Photo - FishyHub Pte. Ltd.
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FishyHub Pte. Ltd.

AI-Powered Aquarium Marketplace

Singapore
Market: Internet and IT, Entertainment, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 11.02.2022
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Idea

FishyHub is a social commerce platform that helps aquarists overcome their challenges of starting, maintaining and growing their aquariums.

Current Status

Launched in Feb 2021

Feb - $2K sales, 60 new registered users
Mar - $6K sales, 141 new registered users
Apr - $6K sales, 152 new registered users
May - $10K sales, 239 new registered users
Jun - $14K sales, 390 new registered users
Jul - $23K sales, 358 new registered users
Aug - $14K sales, 423 new registered users
Sep - $21K sales, 670 new registered users
Oct - $30K sales, 723 new registered users
Nov - $27K sales, 685 new registered users
Dec - $30K sales, 702 new registered users

Market

Our current customer base are 70% male millennials who are looking for stress relief, family bonding or home decor. They are currently all in Singapore but there is a significant portion of expats. Our projected market size in SEA/AU is 800K households with aquariums. Our survey has shown that more than 50% of aquarium owners have more than 2 tanks in their homes so we estimate that FishyHub is able to provide value to around 2 million home aquarium tanks.

Our long term target customers are female millennials interested in gardening or home decor. This home decor space is a 1 trillion dollar opportunity globally.

Problem or Opportunity

95% of aquarium keepers face stress and uncertainty in starting, maintaining and growing their aquariums. The outdated and fragmented industry, underserved markets and lack of education prevents this industry from reaching its full potential.

FishyHub helps aquarium keepers overcome these challenges using data analytics and social commerce. Our intelligent platform utilizes a gamified journey-based approach to make shopping for aquarium products including livestock and building your home aquariums painless and fun.

Solution (product or service)

Vertically integrated social commerce platform that aggregates aquarium farms and merchants in a one stop marketplace for users to shop in an intelligent, personalized and social way.

Competitors

Currently there are no competitors but customers are going on Facebook or Google to ask for recommendations and tips. Unfortunately, they received a spectrum of responses that might not be accurate.

Advantages or differentiators

Differentiators:
1. Fishkeeper data collection - tank size, fish types, user personality etc.
2. AI-recommendation engine - fish compatibility matrix with tank capacity constraints, user-centric model of recommendation
3. Social fishipedia - Quora for aquariums with social commerce

Finance

Revenue streams:
1. Commission revenue
2. Premium membership fees
3. Merchant ad fees
4. Value-add service fees

Cost structure:
1. Cost of revenues, including payment fees, discounts, redeliveries, refunds, marketing ads expense
2. Staff cost
3. Technology infrastructure cost

Projected sales over next 12 months:
2.5 million SGD in sales

Business model

Business model:
E-commerce marketplace model that charges commission fees based on any successful transaction

Channels:
Website, mobile app

Metrics:
1. Number of registered users
2. Customer lifetime value
3. Sales & commission revenue

Money will be spent on

Marketing (Google SEM, social media) - 40%
Staff salaries (developers, marketing, operations, commercial) - 50%
Technology infrastructure - 10%

Offer for investor

100K SGD for 10% equity

Team or Management

Risks

As our vision is to get more people to adopt fishkeeping as a hobby, one risk is the lack of traction among the new fishkeepers. New fishkeepers might be concerned about the maintenance work required even if it looks good in the home.

Incubation/Acceleration programs accomplishment

Not applicable

Won the competition and other awards

Not applicable
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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
Presentation