely watched it after I did the pitch deck teardown in order to not let my critique be affected by the video, nevertheless it’s ok to observe earlier than or after do you have to wish to dip a little bit bit deeper into this explicit trade.
We’re on the lookout for extra distinctive pitch decks to tear down, so if you wish to submit your personal, here’s how you can do that.
Slides on this deck
Vori shared 13 slides, redacting a little bit bit of data.
“We eliminated some in-the-weeds information about development loop conversion metrics,” the group instructed me, “together with gross sales cycle/income traction.”
- Cowl slide
- Mission assertion slide
- Vori-at-a-glance — (KPI slide, evenly redacted)
- “We perceive grocery” — interstitial slide
- “Our market: Impartial Grocery Chains” — market slide
- “Grocery shops nonetheless run on pencil and paper” — drawback slide
- “How these shops function at the moment” — drawback slide
- “Out of the blue, COVID modified every part in grocery” — “Why now” slide
- “Meet Vori, the all-in-one grocery again workplace” — answer slide
- “What retailers are saying” — market validation slide
- “The biggest undigitized retail phase on earth” — market dimension/TAM/SAM/SOM slide
- “Competing towards legacy programs” — competitors slide (redacted)
- “Our group was born for this” — group slide
Three issues to like
After I lately talked to the DocSend team about what an important slides are in a deck, they shared that the abstract slide is beginning to be an increasing number of necessary. On the time, I used to be interested by discovering a great instance, and lo and behold — Vori comes together with an important one:
A good mission
Vori does an important job at displaying off — in a delightfully visible means — what the issue is.
I like a great abstract slide. Lots of people put it on the duvet slide, however Vori takes a special method — the primary two slides set the stage for what the corporate is doing. The duvet slide is on the prime of this submit and simply reads “The OS for Grocery” with just a few key phrases, designed as tags (“order administration,” “stock administration” and “analytics”). The second slide additional rounds out the level-setting for what the corporate does: “Vori is a vertical SaaS answer for native and regional grocery store chains.”
In solely a handful of phrases and a photograph, the corporate makes it very simple for buyers to get a high-level overview and a few respectable context for what they’re about to have a look at. That has a number of advantages: If buyers are scared by groceries, stock administration, SaaS or regionally centered companies, they’ll stroll away after seeing simply two slides.
The one factor I might have added to one in every of these two slides is a touch on the progress and dimension of the spherical. One thing like “We’ve got X clients and are elevating a Collection A” and even simply the phrases “Collection A” assist give a sign of the order of magnitude.
Clear market dimension
One of the necessary issues you need to present VC buyers is whether or not the corporate is “enterprise scale.” In different phrases, is it attainable for an investor to make a half-decent return on funding? (“Half-decent” on this context is a lot greater than you would possibly assume. Angel buyers have very completely different expectations than VCs do). One of many massive drivers for that’s how massive the market is.
Pitching a wrong-sized firm to a VC exhibits that you just don’t perceive how the asset class works. Vori elegantly sidesteps that drawback by getting straight to the meat of the query: Slide 4 is an interstitial (and a extremely candy one at that; test it out within the full slide deck under), however Slide 5 goes daring:
I wouldn’t in any respect be stunned if the primary query a VC asks themselves could be “Properly, cool, however what number of impartial shops are there?” or, “How massive is that this market?” or, “If there’s a market, is it collapsing below the load of grocery store chain roll-ups, or is it rising?” Vori does an distinctive job at portray an image of a market that’s sturdy, thriving, rising and value addressing. Now, I’d have to carry out due diligence on that. (The first Google result seems to confirm that indies have a 3rd of the market share and are price round $250 billion however appears to counsel there are solely 21,000 places, so I’d wish to dig into the information supply and the discrepancies right here).
Nonetheless, the dimensions and penetration of impartial supermarkets are extra important than I believed, which might point out that maybe it is a market paying nearer consideration to, in spite of everything.
This slide makes it simple for the investor to grok what the dimensions of the market is, in addition to how they’ll take into consideration the dimensions and development of the market you’re about to enter.
The choice is god-awful
Vori does an important job at displaying off — in a delightfully visible means — what the issue is. It does so throughout slides 6 and seven, however the latter is especially highly effective. In a world the place software program, automation and analytics are consuming every part, it’s considerably astonishing to see how guide the method is. That each illustrates why this drawback is price fixing and conjures up some curiosity round what inefficiencies dwell right here.
I don’t know precisely how Vori does the voice-over for this slide, but when it had been me, I’d clarify the extra prices, the missed alternatives and the issues which can be inherent in counting on previous programs. This goes a great distance towards explaining the worth proposition. Vori doesn’t join the dots on this slide, however I think about the corporate has metrics right here that may join using its product to a big improve in productiveness, profitability and a discount of errors. It’s a brief path from there to concluding that the product pays for itself in saved time.
This slide showcases the way to assume empathetically together with your clients and use the worth prop to essentially ram house the purpose that your product is a vital a part of your clients’ lives.
In the remainder of this teardown, we’ll check out three issues Vori may have improved or accomplished in another way, together with its full pitch deck!
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