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Funofee

Communication platform for Hobbysts and hobby services

Switzerland
Market: Mobile applications
Stage of the project: Operating business

Date of last change: 03.03.2020
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Idea

In one place you can find on the map (geolocation) your hobby experts, all services for your hobby where you can get discounts, all worldwide places where you can test your hobby.

Current Status

Application FUNOFEE is already in Appstore
We have 300+ users (108 out of them are Experts) from 11 countries.
All of them are visible in the map
Android version and Payment Module still in the development process
We are searching for the investments for the programming and development

Market

Everybody (middle class) in age 18 – 65 has one or more hobbies
People after 35+ are ready to spend 15%+ of the annual income for their hobbies

- 1 subscription from 1 shop\hobby service cost 120 USD annually
- 100 000 subscriptions will give us 12 M USD
- Est. volume of subscriptions in 1 territory (1 M population) is 3 000 (0,3% population)

Total worldwide potential market is 20 M subscriptions (approx. 2 400 M USD)

Problem or Opportunity

People who have hobbies would like
1) to have one place for communication with a similar hobby funs
2) to get a discounts fr om hobby services
3) to get worldwide direct access to places, wh ere they can test their hobby skills
4) To compare their hobby skills with other hobbyists skills

Solution (product or service)

To create an application for hobbyists where they can get
1) direct access to other hobbyists
2) direct access to hobby services with discounts
3) direct access to places where they can test hobby skills
4) a rate of their skills and knowledge

Competitors

Application Hobby of Facebook

Advantages or differentiators

Application Funoffe has a special development approach - face-to-face.
Our business is developing thru agents who are working on a same manner as an Insurance Agent - daily meetings with potential subscribers.
We believe that only this approach will give us the possibility to promote our business

Finance

Gross Margin 2022 - 3,4 M USD
EBIT 2022 - 1,6 M USD
Net income 2022 - 1,3 M USD

Business model

1) Subscriptions for Hobby services (about 120 USD annual cost)
for this subscription, the hobby service will be visible on the map and will get a public rating fr om consumers/ Also, those, who will buy a subscription will provide Funofee users by discounts for their services
2) Subscriptions for Users, who would like to get Funofee Discount Card. The owners of this subscription will be able to make special marks on the map. Special Marks about the places, wh ere you can test your hobby tskills

Money will be spent on

Pilot 2020 - 550 000 USD in total

Main expenses
- 70 000 USD for programming (new version of app with all features)
- 300 000 USD for compensation of developers

Offer for investor

550 K USD for 20% of Company ownership

Team or Management

Risks

We do not see any risks from competitors.
The technical part could be copied, but this business model could be developed only thru face-to-face approach, which is difficult to realize.

Incubation/Acceleration programs accomplishment

For this moment we didn't participate in incubator programs

Invention/Patent

Registered trademark

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
Photos
Product Video