US based Dating App closed $350K
Social media applications have remained the world’s favorite at the back of its USPs like ease of use, high adoption rate, and immense popularity.
In fact, it is one of the sectors that has proved itself to be pandemic proof. Especially since social media became the only way for people to have a sense of connectivity and community in their lives in the middle of the lockdown era.
We recently met the founder of a dating social media application who was seeking our assistance in getting funded. The idea which they had was that of a voice-driven social media app where users review the match profiles and then set up the video dates that are restricted to only five minutes. In this period, they get to see if they will even be interested in taking the date ahead.
“Just when we thought the social media application sector had become stagnant, the clients presented a revolutionary new idea. The app made bling dating virtual by giving people the chance to interact face to face – cutting down the many stages it takes to find the vibe match. We were sure that the one of a kind application would get interest hits from a number of investors who knew how compact the dating social media sector had become.” – Ash Narain, Founder, Marquee.
Everything was great, thanks guys for your help
Dima Venglinski, CEO & Founder, Creabl
On a global scale, the dating application market is expected to reach $9,202 million by 2025. The dating service sector has been showing immense growth on the front of sales – growth which has been evolving since the past some years.
The market size that the sector is expected to reach can be attributed to an increase in the number of singles and the access to the internet, especially around regions like Europe, Asia Pacific and North America.
A contributory factor to this growth has been the increased use of AI. Several dating apps are using artificial intelligence to make matches, make the platform safe, and ensure that the application is genuine with zero fake profiles.
Now, what we had was a dating based social media application which users would go on to meet someone face to face. An idea that was new to the social media industry. After listening to the idea, we were sure that it would get the much deserved investor attention.
“When we approached Marquee, we were looking for guidance around the most basic things – finding investors, making business plans, preparing and collating key documents, presenting our team, etc. and ofcourse funds. And it’s amazing how true to the expectation the Marquee team was for us. We couldn’t have asked for a better companion than Marquee in our journey to get funded.” – Founder, the dating app
What the client needed from us was facilitation support to get $350k in funding. And the approach that we took was that of a hand-holding one. We worked with them through the preparation stages of getting funded – helped them with a list of documents and getting them in one place, designing the business document in multiple formats, and preparing the business deck by collecting customer testimonials from multiple platforms.
Once we were through with the preparation stage, we moved on to sending out emails, LinkedIn messages, and making direct calls. The intent for us was simple – getting maximum investors’ interest in the least possible time, so that we can initiate the discussion round in under 3 months.
The outreach efforts that we put in behind getting capital for the dating apl led to a situation where they got the funding they needed in record time – 4 months. What was the most promising thing about the activity was that we got over 300 requests for financial statements and decks, from investors who were genuinely interested in an innovative social media application.
With the funds that they received, the brand is today working on expanding its service area to more geographical locations, plus is planning to extend the application to Android as well.
Our work speaks for itself and we are proud of it.
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