PitchIT No. 4 - Olivia

In this issue, we'll take a look at Olivia: a startup aiming to help restaurants improve their margins and reduce waste by forecasting their demand.

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Sep 28, 2023

Hello! I’m Alessio from Ulixes Capital Partners and welcome (or welcome back) to PitchIT: a weekly snapshot describing one of the most interesting early-stage companies in the Italian startup ecosystem in 3 minutes or less. In this issue, we'll take a look at Olivia: a startup aiming to help restaurants improve their margins and reduce waste by forecasting their demand.

In a sentence:

An AI Engine for demand forecasting, used by restaurants to increase their margins and reduce waste.

Problem:

Global waste of raw materials resulting from inaccurate demand forecasts amounts to approximately €45 billion worldwide. A survey conducted among 1% of Italian restaurateurs revealed that 86% of them engage in demand forecasting, yet only half believe their forecasts are precise. Furthermore, about 90% of these restaurateurs emphasize the importance of accurate forecasting.

Why now?

The machine learning models that underlie demand forecasting systems have seen exponential improvement in recent years, and now provide predictions with an accuracy that was previously unattainable. Competitors are emerging in Germany, France, the United States, and England, yet there is still no dominant global player. This fractured landscape presents an opportune moment for Olivia’s growth.

Market:

Olivia operates within the restaurant industry, encompassing restaurants, bars, and canteens. In this market, the global restaurant management software market is estimated at $1.7B in 2020, with a projected growth to $3B by 2026, showing a 10.39% CAGR. Olivia targets a TAM of €7.6B and a SAM of €2.5B.

Business model:

Olivia operates using a B2B SaaS business model, focusing on demand forecasting for restaurant chains and canteens. Olivia's revenue model comprises subscription-based services. By 2024, Olivia plans to add another revenue stream to their business model by offering the SaaS as an additional offering through a partnership with an established hardware player. Olivia’s primary sales channels are LinkedIn and email outreach, and their aim is to become a market leader in major metropolitan areas of Europe and California, with global expansion plans.

Team:

Francesco Tansella, CEO & Founder: Francesco is a second-time founder, having previously founded entrepreneurial projects in collaboration with the municipality of Ancona. He holds an MSc in Innovation Management from the Scuola Superiore Sant'Anna in Pisa.
Federico Visintini, CTO & Founder: Previously, Federico earned recognition in international mathematics competitions. He holds an MSc in Physics from the Scuola Normale Superiore in Pisa.
Alberto Bordin, AI Expert & Founder: Previously, Alberto conducted extensive research and authored academic papers. He holds an MSc in Physics from the Scuola Normale Superiore in Pisa and is pursuing a Ph.D. in Quantum Physics at QuDelft, University of Delft, in collaboration with Microsoft.
Lorenzo Roccati, CFO & Founder: Previously, Lorenzo worked as an electrical designer and gained experience at Deloitte. He holds an MSc in Strategy, Management, and Control from the University of Pisa.
Olivia’s extended team of 6 also includes a software engineer and project manager.

Traction/Achievements:

Serve more than 10 points of sale globally, including clients in Italy, Switzerland, and San Francisco, with 8 active pilots as of August 2023
Selected for two Acceleration Programs: B4i - Bocconi for Innovation (Batch V, February 2022) and LVenture Group S.p.A. – LUISS EnLabs (Batch 21, March 2023)
Participated in the InnovIT Program at the Italian Innovation and Culture Hub in Silicon Valley

Basic info:

Company Name: AIVesp S.r.l.
Founding Date: 03/2022
Headquarters: Ancona, Italy
Operating HQ: Milan, Italy
P.IVA: 02919450425
Employee Count: 3 FTE, 3 PTE
Past Investors: LVenture Group, B4i
Stage: Seed round opening soon

Contact info:

LinkedIn: https://www.linkedin.com/company/olivia-software/
Website: https://www.olivia-software.com/
YouTube: https://www.youtube.com/@olivia-software
Fundraising Contact: lorenzo.roccati@olivia-software.com
Client Contact: info@olivia-software.com

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The sole purpose of the present company assessment (the “Pitch”) is to give to the recipient some additional background elements to decide whether to proceed with an investigation of the company who is the focus of the aforementioned Pitch (the “Company”). This Pitch is based on information, data, and estimates provided by the Company which may be inaccurate and may have not been audited, and publicly available information which have not been independently verified by Ulixes Capital Partners Srl. Any estimates and projections contained herein have been prepared by the Company and involve significant elements of subjective judgment and analysis, which may or may not be correct. This Pitch should not be considered as a recommendation by Ulixes Capital Partners or the Company or any of its direct or indirect shareholders and subsidiaries to invest in or otherwise acquire any interest in the Company.