Equity Campaign: Lovetagged – A matchmaking service through Facebook

We have interviewed Christian Majgaard at the Copenhagen Crowdfunding Meetup and asked him about his crowdfunding campaign Lovetagged on FundedByMe. 

Lovetagged_FundedByMe_campaign

Tell us a little about Lovetagged, what is it?
I call Lovetagged a killer app, because no one has done this before. We have made a tool for matchmaking your friends’ friends on Facebook.

Why do you see a potential in this field?
The dating market is a 4 billion$ industry and growing, we believe we can disrupt the market by introducing real people in the matching process by targeting Facebook users and their friends friends.

Based on stasticis the average facebook users each have 300 friends in average, and these friends will have another 300 friends – that makes 90000 friends that could be matched. These matches will be sorted by gender, relationship status, age and so on. However statically we will end up with at least 1000 matches, this is a huge potential.
I know there is a lot of matchmakers out there. People do it naturally, because they believe it is rewarding, and we want to give them the tools to do it. This is what Lovetagged aims to do.

How did the idea come to life?
The idea about Lovetagged started about 10 month ago at my brothers wedding in Poland. At the wedding I met my brothers bestman, a nice polish man called Lucasz. The funny story about Luckasz is that he is not in anyway my brother’s best friend; but he is the guy who introduced him to his wife. Luckasz had arranged a blind date for my brother and his wife and was very proud of his achievement in matching a date that ended in a marriage. This inspired me to make a tool that allows users to more formally match their friends for dates.

What is your business model?
The app is live on Facebook and it is free for everyone. We are currently testing different business models. First of all we need to get people into Lovetagged. Some people will do it because they derive satisfaction from matching friends for dates. Others might need another encouragement. Thus we built the app around gamification. By matching your friends you earn points, these points can be translated into deals and offers sponsored by our partners. We believe there is a potential with this way of advertising for partners and we offer a broad range of sponsor options.

Another model would be let users pay for their friend’s matches. A match would come at a small fee e.g. EUR1 to activate the chat function. We are also looking at offering premium models, where paying members can have access to add-on tools like: search, notifications upon status change, messages etc.

FundedByMe_Lovetagged

How is Lovetagged different from other dating sites?
Lovetagged is in a blue ocean, meaning we are one of the first to do what we are doing. Traditional dating sites offer tech driven and untrustworthy matches based on algorithms. We only conduct matching made by people and high trust. Meanwhile other platforms have been infamous for being time consuming, expensive and inaccurate.

We can compete with the big platforms instantly as we don’t need the same critical masses. Using Facebook friends for matching, all our users are in theory one critical mass. We have talked to many single people who are tired of traditional platforms and welcome this service.

What will you use the money for?
We have already launched our app on Facebook, and have users. We are at the moment looking at developing an app for mobile, tablets, adding a premium functions and more partnerships.

The most important priority is marketing and that is where we will be spending our money. Marketing is also the reason why we selected crowdfunding and FundedByMe as a way to raise funds. We want to include investors as ambassadors for the brand and welcome their inputs. Ideas from investors and dating experts is gold. Hopefully we close our crowdfunding round soon, and launch with immense strength and reach.

What have you received from the crowd?
We have received a lot of constructive advice from the crowd. People are sending good ideas and feedback. A Swedish psychologist has contacted us, he has been very interested in Lovetagged since he has finished a research about happiness, proving that people derive happiness from matchmaking. Other people have helped us with marketing advice and so on. It means so much to us to have these people in our network. And we are already looking forward working together in the future.

 

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