Objective fulfilled! The success could not have been greater. Just a few hours after we started our second crowdfunding campaign, the goal we had of getting 500,000 pounds was exceeded by an investment of more than 200 investors. The end result for the 30 day campaign is amazing £ 845,980. This is backed up by 597 investors.
A big part of the success is probably due to the KPIs that Wave presented on its pitch video. 80% retention rate and 800% growth in monetization. And this is only the beginning.
This is the second time that we have made a crowdfunding campaign in Crowdcube. This is a reputed crowdfunding platform in the United Kingdom, in which we obtained in 2016 more than 700 thousand pounds. They were decisive in developing the product we have today.
On this occasion we are more experienced entrepreneurs and we are older. We have gone to Crowdcube with results of what we envisioned two years ago. All our KPIs are fulfilled with a great userbase, a high retention rate and with an app that already monetizes. As many investors will know, there is no better cover letter before a crowdfunding campaign.
Crowdcube is not the only source of investment we have planned for this year, as we have partnered with Series A Venture Capitals for €2 million and we have been backed by more than 500 investors.
Our story has a very happy present so you might wonder how we got here and what we are going to do from now on. Let us tell you this briefly:
HOW WE HAVE GROWN SO MUCH?
Wave Application is a free app that helps people to meet by spotting each other on a private map in real time, through a sophisticated system of geolocation. We commercialized the app for iOS and Android in 2015 and since then we have improved the accuracy of the application and incorporated new decisive features to stand out among our competitors, such as:
- Group maps to see all of our friends simultaneously, set a meeting point and see where the others are.
- The possibility to set a meeting point on the map and see how to get there and how long it takes us (ETA).
- Full chat to type, speak and send images.
- Duration of the session for each taste: limited and unlimited waves.
- Technology in real time, which adapts to the pace of each user.
- Intuitive UX design. Easy to use, pleasant and functional.
- Safety technology. All the information is encrypted and users need to give permissions every time they open a shared map with others.
These core features have allowed us to grow our user base from 3.5 million in 2016 to more than 11 million today and to achieve a retention rate of 80 percent.
And will you say if the application is free, how do you earn money out of it? Two years ago, we did not worry about that. We wanted to follow an American model and validate our idea, to show that people loved it and that it was worth it. Today our user base has allowed us to have a very good technology that we can adapt to other companies. ALSO, it is an excellent platform to display non intrusive ads.
Follow us in this incredible journey with our crowdfunding campaign. Best!