After years wining and dining clients as a high-end real-estate wheeler dealer Tablelist founder Julian Jung was well aware of the trials and tribulations involved in giving prospects the good life and conspicuous consumption they wanted.
So the entrepreneurially minded Jung started Tablelist in Boston to meet the needs of the thousand-dollar-a-night club-goers of the world (party people unite).
“I built my entire book of business going out 4-5 nights a week,” Jung writes in a an email.
What Jung realized was that the businesses, while wildly cash-rich, were also wildly inefficient. There was no way to know who was coming in the door, how much they could (or did) typically spend and how they should be treated.
“They were still doing everything in the stone ages,” Jung wrote to me. “You still had to text a middle man, or the venue, pricing was not transparent, still really intimidating just to get in, and everything was being managed with pen and paper and google excel docs.”
It’s a tough life… and it keeps would be night-owls from hooting their way through the evening and into the wee-small hours of the morning.
So into the fray, Jung launched Tableist, which just made its first acquisition to consolidate the market, buying NightPro, a venue management system.
NightPro’s back of the house management system compliments Tablelist’s front end booking for last minute tables at the highest end clubs and restaurants in cities around the U.S.
For Jung and his crew of contemporaries, Tablelist is the way in to a night out. He’s pitched the service to the principals at venture firms and the associates at investment banks — the men and women who can afford to engage in conspicuous consumption, just not too conspicuously and not too much consumption all the time.
“We realized we were sitting on this massive sleeping giant,” Jung wrote in an email (although I’d argue that sleepless, bleary eyed giant would be more apt).
Booking tables, according to Jung, were the tip of the ice cube in that watered down Vodka and Red Bull.
So the company went downstream to offer up lower price-point items like tickets, cover, guest-list and bar tabs.
“That way, not only could we cater to the person ready to spend a couple of grand, but also the [general admission] person looking to buy a ticket or spend at the bar
The company takes a percentage on all transactions sent to venues, which can be up to 10% to 25% of tables, tickets, and guest list reservations.
NightPro helps handle the back-end of this, Jung said. They have over 100 venues in 22 cities and 10 countries using the service (primarily in Miami). From 4 million guests, they raked in $250 million in reservations in two years and sell their service for anywhere from $99 to $499 a month.
The combined entity allows Jung to offer dynamic pricing (think uber surcharges or discounts for your bar tab), table selection in venues for bookers, and providing information on the ratio of ladies to gents in a venue; and when venues are getting busy, he said.
For venues, Jung says the benefits all hinge on being able to retire the pen and paper or Google Docs spreadsheets that bedevil the big, burly bouncers barring the gates of party paradise.
“All tickets, tables, can be managed in a single platform instead of the million sheets now they use to keep things straight,” Jung wrote.
As the company expands, it’s wrapping up a new round with $2 million of a $3 million target hard-circled. The company will also be rolling out with the third iteration of its service.