Hey fellow entrepreneurs! Startup Radius interviewed Fundy – quite a unique and awesome service that basically allows users to find proper investors and VC fund contacts. This is not just a database of investor, but a tool that connects entrepreneurs and startup enthusiasts with investors and venture capitalists.
Learn how one man can build a solid project, why running discounts and promotions a lot actually pays off, how to survive on such a mature and competitive market, how to get 7000 active monthly users in just a few months, and much more. Enjoy!
Can you tell us about what you are working on? What is Fundy?
Fundy is a service that allows you to explore and find the right contacts among top investors, funds, and VC from around the world. Fundy is intended for young startups at an early stage of development who need financial support from investors. The service reduces the gap between the garage project and the corporate market by providing a kind of bridge between them. This bridge is a huge database of investors with various filters for ease of use and a more efficient search. We live in a crazy world where every second counts, every second should be used to the maximum efficiency, so when it comes to searching for extensive information, it turns out that Google has long been ineffective, collecting bits of information. Such extensive information, collected together with everything you need, really reduces your expenses and time for finding investors. I am sure that if someone offered me something like this, when I was just starting to do my project, then it would greatly simplify my task.
Why are you building this? Was there a particular source of inspiration or money-making idea?
A bit of history today. This happened about 1.5 years ago when I was working on my first side project.
At that time, I was interested in blockchain technology and I decided that I could make a product for designers with such technology on board. When my team and I realized that we would soon run out of funds to implement a full-fledged application, I started looking for investments. However, to my surprise, I found that it is complicated and almost impossible if you do not have the necessary connections or you live far from the local “silicone valleys”. Having spent a lot of time establishing contacts and searching for investors, I realized that not only me but most of the new entrepreneurs are experiencing such problems. Over time, my list of investors has grown from a couple of tens to several tens of thousands of bonds, which may be useful to startups at an early stage of development or for those who are preparing to attract another round of investment. Fundy is ready to help with this!
Time for bragging! How big you are – traffic, users, anything else?
We released a public beta just a few months ago, but we can already boast of some good statistics. Today, our monthly audience is about 7,000 Alexa users. Over the entire existence of the registered users service, about 1,000. Of these, approximately 40 users use paid plans. Fundy is not even one year old, so I think the numbers are quite encouraging. We also successfully launched a couple of days ago on the famous Product Hunter startup platform, where we immediately got to the main page, this is a good sign.
Who are your main competitors, and how good/bad they are?
As far as I know, there are a lot of services that somehow beat the topic of investor search, however, most of them are not able to efficiently find and contact them. For example, a popular service about Angels, where you can allegedly find a suitable investor. In my opinion, it is far from the main goal and has now grown to yet another business LinkedIn figurative social network. Other competitors have a very similar service like ours but again lose in another. The fact is that in such services for some reason it is customary to use a subscription to paid tariffs. We decided to act differently and give users maximum for the money that they purchase our database. A definite plus for users will be, a one-time purchase of a database is forever. Returning to competitors, I believe that good competition will never hurt.
Who uses Fundy? What is your perfect buyer persona?
Our clients, for the most part, are like me, garage entrepreneurs who want to grow into a big company, but there are also such as Designers, Businessmen, Marketers, Telegram Channel Owners. The best customer is a satisfied customer. A satisfied client will most likely recommend the service to others, especially if the service helps with the search for investments.
Were there any early ‘growth hacks’ or tactics that have contributed to your current success?
In fact, nothing like I haven’t been practicing, when I run the project. I just really wanted to help people like me, because itself felt very very difficult to find suitable investors in the ocean of information that surround us.
What were some of the biggest challenges while building Fundy early on and how did you solve them?
For me, the big problem was to understand how to show it to people so that the information was convenient to use. At that time, when I had on my hands the thousands of investors list, which I manually assembled myself, I had no idea in what format to submit my idea. I asked myself – Should this be another social network? Or maybe a complex multifunctional Dashboard? Then I told my friends about this, they advised me to choose the option that doesn’t require much effort on the part of the development of the platform, to take something ready-made and rather simple so that you can quickly find something or just analyze the information. Having listened to them, I gathered an extensive database, divided into categories and filters.
If you could give marketing advice to other companies, what could it be based on your experience?
When we first released beta, we launched an advertising company, the coverage area was the whole world and this was the main mistake. As a result, in many regions, we received almost no return and only lost money. Before starting, always conduct research on your audience in order to know for sure who your client is and where he lives.
One tip. Run more promotions and discounts – it’s profitable.
Which marketing channels you prefer and why?
We haven’t tried all the channels, but of the ones that have already been tested, Google Ads is paired with SMM. For example, we were greatly helped by a post posted on Reddit and IndieHackers. It has given the greatest return to us today.
Is Fundy monetized? Why did you choose the current monetization method?
Our monetization consists of paid plans, divided by certain parameters and functionality. Just pay once and your database is forever. We consider this the ideal monetization scheme at the moment.
What are the top products/services you use in your company why do you like them? (the more the better)
- Notion – as a management tool
- Miro – as a collaboration tool
- Paddle – our payment system service
- XD – our design tool
- Slack – for in-house and team chat
- Google Analytics – web analytics