Photo - socialmix
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socialmix

Mobile experience to get personalized drink recommendations

USA, California
Market: Food industry, Mobile applications
Stage of the project: Idea or something is already done

Date of last change: 10/01/2019
Min investment
$  25.000
Total required
$ 500.000
Rating
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Idea

At socialmix, we’re creating a mobile experience for patrons to get personalized drink recommendations and services through a community of global curators and a marketplace of freelance mixologists

If you are familiar with Vivino for wine – we have a similar model for the Mixed Drink space (cocktails).

Current Status

Highlights of our socialmix journey:
- Built a Team [3 Co-founders, 2 App Developers, 2 Advisors].
- Business model and revenue strategy defined.
- Corporation formalized [Delaware C-Corp, Gust Launch, SVB, MOFO].
- $102,500 Friends & Family Investment Round [Cap Table].
- Wire-frame & Prototype developed / Lifestyle brand launched.
- Strategy Confirmation [Financial Forecast Audit / NCB Show Validation].
- Pre-Seed Investment Round OPEN [For MVP]

Market

Stakeholders:
1) Patrons = 240M+ Adults consume alcohol in U.S.
2) Mixologists = 600K+ Mixologists & Bartenders in U.S.
3) Establishments = 1M+ Bars & Restaurants in U.S.

Advertisers:
- $26.2B Annual Spirits Supplier Revenue in U.S.
Platform:
- 77% Smartphone Adoption of adults in U.S.

Customer Persona:
- 80% would use a mobile app to choose their next drink.
- 88% would submit drink recipes for a chance to win prizes.
- Millennials -> Baby Boomers -> Gen Xers
- Women -> Men

“Millennials are influenced by three main sources when it comes to gathering trusted information on trying liquor brands.”
1) Friends & Co-Workers
2) Bartenders & Mixologists
3) Brands

Problem or Opportunity

Three Stakeholder Model:

1) Patrons > What do you want to drink?
- Find a drink
- Make a drink
- Enjoy a drink

2) Mixologists > Where can I build a following?
- Become a curator
- Get rewarded
- Connect People
- Compete for projects
- Earn money

3) Establishments & Brands > How do we improve revenue?
- Increase high-margin sales
- Provide an experience
- Targeted marketing

Solution (product or service)

A Free Mobile Experience:
- A mobile app for personalized drink recommendations and 'how to' recipes based on your interests, history & location

1) Community - A network for curators to promote their fluid excitements with a chance to win prizes.
2) Marketplace - A platform for freelance mixologists, bartenders and entertainers to compete for services, jobs & events.
3) Engagement - A tool for establishments and brands to engage with targeted customers through social experiences.

Competitors

- Website & Blog vs. Mobile App
- Database Focus vs. User Focus

Advantages or differentiators

1) Passionate and experienced team.
2) Application features & value
- Artificial Intelligence
- Geo-Location
- Marketplace
- Gamification
- Social
- Trending
- Integrations

Finance

Financial Projections:

Our mission: 3+3=27x
a) 3 Stakeholder Model
b) 3 Revenue Streams
c) 27x Investor Return (w/ 93% IRR)

Annual Financials (Year 5):
- $60M Total Revenue
- $29M EBITDA

Percent of Total Revenue (Year 5):
- 10.1% COGS
- 18.1% Salaries & Wages
- 23.7% Expenses
- 48.1% EBITDA

Key Metrics (Year 5):
- ARPU = $.81
- CAC = $2.37
- ROI = <3 Months
- Retention = 65%

Business model

Three Revenue Stream Model:

1) Monetize Community
- Programmatic Advertising
- Sponsored Advertising
- Shared-Revenue Partnerships

2) Monetize Marketplace
- Freelance
- Subscriptions
- Jobs

3) Monetize Engagement
- Lifestyle Branding
- Intent-Based Marketing
- Event Engagement

Money will be spent on

1. Application Development - Minimum Viable Product (MVP).
2. Product Launch - Marketing & Awareness Campaign.
3. Operations - Core Expenses

Offer for investor

Pre-Seed Round
- S.A.F.E. [Simple Agreement for Future Equity]
- 20% Discount
- Uncapped

Team or Management

Incubation/Acceleration programs accomplishment

Participation in Gust Launch.

Photos

Photo 1 - socialmix

Product Video

Website address

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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
Website address