Restworld
About the Company
Restworld, founded by Luca Lotterio, is an HR platform specifically designed for the restaurant industry. Based in Turin, Italy, it caters to over 800 customers and has amassed a community of 72,000 subscribers. The platform helps match job seekers with restaurant employers in desirable Italian locations, focusing on effective and efficient recruitment processes.
Restworld's team comprises four founders and thirteen employees. The company has grown significantly since its inception, achieving revenues of $35,000 per month. The service aims to streamline the hiring process in the hospitality sector, leveraging advanced algorithms to match employers with potential employees effectively.
The platform has evolved from simple job postings to a complex system with numerous variables and transactional emails, indicating its commitment to addressing the unique challenges of the restaurant industry. Restworld is poised to scale its operations further, driven by its innovative approach and the demand for its services.
Idea Behind Company
Luca Lotterio's journey began in high school when he sought financial independence by distributing flyers. This entrepreneurial spirit continued through his various roles in the restaurant industry while studying psychology and human resources. His experiences highlighted the challenges of hiring in restaurants, inspiring the idea for Restworld.
While working on his university thesis, Luca envisioned a platform to match job seekers with employers in the restaurant industry, similar to Tinder but for work. This idea took shape as he discussed it with co-founder Davide Lombardi and gathered feedback from restaurant owners and workers in Turin.
Restworld's concept was validated through collaborations with universities, participation in challenges, and hackathons. Despite the timing of its launch just before the COVID-19 lockdown, the founders persevered, investing their resources and reputation to build the company from scratch.
Creating the Company
Restworld's initial development involved a straightforward process: identifying the needs of restaurants, posting job advertisements, and selecting applicants. This was managed using basic tools like Google Docs and Gmail. As the business grew, the founders introduced more complexity, adding various requirements and automations.
The company shifted from a simple SaaS model to a Recruiting as a Service (RaaS) model, involving real human interaction to assist with recruitment. This transition was driven by the realization that restaurants were not prepared to handle the process independently.
The development process included extensive market research and testing, with numerous iterations to refine the platform. Restworld's fundraising journey reflected its iterative approach, securing progressively larger investments to support its growth. The founders dedicated countless hours to testing and validating features to ensure they met market needs.
Launching the Business
The launch phase of Restworld involved persistent efforts to acquire customers. Initially, the founders manually contacted restaurants, eventually securing their first customer. They spent months engaging with potential clients through various channels, including emails, door-to-door visits, and flyers.
As the business grew, they transitioned from direct outreach to more automated processes, using ads and a streamlined sales funnel. The brand's reputation and online presence significantly contributed to attracting new customers, supported by positive media coverage and reviews.
Restworld's customer acquisition strategy evolved over time, emphasizing the importance of adapting strategies at each growth stage. The founders leveraged job boards to attract workers initially and later adopted a more omnichannel approach to reduce acquisition costs and expand their user base.
Earnings
Restworld is not yet profitable overall but generates significant revenue through its services. The company's gross margins are lower than typical SaaS businesses, but its high LTV/CAC ratio indicates efficient customer acquisition. The platform's simple yet effective acquisition funnel on Meta has been a key driver of growth.
The founders aim to build a much larger business, investing heavily in growth rather than short-term profitability. Restworld's focus is on maintaining steady, sustainable growth, aiming for a threefold increase in size each year. This approach balances ambitious expansion goals with operational stability.
Regular team meetings, clear communication, and a focus on customer engagement are critical to Restworld's success. The company uses a mix of tools for scheduling, team management, and investor relations, ensuring efficient operations and continuous improvement.
