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PromSocial, Inc.

The KNOT for PROM

USA, New Jersey
Market: Mobile applications
Stage of the project: Operating business

Date of last change: 21.05.2020
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Idea

Mobile app that allows you to plan prom with your friends

Current Status

We have been in open beta since January of 2019 and have acquired over 10k users and started generating revenue via our marketplace directory. We only have one customer as COVID hit just as we launched the marketplace.

Market

Target users are high school students and target customers are prom retailers

Problem or Opportunity

There are few rites of passage in American culture as important as Prom. Seen as a gateway from childhood into adulthood, attending Prom is one of the most anticipated, discussed, and prepared-for moments in a teen’s life.

Yet for all the importance placed on Prom, the logistics of planning and attending the event is still wildly fragmented. Tickets, attire, dates, transportation, parties, and more, planning for this life changing event can be overwhelming, confusing and frustrating for millions of teens across the country.

Nearly everything in our lives has been streamlined with the advancement of technology, yet the Prom Industry has experienced few disruptions. PromSocial aims to change this, making the process of planning, attending, and enjoying Prom as simple as a few clicks of a button.

Solution (product or service)

Teenagers today are part of a digitally-native generation that uses technology to improve all aspects of their life. School, sports, socializing, gaming and more, technology has dramatically changed the American high school experience over the last decade.

PromSocial capitalizes on this affinity for seamless technological solutions by centralizing all the elements of Prom into an easy-to-use, powerful planning app. Part social media, part dating app, part eCommerce, and part event logistics app, PromSocial allows users to quickly and easily execute all the steps on their journey to Prom, ensuring the process is efficient, easy, and most importantly, fun!

Competitors

Right now students are relying on Facebook Groups, Instagram Pages, and Text Groups to coordinate prom with their peers.Those platforms were not made for that. This gives us the opportunity to tailor our app to their specific prom needs.

Advantages or differentiators

With PromSocial, we simplify and enhance the entire prom experience and are bridging the gap between prom goers and prom retailers by bringing the entire prom experience online. PromSocial is loaded with features that help prom goers get the most out of prom by making it fun and stress-free. From finding a date to planning their outfits and parties to voting for their friends, PromSocial does it all.

Finance

We expect to generate over $100M in revenue over the next 5 years via our business model below.

Business model

Subscription
Partners pay a monthly subscription fee to be listed on our platform. Currently starting at $30 per month.
Commission
All apparel and accessory sales, limo bookings, hair appointments, floral purchases and any other Prom-related service found and booked through the app is subject to a commission paid back to PromSocial. This will likely be somewhere between 3% to 7% of sales.
Advertising
For Retail Partners looking to maximize their exposure and sales, advertising opportunities are available to extend their presence and reach within the app.

Money will be spent on

App development to continue building out key features related to the marketplace and generating revenue as well as livestream capabilities.

Offer for investor

$500k for 10% Equity

Risks

Our biggest risk is not having students embrace PromSocial which would in turn not allow us to grow to our full potential. The app is meant for students to use the app together so they are all up to date on everything happening in regards to their prom. In addition, without users, it will be much more complicated to onboard retailers who will be paying to be listed with us.

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

Finalist for Shark Tank Season 11 and accepted back to audition for Season 12

Photos

Photo 1 - The KNOT for PROM
Photo 2 - The KNOT for PROM
Photo 3 - The KNOT for PROM
Photo 4 - The KNOT for PROM
Photo 5 - The KNOT for PROM
Photo 6 - The KNOT for PROM

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