On Tuesday, Spanish startup Wave launched an equity crowdfunding campaign on Crowdcube to raise 500,000 for its location smartphone app. Within just two days of its debut, the initiative scored over £375,000 from more than 100 investors.
Wave is described as a free smartphone app that allows anyone to see in real-time the exact location of their contacts in a private map for a limited period of time. It has almost 4 million users worldwide and is seeking to change the way people find one another. The company explained:
“We see countless situations where Wave is a useful tool – a group of friends meeting to grab a beer, a father and his daughter who is going out at night, a skiing trip, a music festival, a business meeting, a group of students traveling to an unknown city – basically anytime when 2 or more people need to meet. Our focus on user acquisition has lead us to a current growth rate of over 200,000 users a week, and 80% of our daily use comes from recurrent users who are returning to the app. We’ve acquired users and they’re sticking with us.”
Features of Wave’s app include:
- Privacy: Users will only meet those the choose when they want and in a private and temporary environment when both parties agree to participate.
- Real-time: Offers a geolocation service that enables the pair to see each other moving live across the map and see up-to-date locations in private.
- Preset Access: the connection time is set in advance by both sides. Once the time expires, the Wave is over, and the location can no longer be tracked by the other party.
- Multi-user groups: A ‘wave’ can include up to ten people in one group.
Funds from the campaign will be used to launch into the UK along with debut its beta SAAS platform, initiate the development of the app’s version 3.0 and accelerate global growth. Manuel De La Esperanza, CEO of Wave, stated:
“There is a huge opportunity in this market where competing apps have been unable to provide the privacy and user experience needed to fully engage their users. This is a new market and we want to conquer it.”
The campaign is set to close at the end of September.
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