Craftable Company Profile

Background

Craftable, established in 2015, is a leading cloud-based hospitality management platform designed to streamline operations and enhance profitability for the hospitality industry. The company's mission is to provide comprehensive solutions that connect purchasing, finance, and operations through AI-powered automation and integrated systems, delivering real-time insights for better decision-making. Craftable serves a diverse clientele, including hotels, restaurants, resorts, bars, and casinos, and has become a significant player in the hospitality technology sector.

Key Strategic Focus

Craftable's strategic focus centers on delivering an all-encompassing management platform tailored for the hospitality industry. The company's core objectives include:

Operations Optimization: Reducing waste and optimizing menus through real-time reporting, enabling data-driven labor and menu decisions.

Procurement Management: Establishing budgets and implementing order approvals to manage spending effectively, with real-time sales and compliance monitoring.

Financial Control: Controlling cash flow with flexible outgoing funds and eliminating time-consuming data entry errors.

Craftable's platform integrates with over 60 POS and accounting systems, facilitating seamless automation of operations in real time. The primary markets targeted include hotels, full-service and quick-service restaurants, bars, and nightclubs.

Financials and Funding

As of 2023, Craftable reported an annual revenue of approximately $8.6 million, with a team of 63 employees. The company has experienced consistent revenue growth since its inception. In July 2023, Craftable received a strategic investment from Gauge Capital, a private equity firm, to support its growth initiatives. The specific amount of the investment was not disclosed.

Pipeline Development

Craftable continually enhances its platform to meet the evolving needs of the hospitality industry. Key developments include:

Analytics Tool: Launched in July 2020, this tool unites sales, costs, and labor data, providing operators with comprehensive visibility to maximize profits through informed decisions.

Technological Platform and Innovation

Craftable's platform stands out due to its proprietary technologies and innovative methodologies:

Integrated Management Systems: The platform seamlessly connects purchasing, recipes, inventory, sales, accounting, and analytics, creating a unified system for operators.

AI-Powered Automation: Leveraging artificial intelligence, Craftable automates various processes, reducing manual labor and minimizing errors.

Real-Time Data Integration: With over 60 POS and accounting integrations, the platform provides real-time data synchronization, enabling timely and informed decision-making.

Leadership Team

Craftable's leadership comprises experienced professionals with backgrounds in technology and hospitality:

Samuel Zats: Co-Founder and Chief Executive Officer. Samuel has been instrumental in guiding Craftable's strategic direction and growth since its inception.

Max Zats: Co-Founder and Chief Technology Officer. Max oversees the technological development and innovation of the platform.

Jim Norton: Chief Revenue Officer. Jim leads the company's revenue generation strategies and sales operations.

Leadership Changes

In July 2023, following the investment from Gauge Capital, Craftable appointed new members to its board of directors:

Tom McKelvey: Partner at Gauge Capital, joined the board to provide strategic guidance.

Garrett Fair: Partner at Gauge Capital, joined the board to support growth initiatives.

Sam Yang: Partner at Gauge Capital, joined the board to contribute to strategic planning.

Competitor Profile

Market Insights and Dynamics

The hospitality management software market is experiencing significant growth, driven by the increasing adoption of technology to streamline operations and enhance customer experiences. The market is characterized by a demand for integrated solutions that offer real-time data and analytics.

Competitor Analysis

Key competitors in the hospitality management software space include:

MarketMan: Offers inventory management and procurement solutions for restaurants, focusing on reducing food costs and waste.

BevSpot: Provides beverage management software, emphasizing inventory tracking and sales analytics for bars and restaurants.

SynergySuite: Delivers back-of-house management solutions, including inventory, scheduling, and reporting tools for the hospitality industry.

These competitors focus on specific aspects of hospitality management, whereas Craftable offers a comprehensive platform that integrates various operational facets.

Strategic Collaborations and Partnerships

Craftable has established significant partnerships to enhance its market position and expand capabilities:

Gauge Capital: In July 2023, Gauge Capital made a strategic investment in Craftable, providing resources to support the company's growth and innovation initiatives.

Operational Insights

Craftable's strategic considerations in relation to major competitors include:

Comprehensive Integration: Unlike competitors focusing on specific operational areas, Craftable offers an all-in-one platform, providing a competitive advantage in delivering holistic solutions.

Real-Time Data Access: The platform's ability to integrate with numerous POS and accounting systems ensures real-time data access, enabling prompt and informed decision-making.

User-Friendly Interface: Designed with input from hospitality professionals, Craftable's intuitive interface reduces the learning curve and enhances user adoption.

Strategic Opportunities and Future Directions

Craftable's strategic roadmap includes:

Product Enhancement: Continuously developing new features and tools to address emerging needs in the hospitality industry.

Market Expansion: Exploring opportunities to expand into new geographic markets and industry segments.

Technological Innovation: Investing in AI and machine learning to further automate processes and provide predictive analytics.

By leveraging its current strengths and strategic partnerships, Craftable is well-positioned to achieve its future objectives and maintain a competitive edge in the hospitality management software market.