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Funofee

Switzerland
Market: Internet and IT
Stage of the project: Prototype or product is ready

Date of last change: 23.11.2018
Min investment
$  500.000
0
Total required
$ 500.000
Rating
equalizer 319 из 1000
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Idea

Open Innovation Connectivity Platform. Place for Upgrading hobby's skills and knowelege level.


Current Status

iOS and Android Prototype was created and uploaded to TestFlight (Apple)
Backend is finished
iOS application will be accessable in Appstore from January 2019
Landing website was launched and published 22.11.2018 (limited functionality - just pre-registartion)
Business Developers for Pilot territories were recruited.

Market

1) 4 of 10 are ready to pay fee for good advices regarding their hobby
Average amount of voluntary paid fee is 26 USD per consultancy*
2) 1 Non-professional Expert (all of us - Hobbyists) usually makes about 6 consultancies per year
3) Potential Fee turnover in multi-hobbies society of 250.000 members about 15,8 M USD
4) Potential worldwide market – 100+ M Users, 6300 M USD
(* - Marketing research was done 08.-09.2018 by Funofee AG in 7 countries : Switzerland, Austria, Hungary, Greece, Russia, Spain, UAE)

Problem or Opportunity

1) Each active person has more than 1 hobby.
2) For getting new skills and knoweleges he has to use different sources and spend a lot of time.
3) Everybody wants to upgrade hobby’s skills
4) Everybody uses advices for helping to upgrade hobby skills
5) Everybody has places, where they can test the upgraded skills level

Solution (product or service)

Open Innovation Connectivity Platform with direct worldwide access to
1) everybody with a similar hobby, but different level of skills and knowelege.
2) places, where you can test your level of skills

Competitors

No competitors at this moment

Advantages or differentiators

Problem not with competitors - soon or later everything will be copied.
Problem at the development area.
This Project will be developed throughout F2F approaches. (Like Agency network in insurance)

Finance

(extract from P&L 2018-2022)

2022 YTD Users - 3 600 000
2022 YTD Profit total - 27,5 M USD
2022 YTD Losses total - 13,4 M USD
2022 YTD Margin - 14,1 M USD

Business model

1) Throughout Funofee platform User search an Advisor\Expert in selected hobby
2) Funofee assists them to set up chat meeting
3) Funofee asks User to make voluntary assesment and to pay a tip
4) 4 of 10 are ready to pay tip/fee for good advices regarding their hobby
5) Average Tip amount is 26 USD for EU markets

Money will be spent on

Major lines (extract from P&L 2019)

1) IT development - releaze v.2 of Application
2) Business Developers - fees for the results
3) SEO&SMM agencies
4) Salaries

Offer for investor

500.000 CHF for 20% of Company equity

Team or Management

Risks

We don't see any serious risks.
The growth speed is depending on investment

Incubation/Acceleration programs accomplishment

The Project was discussed with Russian Incubator's (FFII) management - alex Kostarev and we agreed that F2F approach is a very unique forstart ups and a lot of Incubators are not enough experience in this area

Invention/Patent

we are in process of patenting

Product Video

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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
Product Video