This week, Giacomo Bonavera, our VC specialist – Partner of Iclub – is approaching the social networks.
Do you have over a thousand ‘friends’ on Facebook who you never talk to? What about the 500+ connections on your LinkedIn profile who you never did any business with? Surly there are better ways to meet people in a more intimate way online.
Monaco is unique, one of the easiest ways to meet people is by joining a club such as YCM, ACM or the MC Country Club. Wherever there is a strong sense of community there is a much more vibrant network for warm introductions and meeting people that you have something in common with.
The rest of the world wants the same thing. Facebook, LinkedIn and Instagram are ways for people to put themselves out there and meet people. But the sole purpose of these platforms is for mass marketing. In fact, their entire business model is built around mass marketing.
Facebook just spent $11million on a super bowl ad for Groups. Big social tech companies understand that community is the future. But their “groups” solutions don’t work and they’ve lost our trust by prioritizing ads and selling data. They are not built for deep curated connections. Communities need a better home.
Up until now communities have to use multiple platforms such as Slack, LinkedIn Groups, WhatsApp, Hubspot, Facebook Groups, Eventbrite, etc. to communicate, organize and bring people together making it hard to manage and time consuming. Or plain old expensive.
This is why Viktoriya Tigipko, Managing Partner of TA Ventures, with over 9 years of experience in 130+ investments, 40 exits, 80 portfolio companies and a stellar performance, decided to back WarmIntro.
WarmIntro, based in New York, has been testing its pilot platform on a number of communities and all of them love it. The one’s who joined, never left and are wanting more while the single customer who didn’t join tried to buy them out.
WarmIntro has been able to identify key features from other networks and tailor it to the needs of a market that has been underserved because of the gap that exists between mass social media and platforms that cost an arm and a leg.
If you run or are part of a community such as Monaco Private Equity and Venture Capital Association (MVCA) and others for young professionals and business owners, you’ll know how much work goes into communication, organization and bringing people together.
There are 7.5 million communities on Slack, LinkedIn, Facebook, professional groups and startup groups worth $31B market. WarmIntro can serve 670k of those communites with its current product and that is worth $2.8 billion. WarmIntro has targeted 33k communities, for the next 2 years and it’s worth $140 million.
Let’s see where WarmIntro’s gap exists:
- Higher Logic – $59.6M annual revenue. Clients tested WarmIntro for comparison and 100% who tested preferred Warmintro. Have had customers leave them to use Warmintro.
- Slack – 500K users valued at $13B. A tool for team communication. But many communities use it because no better option. Very expensive.
- Mighty Networks – $4M annual revenue. Focused on communities based around brands and deep interest groups. Conversations with communities that use them have struggled to engage their members.
- Hivebrite – $10M annual revenue. $30K minimum per year, focused on university alumni networks. High price point and alumni focus leaves a lot of the market on the table.
- Facebook – Over 200M active groups. A large percent of OUR inbound comes from groups wanting to move away due to a lack of community features and general distaste for the company.
- Linkedin – Over 2M active groups. Linkedin Groups have some of the lowest engagement. It’s laughably bad.
So what is the advantage of WarmIntro?
Warmintro is 100% built around meaningful connection, with a focus on how data and AI can improve that process. Connection is what makes a good community. There is no winner in this space yet, no one is even close. The team has the experience to make Warmintro the turnkey solution for building and managing any community.
Irene Ryabaya, CEO of WarmIntro previously ran Monarq, a female founder focused incubator which managed a community of 12k+. She started MentHER, another community and Before that she was a IT developer and oil trader at Goldman Sachs.
Nolan Frausto, CTO at WarmIntro was a developer at Fitbit, Fitstar, Bloomberg and ThoughtWorks where he architected and scaled systems serving 20 million daily active users.
For more information about WarmIntro go to www.iclub.vc . iCLUB is a private club backed by TA Ventures making investments in technology startups.
iCLUB together with TA Ventures is all about highly scalable companies, education about venture capital and bringing together interesting speakers and people in Monaco.