FINDMYLOST

FindMyLost is the first Social Lost & Found to get your lost item back wherever you are, at any time.

153,000 €

153%

FROM

30 Investors

CLOSED

5/29/2017 9:58:00 PM

Startup Innovativa

Startup Innovativa Startup InnovativaDescription

Target Min: 100K / Max: 300K

Min/Max target budget The campaign target budget range

Pitch

FindMyLost S.r.l. (FML) is based in Milan and is the result of a brainstorming between a former female manager, now woman entrepreneur, an entrepreneur in the IT industry and a lawyer. In an era where people connect easily, it seemed impossible to think that there was a lack of a web platform where anyone could look for what they have lost and actually find it. On the corporate side, the Lost & Found process is costly, old fashioned and time consuming. We therefore offer companies an innovative instrument to enhance their client services and support people to get their valuables back in an easier and more efficient way.

                                          

After the pilot in EXPO2015, the team decided to become more structured. At the beginning of 2016, the team established FindMyLost S.r.l., putting together their different background and luggage of competencies in order to boost FML model and give birth to an industry standard in Italy and abroad.

The Problem

  • Lost & Found service is costly, time consuming and old-fashioned.
  • Companies face difficulties both in managing and returning a high volume of lost items collected within their facilities.
  • Lack of an online system supporting communication between Companies and users.
  • Contact and follow-up are hassles for both the Company’s customer service and the lost item owner.

For these reasons, Companies' average return rate of lost items is too low, definitely lower than it could be with a simple technological enhancement.

The Solution

  • A centralised fully integrated system allows the management of the entire flow, from loss to delivery, while saving costs, increasing operational efficiency and providing Companies with competitive advantage. This leads to a reputation and clients’ loyalty improvement.
  • A cloud database accompanied by an iOS and Android App, a Web-App and a CMS to collect, log in and return all Lost & Found items.
  • Through the semantic engine, users can search for their lost items autonomously regardless of their location, 24/7.
  • The Company’s Customer Service and the owner of a lost valuable get in contact through the integrated messaging system. No more emails or international calls, that rarely receive a prompt response.

The result is a definitely higher return rate with the possibility of secondary revenues for the Company (e.g. management fees or "urgent finds") along with an improved customer experience: an opportunity to turn a cost center into a profit center.

Market and competitors

On the B2B side, the estimated European Target Market (or SOM) value is €1.1 Bn (9% of TAM).

Our target clients are divided into three clusters:

Tier 1: companies that must provide a Lost & Found service
Tier 2: companies with a strong need
Tier 3: companies with a focus on customer experience

Relevant competitors: MissingX (Norway), iLost (NL), Chargerback (USA), Crowdfind (USA). None of them offers a fully integrated service, including shipping, online payment of fees or the possibility to reward the finder, furthermore, most of them are an advanced online form.

Business Model

The business model is B2B.

The mission is to simplify the management of the Lost & Found and make it more efficient, by offering an innovative, digital, fully integrated Customer Care solution.

  • B2B side - SaaS model: set up fee + monthly recurring fee
  • B2C side – Freemium model

Long-term goal: marketplace for not returned items, with online auctions (from 2018).

Main revenues streams are:

  • Set up fee: Free (Basic Edition) - € 2,000 (Standard Edition) - TBD (Advanced Edition - on average between € 5,000 - €10,000);
  • Monthly SaaS fee: depending on the number of collected items/Company's venues;
  • Commission on online transaction (Freemium).

Strategy

Sales

  • Direct sales: team proactive sales activity toward the three cluster of clients (more details in the Market Size section);
  • Partnerships: agreements with companies with whom there may be potential synergies (e.g. companies focused on the mobility sector or services to municipalities);
  • Indirect sales: through specialized multifirm agents.
    Business development

Italian and UK markets (2017);

  • In Italy, in 2017, the focus is on Tier 1 clients, representing approximately 50% of total expected revenues (TM penetration 1%). FML will start targeting Tier 2 and Tier 3 clients during the year. However, the penetration of the two clusters is a 2018/19 goal;
  • In UK, in 2017, the main focus is on TOCs (Tier 1). They represent a larger and more developed market than the Italian (25% of total expected revenues conservatively assuming two signed contracts).
  • The total expected number of signed contracts for 2017 is 35 (a contract/month per person), assuming a large portion of them as the natural conclusion of 2016 activities.

Financial Projection

Break-even is estimated to be reached in 2017, following to first coverage of the Italian market and the beginning of the internationalisation process in UK. Cash flow in 2017 is estimated to be positive thanks to the revenues stream supported by the fundraising.

€ 300K fundraising scenario

Marketing 60% of funds will be dedicated to digital advertising and offline marketing campaigns in order to support clients’ communication efforts, with the aim of using this tool to facilitate the closing of contracts with clients in pipeline, shortening the sales cycle. A win-win collaboration with business clients, together with online campaigns through social networks, leads to an increase of the user base.

Platform roadmap 7% of funds will be dedicated to the development of new features according to the platform evolution roadmap. On top of this, new features are developed under commissioned orders.

Team new hirings Business Development Manager and Marketing Manager. Around 33% of funds will be dedicated to the team, together with company's self-financing.

Under € 300K fundraising scenario

For a capital raise between € 100K and € 300K, we expect to reduce marketing and new hirings expenses proportionally, not hiring a Marketing Manager or hiring a younger profile, while the amount dedicated to the platform roadmap would be reduced only marginally.    

FML is looking for financial and strategic partners supporting with:

  • Introduction to new potential clients;
  • Marketing & Business development strategy;
  • Sales people infrastructure.

Financials

100,000 €
300,000 €
Equity
1,500,000 €
6.25 % (based on minimum amount to raise)

Contacts

Location

Not specified...

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