HUGY Partners with Snapchat to Drive Growth
August 9, 2017 HUGY is being strategically guided by Snap to drive additional user growth to it's new platform. Management believes there could be a strong level of engagement and conversion given that the user base of Snap is already interested in short form video social media. This is being achieved by strategically placing video ad's in geo locations that correspond to HUGY's target demographic as advised by snapchat's team.
HUGY makes “Real Life” type connections possible on your phone via a “No Text” “Video Only” Interface, just like when you meet someone at a bar or lounge or through your friends.
Present dating apps do not give the sense of the movements and mannerisms of a person when using traditional text / picture. Hugy is video meeting/ dating with a fun and more realistic approach.
People try to connect with one another on the go reading bio’s and looking at some photo enhanced pictures. HUGY via your phone, gives you the feeling of meeting someone at a bar or social event but without physically being there and yet protecting your privacy. You get to see the person’s mannerisms, body language and feel their “vibe” through their video profile. HUGY’s approach is about getting to meet people like we do in real life in a fun and safe manner!
Present dating apps and online services are strictly concentrating on meeting via a cut and dry approach. All you see is a still picture and communicate via some sort of texting. HUGY is about feeling the human element of the person behind the screen.This is where the initial chat feature of the app comes into play where each user gets to communicate with their match via short video snips that disappear after a 25 hour period. If they wish to chat further then they can video chat live.
The HUGY App aims to bring out the essence of meeting someone with a match by giving the users the ability to video chat back and forth. As a result, promoting the feeling of meeting for the first time in a social setting and letting the user’s conversation flow in a natural way.
HUGY has proprietary algorithms in place for the existing working product.
Currently, the company is also developing an enhanced Augmented Reality / Live Streaming versions of the product
Why is this an opportunity not to be missed?
Because VIDEO is a means to connect people like it happens in real life and it is a business opportunity that has NOT been tapped into.
Why is now the right time to seize this opportunity?
We are living in a time where the bandwidth infrastructure supports the usability of the product via your phone and enables you to watch Video / Augmented Realities / Live Streams seamlessly - giving the user a lifelike experience via their phone.
What larger societal trends suggest this opportunity is well-timed?
The fact that online dating has grown from a $2B to a $5B industry from 2013 to 2017 and the fact that the stigma of online dating is long gone where more and more people aged 18 - 40 are dating people they meet online and so far only using picture / text based dating apps suggests that the era of the VIDEO enabled dating app opportunity is well timed and is a strategically smart investment decision.
What makes you different than your competition?
No texting. “VIDEO” based Matches with Augmented Reality and Live Streaming being currently developed into the platform. User’s can also doodle on their screen while chatting with their match. HUGY’s approach is to bring a more fun and dynamic way of dating or socializing and meeting someone without physically meeting them for the first time which saves a lot of time and effort for both parties concerned if they do not feel the “vibe” of the other person being able to view their body language, how they dress, their appearance, mannerisms etc. The ability to break the ice even before meeting their match makes for a deeper connection upon physically meeting for the first time which is only found when one uses HUGY!
How do you plan to find (or know you’ve found) a fit between your product and market?
Product Market Fit is more of a moving target and the dating market has gone from $2.5B to almost $5B in the last 4 years with Picture / text based products. VIDEO based dating apps are a natural move since companies like snapchat and instagram have already done the leg work to condition users to get used to video and thus video dating is a natural extension of this.
How are you measuring progress?
Their progress was measured when they got almost 1000 downloads in a day-and-a-half by utilizing self funded marketing dollars. HUGY is also currently tracking app activity via "Fabric" which gives them a bird's eye view of all important KPI's and Metrics.
Progress is being measured in terms of quarterly milestones. We set a three month development / user acquisition target then execute it. We are currently working together with SNAPCHAT and have regular weekly strategy meetings with regards to user acquisition since we both have video friendly users. Our strategy sessions help us to pin point our target demographic ( 18 - 35 yrs ) with a greater degree of detail. This trickles down to users downloading our product and being active on the app. We have seen a growth of +200% in the last 2 weeks alone since we are implementing our SNAPCHAT strategy.
What sort of unique insight do you have into the problem?
The fact that HUGY brings a unique sense of “KNOWING” the person even before physically meeting tells you that this is a “Curiosity Bias” that makes the users go back for more interaction with their potential matches also known as the “Sticky Element” which is used by Facebook, Instagram, SnapChat, Twitter and a slew of other social media SaaS companies.
How do you plan to beat the competition in the short-term? In the long-term?
Acquiring eyeballs via employing a strategic twofold marketing plan and expanding into domestic and International regions thus consuming more market share and establishing HUGY as setting the standards when it comes to the interactive social dating industry.
Have you had any great press?
HUGY has been featured on www.greatapps.com where HUGY still enjoys a top 4 position amongst all other apps presented. HUGY also has the opportunity to be featured in on “Newswatch TV” a tech show on AMC which reaches 95 million houses in over 200 markets which has viewership on DirectTV who have over 200 MM subscribers.
HUGY is also appearing at TECHCRUNCH DISRUPT 2017 in San Francisco and is exhibiting in the AR / VR startup alley section.
HUGY's business model will involve income from two revenue streams, video advertising and a subscription service offering premium features
- $0.99 per click to view Ad Video (paid by advertiser)
- Ads in augmented reality space - flat fee $25k/month (planned)
Premium Features (planned)
- $0.33/month or $0.99/ every 3 months
- Live Streaming
- Augmented Reality
Formerly from the airbus aerospace industry working both in flight operations as a pilot, aviation consultant and company operations setup directly involved in projects ranging from $100MM - $250MM. Franz oversaw and was directly involved in from the ground up the start of two major airline operations in Asia. Franz eventually turned his expertise and company setup know-how to the angel investing tech world while also being a successful trader and real estate investor. Franz currently is expanding his knowledge at Harvard Business School and still has an active Airline Transport Pilot's license which he keeps current and now flies for leisure and is also an active angel investor. Franz came up with the idea for HUGY in January of 2016 and brought the idea to the app store within 6 months.
Joe joined the team as Co-founder and CFO in November 2016 and brings years of financial knowledge and experience to the company. Formerly a fortune 500 corporate finance banker, Joe was trained in the art of negotiation, strategic business development and oversaw various business deals ranging from mergers and acquisitions to businesses with revenues in the $30MM - $500MM range during the course of his career. Joe is an avid financial controller with an eye for numbers and is also an active angel investor.
Be a part of HUGY
This is an offering of Common Stock, under registration exemption 4(a)(6), in HUGY INC.. This offering must raise at least $10,000 by October 16, 2017 at 4:00pm ET. If this offering doesn’t reach its target, then your money will be refunded. HUGY may issue additional securities to raise up to $250,000, the offering’s maximum.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
4,213,675 shares × $1.17 per share = $4,930,000 implied valuation
The primary uses of funding are for working capital and employee compensation. Working capital amounts will go toward marketing , product branding and further platform development in terms of product and performance .
These financial statements have been reviewed by an independent Certified Public Accountant.
HUGY is not only looking at video but is currently developing Augmented Reality Dating / Live Streaming to bring to the social dating industry via the app!
Learn more about HUGY at https://www.hugy.nyc/.
HUGY’s SEC filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
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