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Clocked

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Matchmaking app based on intelligent data and your online profiles.

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Funded
£110,000 target
£127,600 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.clocked.co
Company number 08963087
Incorporation date 27 Mar 2014
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Investment summary

Type Equity
Valuation (pre-money) £2M
Equity offered 5.24%
Tax relief

SEIS

Idea

Introduction

Clocked is the matchmaking app that uses intelligent data designed to guarantee users compatible matches daily.

Ticking all the boxes
You want to meet someone, but they need to be the right someone.
In addition to location, Clocked takes into account your social, professional and personal information when suggesting how suitable a match is, even highlighting the main 'suitability factors' and giving a 'Clocked Compatibility Rating' out of 5 stars.

Clocked face time is key
Clocked allows you to upload photos to show your hobbies and interests, rather than describing them in words. Let people see who you are by using your Instagram profile to upload photos.

Time is of the essence
You have until midnight to make a decision. Be sure to click 'like' or 'dislike' before the suggestions disappear. We let you know how long you have with our Clocked countdown screen.

While away the hours
Clocked is designed to be fun to play, helping you engage with friends and strangers alike.

Intended impact

- Creates more meaningful matches
By syncing people’s current online profiles, Clocked understands you better and is able to match you with people who you have things in common with. Whether you have 'checked-in' to the same place on Instagram, or worked at the same company, Clocked will give you a compatibility rating enticing you to meet up or to start the conversation with something more meaningful than - 'Hey'.

- Saving people time when finding compatible matches
We suggest profiles, which are compatible with you based on our algorithm so we give you a short list so you don't have to trawl through thousands of profiles. We bring compatibility to the forefront before seeing multiple photos so that the initial connection is made through something more than just superficial aspects.

- Implementing a new fairytale aspect to online dating
Many women on dating apps are worried about the 'image' portrayed by meeting online. We have tried, where possible, to make everyone feel that this is a fun, fairytale way to meet with our features such as the 'profiles disappear at midnight' and we have designed it in a simple way so now more than ever, its an app that people enjoy using.

- Future date & time suggestions
We know about you therefore we know what you and your date will like. Let us suggest you a few dates in convenient locations that we have got you a good price on - whether dinner, drinks, comedy club or show.

Substantial accomplishments to date

- Top 10 dating apps in Europe, TechWeekEurope - ONLY SINGLES APP WITHOUT FUNDING ON THE LIST that we are aware of

- Tech accomplishments and algorithm recognised by ComputerWeekly experienced writer

- New app fully launched on 10 Feb 2015: 1000 new users in just one week

- Fully functioning app live in the app store

- PR in London & Australia already obtained

- VC network engaged

- Global launch strategy in-place: wider-team members on-board with launch

Monetisation strategy

From June, the app will be charged at $9.99/ month with discounts applied if you subscribe for 3 months or 6 months.

To avoid paying a subscription, you need to get in quickly. The first 10,000 downloads in each city will be free. Each of those subscribers can then refer 10 people for free subscription. We want people to join our club for free and they can if they get referred!

Current app functionality:
If you want to tell them you like them, leaving less to luck, then you can 'clock' them. Pay for 'clock' bundles (5 - £0.79, 15 - £1.49, Unlimited - £3.99/month)

Future: Pay premium for more daily profiles, more viewing time on each profile, reveal more about profiles, search for people, send gifts to people – other gamified features.

Use of proceeds

Minimum funding of £150,000 is sought to enable Clocked to invest in:

1. Marketing - spread the word through Social Media channels, PR and Launch Events
2. Team growth - increase headcount to 5 full time employees
3. Product development - launch iOS subscription version of app and Android version of the app by August

Remaining raise will be used for further SG&A expenses.

Market

Target market

Primary market - 24 to 35 year olds

These are the main people who use dating apps according to Global Web Index. However, from our experience we've found that many of these people are bored with what is out there - apps that are aimed as 'hook-up' apps - which we see serve their purpose but little more. Our target customer is someone who doesn't want to waste their time on hook up apps, but has used these apps and is looking for something more but view internet dating as stale and 'embarrassing'. Clocked is a fun, exciting, gamified way for people to meet that is designed so that they are more likely to have characteristics in common with one another.

A few fun facts:

- 79% of men and 80% of women are stressed about being single
- 27% of UK survey are single and looking to meet someone
- 79% of survey between 24-35 either didn't really feel the affect of the financial crisis or felt they were manageable
- 54% not dating and are unhappy
- c.30% of internet users (aged 16-44) in the UK visited a dating website each month (Q3 2014)

Therefore - minimum target market in the UK we are aiming for is 1% of the market which is roughly 500,000 people (since 2014, the use of dating apps and internet has become more of 'the norm' so these figures are out of date)

Characteristics of target market

Dating apps are trending globally. We believe that most current apps are focused on superficial aspects, whereas people want to create meaningful relationships.

An app such as Happn has around 1m users and has raised over $8m to date. Coffee and Bagel just raised $7.8m

We believe the market is still young and land grab is the way to win. Marketing has to be aggressive but be 'cool' and 'fun' to attract users. Markets such as South Africa, Australia, Hong Kong, Singapore, Tel Aviv, Istanbul, Holland are all looking for something new that is going to deliver what other apps have had a good stab at. Clocked aims to turn into the complete dating site for these people.

It's been estimated by eharmony that by 2031, over 50% of couples will meet online - Clocked aims to provide a high quality option for this expanding market.

Marketing strategy

Digital advertising and content marketing – Data driven research for article publishing / magazine exposure. Engaging PR contacts and online agencies to accelerate this growth and ensure we hit the targets proposed.

Social media & influencers – Target 2 to 5 celebrities/ journalists/ influencers tweeting, facebook posting and blogging about Clocked

We plan on attending one tech event in the cities below coinciding with our launches where possible.

We also plan to exhibit at Date 2015 – October (London)

Product launch events globally – Target 2 events each month (1 London, 1 elsewhere)

Competition strategy

Our competitors include: Coffee meets Bagel, Tinder, Happn, Hinge, Matched.com, e-harmony, Badoo

Differentiation:

• Safety – users verified across multiple platforms
• Notifications – ‘Clock’ people to tell them you’re interested in them
• About me – fully visual content, no words
• Matching algorithm/ Compatibility Score – matching based on LinkedIn, Instagram, Facebook etc
• Already top 10 in Europe according to TechWeek after 5 days of having launched and only app we know of to be in there with no funding so far!
• Over 21's only
• Subscription based - verified people

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £1,990,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

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