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Despite its popularity, going out has remained largely undisrupted by technology. We use apps for almost everything – except nightlife.
With more information available than ever before, today’s bar-goer still has no way of knowing what’s going on right now (where the best bars are, which are busy, or what the crowd is like).
Today's bar-goer uses an average of 3-5 apps to obtain all the information needed for a night out. Current bar information is spread among multiple platforms and sources, making it inconvenient to access.
Even the apps that are currently available to bar-goers present several issues in regards to relevant nightlife information, such as saturation of information.
BarGlance is revolutionizing the nightlife industry by transforming the way consumers go out. Our mission is to create the most enjoyable nightlife experiences possible. Meanwhile, our objective is to become a one-stop shop for all things bars. The go-to application for going out.
By leveraging technology, we can match bar-goers with the situations, surroundings, and environments that are most desirable to them. We use localized mapping and user data to create a dedicated environment for nightlife info. The combination of tech and data provides bar-goers with decision-making info they can't get anywhere else.
The core function of BarGlance has always been to effectively gather and convey relevant nightlife information. We brought this idea to fruition when we launched the first version of our app for beta testing in 2019. Charleston proved to be a successful test market, and we are eager to execute it on a national scale.
BarGlance only works with the best of the best. Since our initial launch, we have been establishing partnerships with popular venues from the following industries: bars and restaurants, nightclubs, distributors, breweries, and distilleries. Our target market for expansion includes geo-targeted metropolitan cities and high-traffic nightlife hotspots.
After beta testing in Charleston, we are confident that the app will perform successfully on a national scale. One metric that we’ve always been particularly proud of is the uninstall rate. Historically speaking, users rarely uninstall the app once they’ve downloaded it. Moreover, our year-over-year user growth has averaged 243% in the past 2 years.
Introducing an all-new platform, designed to deliver a frictionless nightlife experience. This version consists of 3 core functions:
In 2023, our priority is to establish our presence in our chosen U.S. markets, which have been selected based on their booming nightlife scenes and the presence of major universities. We plan to scale nationally by implementing a phased, regional approach. Now that we have successfully run our beta testing in Charleston, we will be focusing on six pre-selected East Coast markets before we expand westward. Our goal is to build brand anticipation with each expansion.
Unsurprisingly, digital and mobile ad spend is expected to continue increasing for the foreseeable future. BarGlance is taking advantage of this trend, as we receive the majority of our revenue from in-app advertising.
We've created a 3-tiered revenue model for Version 3.0 of the app. Tier 1 is ad-based, with a key focus on alcohol distributor partnerships. Tier 2 is a freemium subscription, once we reach a certain saturation in each market. Tier 3 is an analytics service for bar owners based around the user data we collect.
To keep our ads relevant to our users, we typically display nightlife-related products in our app. We host the ideal platform for alcohol advertising, an extensive and growing market in the United States, and reap the benefits of its high margins. Our advantages include:
BarGlance has the advantage of being the only company in our respective industry. Along with a clear market need, we benefit from having no direct competitors (apart from our indirect competitors, such as Snapchat and Yelp).
As highlighted above, we have allocated a portion of our funds to hiring two new Software Developers, a Director of Market Research, and a Director of Advertising. Furthermore, a key component of our marketing strategy is to build and scale a grassroots ambassador program, which will serve to leverage partner bar relationships and influencer networks to drive app downloads and usage. Our chosen Brand Ambassadors will be compensated hourly.
On the other hand, the product that we are building has been outsourced by DEPT, but it will be fully owned and operated internally by the BarGlance team after its completion. We traditionally boast low overhead costs and high profit margins, due to our lean business model, and expect that initial server costs will be minimal.
We have structured our investment timeline with our end-goal in mind; therefore, we have decided that our ideal exit strategy is an acquisition. We have compiled a list of potential buyers, all of whom are big tech companies. Then, we've ranked them based on the appeal of our target market, IP, business segment, and software applications across other platforms. Based on our rankings, the top three potential buyers are Meta, Snap Inc., and Alphabet.