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TownChat

Connecting users and Tourists with local people in the town

USA, Delaware
Market: Tourism, sport, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 25.05.2020
Min investment
$  50.000
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Total required
$ 500.000
Rating
equalizer из 1000
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Idea

TownChat is social media app that users and tourists will use to search local people and brands in the town and connect with them. Unlike other social media apps users will need to follow each other to start sending messages but tourists will be able to request online meet-up through our "Meet-Up Rooms" with local users without following them. Brands will be able to use InApp marketing channels to showcase their products to tourists and other local users. Brands will also be able to integrate other social media accounts and schedule their marketing campaigns.

Current Status

So far we have done validation of our MVP with 306 users. Other KPIs include 90% Conversion Rate, 98% Retention Rate, 95% Users Engagement Rate, 107K App Events, 50K App Sessions and 90% Net Promoter Score.

Market

We are targeting 1.5 billion tourists globally. For our business model according to Markets and Markets Global Mobile Marketing is expected to grow from USD 10.5 billion in 2019 to USD 25.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.9%.

Problem or Opportunity

As a tourist we personally felt need for an app that could bridge language issues and could also provide link between tourists and local people of a town. We discussed this idea with other tourists and locals of different countries who validated the potential of this idea.

Solution (product or service)

TownChat is social media app that users and tourists will use to search local people and brands in the town and connect with them. Users will be assigned Unique TownChat ID and they will not need to share their personal phone number to connect with other users. Tourists will be able to request online meet-up through our "Meet-Up" Rooms with local users willing to connect with tourists.

Brands will be able to do marketing of products and content through our "Push for Marketing" service. Only users who consent to receive marketing push messages will receive these messages. Brands and businesses will be able to provide support to their customers at no additional charge through content marketing channels.

Users will be asked to select primary language as part of sign up process. TownChat will automatically translate messages in user's primary language. All messages including group messages on TownChat will appear in primary language of users. Text in images and maps will also translate to primary language. This feature of TownChat will provide all travelers and tourists a seamless travel experience by helping them overcome language barriers.

Competitors

Our competitors are WhatsApp, WeChat and Nextdoor.

Advantages or differentiators

We are using AI and ML to match tourists with local people in the town and to prevent the creation of fake profiles. We are using deep learning for anti face spoofing and Machine Translation for automatically translating messages in user's primary language. All messages including group messages on TownChat will appear in primary language of users.

We are also introducing "Push for Marketing" concept for brands. Our content marketing channels are powered by AI and will match brands/products with users based on their interests. Only users who select the option to receive marketing and promotions push messages will receive those messages. This is obviously something our competitors WhatsApp, WeChat and Nextdoor do not offer.

Finance

We are Pre-Revenue. 274 users signed up for our InApp content marketing solution which is equivalent to $5.4K in MRR.

Invested in previous rounds, $

Business model

We will earn revenue from InApp content marketing through AI powered Channels for brands, organizations, Non-Profits and professionals. Brands and organizations will be able to do content marketing on monthly subscription basis. We will charge $20/mont from individuals and service providers, $50/month from Small businesses and $100/month from Brands and Enterprises.

Money will be spent on

45% on Operation, 25% on Marketing, 10% on Hiring, 10% on Product R&D and 10% on Legal and Miscellaneous.

Offer for investor

20% Equity at $2.5 Million Pre-Money Valuation.

Risks

Timing for entry in market is crucial to take unfair advantage.

Incubation/Acceleration programs accomplishment

Silicon Valley's GSVLabs is our Incubator. We are also Member of Nvidia Inception Accelerator Program and Plug and Play Tech Center.

Won the competition and other awards

We got featured among Top 100 Startups at Startup Istanbul, Got Honorable Mention at Family Office Funding Challenge and became Finalist at Pepperdine University's Most Fundable Companies Competition.

Invention/Patent

We are filing patent for our innovation. We have already got copyrights for our code and innovation.

Photos

Photo 1 - TownChat

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
Website address