We are pleased to share with you another investment opportunity.
We are pleased to share with you another investment opportunity that is looking for bridge investment for growth and expansion. Successful Slovenian team build story around cleaning services as hard trust subscription. Now they are expanding to senior care to round up the whole solution as a super app for more services under one umbrella.
As the Baby Boomer population ages, society is on the cusp of dealing with an unprecedented number of senior citizens who will need elder care. Rising patient volumes among the general population, but particularly senior citizens, will exacerbate providers’ existing labor shortage. The labor shortage and sustainability problem is a serious one, but increasing digitization in the healthcare industry can help resolve it. These new digital healthcare technologies can help bring down costs, improve care quality, and create a more sustainable business model for senior care.
One of the most potentially impactful technologies is telehealth in assisted living and home care, supported by different Apps. The number of seniors requiring additional care thanks to chronic illness will increase from about 14% of the senior population in 2010 to 21% by 2050. All of this is to say that there will be a ton of opportunity for digital disruption in senior care, which means anyone who wants to capture a share of this market needs to understand the digital healthcare ecosystem. And Beeping does understand it. The existing solution provides them an inside look into elderly needs through their family members who are already using their services. And this is just a touchpoint for starting the whole new era of Beeping.
The team is looking for an additional EUR 170.000 out of EUR 330.000 already committed for expanding into new cities, development of additional requirements on platform and expanding into the senior care market.
We will be allocating slots as follows:
- Business Angels of Slovenia members
- BAS partners
- The minimum investment is EUR 30.000 (as part of a syndicate; also, full solo investments are acceptable)
- The maximum investment is EUR 170.000
- We might have to cut back if we are oversubscribed
- Accepting allocations until the 24.4.2022 (if not oversubscribed earlier)
You can find detailed information here.
If you are interested, please email
About Beeping team members
Jan Dobrilovič – Co-founder and CEO. As a product manager of Petrol d.d., he was responsible for marketing plan and strategy, and branding,
David Mohar – Co-founder and Co-CEO. Founded company Smart Naris d.o.o. – eLearning software for B2B market for developing eLearning content.
ROUND DETAILS: Raising EUR 500.000 EUR 5.000.000 pre-money valuation (9 % equity share or investment as a convertible loan, time duration 2 Years, non-interests)
Runway: EUR 60.000 MRR
Soft – committed in this round (EUR 500.000 in total):
EUR 330.000 Fil Rouge Capital & Silicon Gardens & Business Angels
Previous funds raised for this project: EUR 820.000
People in today’s world lack time and they want to exploit their time better. Beeping provides service of necessary tasks like cleaning and other house chores (cooking, laundry, gardening, pets).
A lot of times, similar services are not verified, and people have a hard time trusting a stranger coming inside their house. At Beeping, the platform lists only verified and trusted service providers which are vetted and legally checked by Beeping.
Another problem Beeping is now focusing on is senior care. Taking care of the elderly is becoming more and more of a problem. More than 40 million people in the EU are taking care of elderlies in their families and 65% of them have full-time jobs. It is expected that OECD countries will need around 13 million caregivers’ jobs in the next 20 years as the old population is growing rapidly.
Beeping is a hard trust marketplace for senior care and household services. Proven household services leader in Slovenia, Croatia, and from June 2021 also present in Spain, Madrid.
The platform offers more services (house chores, senior care) where service providers (individuals and small companies) are vetted and checked. The payment system is implemented, and Beeping takes care of scheduling, invoicing, and insurance.
The app works similarly to Airbnb or Uber – but for house chores.
Beeping’s market is fully oriented toward the Home & Laundry care market under the cleaning services umbrella. The potential to grow additionally is in-home On-demand services focused on the elderly population. Out of more than 75 billion market share for aging place market and home on-demand services market, Beeping can address the size of 1 billion market potential by expanding into new cities (heavy crowded and developed cities in EU) with house cleaning and housekeeping services and with adding new vertical – senior care.
Beeping is the champion in subscription senior and household services.
Their household service verticals are:
- Senior care health tech,
- Cleaning, and Housekeeping.
The business model is Saas with subscription plans for each individual, where the average subscription per month has 2-3 services done for the user.
Beeping is taking 22-35 % of the fee per service done.
Beeping staff (Beepers) is fully onboarded and managed by the Beeping team.
MRR – EUR 60.000
2021 – EUR 600.000 in revenue
2020 – EUR 320.000 In revenue
2019 – EUR 260.000 in revenue
Whole platform is developed and owned by Beeping company and stored cloud on highly protected servers (GDPR compliant servers).
Proven Traction and USP
Market presence: Spain, Slovenia, and Croatia
+32.000 registered users and almost 1000 active subscribers and almost 200 active service providers on the platform.
CLTV (customer LTV vs CAC) = 4:1
CAC per new subscriber 42€ (this is related to 2-3 services provided to the customer) and LTV more than 200€ in average per subscriber
95% of our GMV is recurring revenue (subscriptions)
Beeping holds 22-35 % margin per service
Subscriber Unit metrics
Churn – 5 % average (Slovenia -1,5 %, Croatia – 6-7 % and Spain – 1,5 %)
Churn is a result of either personal issues from customers or quality satisfaction.
18 EUR of profit per client
Avg. time of cleaning = 3,5 hours
Avg. order value = 41€
Avg. monthly frequency = 1,95 – 2,90 Avg. monthly sub. value = 80€ – 117€ Avg. duration of sub. = 10,5 months Avg. churn = 5% monthly
Avg. margin / order = 9,5€ Avg. monthly fee/sub = 18,5€ Avg. LTV subscriber = 195€
Service provider unit metrics
Marketing cost per lead = 2-3€ Conversion per lead = 8%
Cost of equipment at onboarding = 8 €
Average time to onboard – 9 days
Retention rate after 6-8m = 44%
Current active serv. provider age on platform = 9- 14 months
Avg. monthly orders per provider = 9-14
Monthly Active = +85%
Key milestones in the next periods
12.4.2022 – launch of senior care MVP platform in Spain
- Development of super App
- Continuing with growth at household services (subscription plans; add-ons and 22-35 % beeping fee per service)
- Extending to Valencia, Barcelona (Spain), Milan and Rome as new Italian market and the first city in France – Paris
Initial development of the Platform
- Extension into senior care market with high demand and low supply in the public sector
- Developing a super app for trusted family services
Current Shareholders Structure
Slovene Enterprise Fund
Beeping to become the champion in a subscription senior and household services.
Beeping with a vision to become a pioneer in the new age of household services has some competitors directly related to development levels, as follows:
Strategic buyer from sectors of elderly care or household like the USA based Pappa.com within next 10 years.
If you would like to assist – please feel free to reach out to David Mohar directly (firstname.lastname@example.org)
Please note that we are yet to complete our in-depth DD. This is the information we have received from the start-up and have not cross-checked everything. If we find any untrue information in this memo and you commit, we will inform you.
Investing in an early-stage start-up is a risky investment, therefore we advise you not to invest what you cannot afford to lose.