Who are you?
We are Yeppt. We want to engage people to do more with their real friends in real life.
Explain your idea a little more detailed, please.
This is how we do it: Ask a question. Set a timer. Invite your circles. Get responses in time. Meet your friends. Yeppt takes the pain out of target-oriented group discussions. No babbling, no maybes. Yeppt is the Snapchat for get- togethers.
What to do this evening? Once again the dazzling idea is missing. In this situation we provide hot activity proposals which we call Stings. Our users can take a Sting and send it to their friends. By doing that they greenwash these advertisements. The proposals are added by our event partners and event aggregators such as Eventim and lastminute.com. We aim at becoming the Google Adwords for activities.
We target the 18-35 year old active people. The smartphone penetration of our target group is 58% in Germany and 78% in the US. This sums up to 60m people in only these two countries. Note that the smartphone penetration has a yearly growth rate of 10%. In average a person between 18-35 years spends € 165 per month for leisurely and recreational activities. Therefore, the 60m active Yeppt users will convert to a potential market size of more than € 2,4bm per year. The amount will be funded from the marketing budget of organizer.
Could you quickly introduce your team?
We are three founders: Clemens Bachmair, Malik El Bay and Moritz von Hase. Clemens and Moritz just finished their masters in theoretical physics together and while studying they began to develop an organization application for shared flats.
That’s when they met Malik who had the same idea. Together they gathered the experience in developing a mobile product, won three prices and launched the first app making living together even better than before: www.flatastic-app.com Yeppt has a very product focused team. Coming from a science background all founders are experts in setting up the right experiments to validate relevant assumptions. Clemens is a genius in coordinating the right pieces to build a perfect product. Moritz is the CTO and Malik meets everyone at networking events and makes sure Yeppt gets the attention needed to keep growing.
When did you start working on the project?
The idea was born in summer 2013 and implemented the first time attending the battle hack hackaton (winning the first price for best idea).
Tell us the funniest moment that your funding team shares?
After we pitched flatastic in Lausanne in front of the Venture Kick Jury and won CHF 20k for our project, we decided to properly celebrate our success. Back in Zurich we invited all supporters to a big party, which ended after six in the morning.
Waking up at midday, we discovered an email in our inbox from “You Is Now” - the accelerator of the immoscout24 group - announcing that they want to Skype at 2pm to learn more about flatastic and about our vision. Having lost our key to the office the night before, we started the Skype call sitting on the road in front of the closed office door. Trucks were passing by, dogs were barking and at one point even an ambulance intercepted our call for half a minute.
Naturally “You Was Not Now” and we realized that taking the picture on the next side finally costed us € 25k. However, we believe that exactly this picture was the tipping point for Yeppt.
Why are you better than your competitors?
Yeppt enters a very crowded market and competes with different types of companies. Unlike most group organization tools (doodle, WePopp, Rundavo), Yeppt is not adding more options but rather breaking a call to action down to a single deciding question. Also Yeppt focuses on getting people together in real life instead of keeping them in an endless online conversation. This is the key differentiation from group chats on WhatsApp or Facebook. One might assume we compete with event aggregators on the business side to provide inspiring event proposals for our costumers. Actually we work closely together with these companies and focus on delivering their events on our platform to the end consumer.
Who is your role model and why?
The Snapchat and Instagram companies for building and scaling an awesome product really fast and with a very small team.
What’s your favourite Startup?
Yeppt. Why? It solves problems we face everyday! Especially Malik and Moritz were pros in postponing decisions and keeping options alive. Thanks to the Yeppt mindset they enjoy a more efficient way to handle decision taking.
Why did you choose the program?
Working together for more than a year now (to get flatastic done and start Yeppt), we never had the opportunity to be day and night at the same place and 100% free to make our dream come true. AS PnP is exactly the opportunity we were waiting for. Being the best accelerator in Europe it has been our favorite from the beginning.
How do you like it so far?
We like it a lot. Heaps of input. Cool atmosphere. Small desk.
Name 3 words that display your expectations towards the program.
Boost. Investment. Professionally.
Where do you see yourself in three months? And in a year?
July 1st 2014:
- 10k or more active users
- Our daily active users are growing by ~10% weekly
- Monetization strategy has been validated
- Either at least half of our seed round (financing Yeppt for thecoming 12 months) is covered or a bridge round by business angels secures the operations of Yeppt for the next 3 months.
April 1st 2015:
- at least 500k active users
- Our daily active users are growing by at least 10% weekly
- 75 K € revenue per month
- FTE of 10
- Series A at a post money valuation of around 50 Mio. € is beingset up