MyTable: Private Chefs At Your Service

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MyTable is an online marketplace that matches users with chefs to prepare home meals. To ramp up operations and fuel growth, the company has also launched an equity crowdfunding campaign on Netcapital. Here’s how you can invest in MyTable stock.
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The minimum investment for MyTable on Netcapital is only $100. The company has a valuation is $4.1 million.

The founder and CEO of the company is Matthew Kelly. His background has involved a mix of marketing, cybersecurity, and B2B consulting.

As for MyTable, Kelly has recruited Igor Nikolaev as the chief technology officer, who is an experienced mobile and web developer. Kelly has also retained the marketing agency, Getfused. This Boston-area firm has clients like the New England Patriots, Café Nero, and even NFL player Rob Gronkowski.

How It Works

For the MyTable marketplace, users can hire chefs for a variety of purposes, such as for family dinners and parties, catered events and cooking classes. According to the investor profile, the mission is to “disrupt and revolutionize the food industry by creating a community of local chefs with a passion for their craft and connecting them directly to diners seeking a personalized, enriching dining experience.”

Given the impact of the novel coronavirus, the concept definitely has much appeal. But of course, there are other advantages to MyTable. Let’s face it, restaurants are an expensive option and usually do not offer many healthy options.  And true, while meal kits have become a big market, they do lack customization and there simply may not be enough interesting meal options.

The MyTable service also has various benefits for chefs.  For the most part, the restaurant industry has long hours and relatively low pay.

The MyTable service is currently offered via a website, an Apple (NASDAQ:AAPL) iOS app and an Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) Android app. You can search for a chef by location, price, cuisine or meal specialties. There are also chef profiles – which include cooking experience and any certifications as well as the recipe details.

What about the business model? How does the company make money? It’s fairly straightforward.  The company takes a 15% commission based on the transaction amount.

The Market

For the most part, the business is asset light. Because of this, the majority of expenses are for marketing and sales.

In terms of the market size – which is certainly a key consideration for whether to invest in MyTable – it is not clear cut. After all, this type of service is new. Yet there are roughly 5,000 private chefs in the U.S. and the estimated size of this category is about $360 million. But by using the leverage of a marketplace, this may expand the spending.

The MyTable has more than 900 chefs on its platform, with a goal to exceed 1,000 by the end of September. The service is being used in cities like Los Angeles, Phoenix, Tacoma, Boston, and New York.

However, sales are minimal, coming to $2,095 in 2019 (the company has not provided this year’s financials). Then again, the iOS app has a rating of only 3.4 and the Android version is at a mere 1.6.

Invest in MyTable Stock?

MyTable has already raised about $500,000 from angels. And the crowdfunding campaign is just getting started (the deadline is Sept. 21).

And yes, as is the case with any early-stage company, there are considerable risks. Getting visibility for the hire-a-chef idea will likely take lots of marketing dollars. What’s more, the market size may ultimately be a niche. How many people will really opt for a personal chef? It does seem like a small number. Rather, the customers may ultimately be companies.

Thus, before investing in MyTable stock, it’s important to do your own analysis and research.

Tom Taulli (@ttaulli) is an advisor and author of various books and online courses about technology, including Artificial Intelligence Basics, The Robotic Process Automation Handbook and Learn Python Super Fast. He is also the founder of WebIPO, which was one of the first platforms for public offerings during the 1990s. As of this writing, he did not hold a position in any of the aforementioned securities.

Investing through equity and real estate crowdfunding or asset tokenization requires a high degree of risk tolerance. Despite what individual companies may promise, there’s always the chance of losing a portion, or the entirety, of your investment. These risks include:

1) Greater chance of failure
2) Risk of fraudulent activity
3) Lack of liquidity
4) Economic downturns
5) Dearth of investor education

Read more: Private Investing Risks

The post MyTable: Private Chefs At Your Service appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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