Photo - Großjungig AI
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Großjungig AI

We are reinventing intergenerational co-living in big cities

Germany
Market: Services
Stage of the project: Prototype or product is ready

Date of last change: 14.06.2021
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Idea

We are Großjungig AI - an online rental platform powered by Artificial Intelligence for Best Agers and young people.
Loneliness and shortage of affordable housing are two growing problems with a large negative societal impact. Through our platform powered by artificial intelligence, we connect the disconnected generations in the comfort of their home. Our platform is not only promoting social cohesion, but also creating a solution that is scalable and more precise than ever before.

Current Status

Grossjungig AI is currently in the early stage, focusing on product development, building a customer base, and securing investments. Our dedicated and action-oriented team of 25 team members are working hard to finalize our MVP by the end of June, create and increase brand awareness, and acquire our first customers and business partners. We will then continue our testing phase with our first 100 client pairs that will allow us to gather further data for our algorithms in order to have the final product market ready by the end of 2021. Simultaneously with the platform development, we have initiated our marketing plan which seeks to broaden our customer base. Therefore, we already have a list of potential customer both best agers and young people who are interest in our services and help us to test the product and aid us in developing it further. We have our first customers living together and we keep connecting new customers offline. We‘re finalizing our T&C‘s and Data Privacy Policy to start connecting people on the platform.

Market

Our platform connects best agers that live alone and have the capability to host someone in their homes (mainly 60 y.o and above) with young people (20 to 35 y.o.) looking for affordable housing in big cities. In Germany, we are targeting 4,5m seniors living alone and 3m young people living alone. Based on these numbers, we estimate the market at €1.62b. Knowing that in Europe 30million people are suffering from loneliness and around 75m best agers are currently living alone, we estimate the European market at €30b (Rental only).

Problem or Opportunity

Although the world is getting more connected virtually, roughly 30 million people in Europe report feeling lonely. The Red Cross calls it a hidden epidemic. Research has shown loneliness to has severe negative effects on both mental and physical health, comparable to other leading causes of early death. In Germany, around 8% of the population report feeling lonely, and the number is increasing yearly, especially since the COVID-19 pandemic. Research also shows that individuals suffering the most from this hidden epidemic are people living alone, especially Best Agers (66+ years old). On the other hand, the lack of affordable housing is an increasing problem in both Germany and the rest of Europe. Cities are growing quickly, and the housing market is not able to keep up with this growth. Consequently, the few rooms available are rising in price, leaving many people unable to find affordable accommodation. Also this problem has been exacerbated by the COVID-19 pandemic and the unstable financial market. The idea of Grossjungig AI is to provide a solution for these problems by creating an AI-powered platform bringing Best Agers and young people together. The young people find an affordable room up to 20% below the market price, and a house mate with lots of life experience to teach. The best agers get a companion to live with who can help them out with the little things in daily life. They also receive extra income on top of their pensions. Both financially and in regards to life quality; this match is a win-win for both younger people and best agers.

Solution (product or service)

Our online platform connects best agers living alone with students and young professionals looking for affordable accommodation. With just a few clicks, the best agers can post and advertise their rooms, and young people can submit requests and search for available rooms. Based on the information provided by the users, our AI algorithm analyses the existing data and creates matches. We want to make it possible for seniors not only to find a flatmate and earn money, but also to receive support in everyday life from young people. For students and young professionals, our platform is an opportunity to find affordable accommodation and a familial environment.

Competitors

Although similar ideas are promoting cross-generational co-living (for example, initiatives Wohnen für Hilfe in Germany; startup Wohnbuddy in Austria; Colette Club in France), we don’t have any direct competitor in Germany which offers the opportunity to become the first German rental platform for Best Agers and young people on the market and gain a significant market share. Other German indirect competitors to our services are Deutsches Studentenwerk, WG-Gesucht, Immobilien Scout 24, etc. However, their focuses as well as their target groups differ from ours.

Advantages or differentiators

Intergenerational cohabitation is trending. Almost 50% of people over 50 say that they are interested in living with someone as they grow older. However, intergenerational co-habitant programs are often short-lived, and many initiatives fail due to complex planning processes and the lack of funding.
Using artificial intelligence, Grossjungig AI can efficiently facilitate high-quality matches. This feature distinguishes us from the rest of the programs on the market by including a new dimension of scalability. The algorithm will not only consider the basic factors such as price and location but also match our customers based on their information to find long-lasting co-habitation couples. Thus, the technical know-how is our main competitive advantage that will be difficult to replicate. Also, our goodwill among Best Agers, profound understanding of our customers both seniors and young, outstanding team are not reproducible.

Finance

Business Model:

Best Agers pay a one-time fee of €50 to get access to the platform.
Young people pay monthly €40 for the first year/contract and then €30 for the subsequent months/contracts.

Revenue Streams:

Customers & Partnerships.

Cost Structure:

IT (27%) - website development, maintenance and technical support;
Marketing (22%) - OOH, social media marketing, Google Ads (+ radio
/ TV); Taxes (15%);
Business Support (30%);
Overhead (6%) - management, administrative work and customer

Business model

Our business model is based on:

* A one time fee of €50 to get access to the platform (Best Agers)
* €40 monthly for the first year/contract and then €30 for the subsequent months/contracts (Young people).

Channells:

* B2B: Partners, Events, Talks, & Workshops.
* B2C: Social Media, Out-of-home Advertising, Flyers, & Street Marketing.

Facebook: https://www.facebook.com/GrossjungigAI
Instagram: https://www.instagram.com/grossjungig_ai/
LinkedIn: https://www.linkedin.com/company/grossjungig-ai/
Blog: https://medium.com/gro%C3%9Fjungig-ai

Money will be spent on

We are currently in need of investments for the early development of our final product. In fact, one of our main focuses currently is the finalization of our MVP as well as starting working on our final product, which we want to launch on the market by the end of this year. Besides the early development of our final product, we want to grow our customer and business partner bases. Thus, the need for investment for financing our business development, marketing, and customer & partner relations activities.
Since we are currently focusing our activities in Berlin only, we want also to profit from this investment for our expansion strategy. We are planning to cover more German cities in the near future starting from Munich, and have an international entry by the end of the next year. Since we are aiming big, we want to add new services and features for seniors with a focus on ambulant care, which can be a new challenge that receiving investment can help us mastering.

Offer for investor

Depending on the amount of investment we are ready to offer either a convertible loan or equity (starting from an investment of €200,000). We set the company valuation on the DCF basis at €2 mln pre-money and will give a corresponding equity share to the prospective investor.

Incubation/Acceleration programs accomplishment

We‘re in an incubator program of FU Berlin and other Berlin universities that provides us with money to sustain our core team, offices, provides network support, and workshops to grow our expertise. It’s happening in 2021 throughout the year and is located in Berlin.

Won the competition and other awards

The Berliner Startup Stipendium ( Won in Nov. 2020).

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video