Understanding the investment opportunity
WeFish is a project based on a Mobile Application (App) dedicated to Sport Fishing, with which you can plan your fishing trips, keep a record of your catches, buy and sell equipment and share experiences with the fishing community, on a platform with a high component of gamification. With WeFish the user will learn and enjoy even more his or her passion, sport fishing.
Despite the relatively short time since the project was launched, with a rating of over 4.7/5 on Android and iOS, more than 170,000 downloads and 70,000 users, WeFish is already a world reference in sport fishing, offering the most complete fishing app for both freshwater and saltwater fishermen.
The success of WeFish lies in part in providing a single solution that covers the entire cycle of sport fishing. The platform combines the social part, a tool for the angler and a "game", where users compete in a ranking and seek to overcome fishing challenges.
- Every fisherman knows that, in order to be more successful in his outings, he must plan them taking into account multiple factors. Therefore, WeFish provides a complete atmospheric forecast system with which to control the moon phase, tides, wave height, air and water temperatures, atmospheric pressure, etc. All the data is important to try to discover when and where there will be the most fish activity.
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Precisely to discover when and where, it is important to learn from your previous experiences: your captures. WeFish provides an online logbook where you can keep track of all your catches with all the information of interest. Where and when you got the catch, the lure/bait used, the height of the tide at that moment, the moon phase we were in, etc. All the atmospheric information is automatically attached to the catch sheet, where WeFish is also developing Artificial Intelligence algorithms to extract patterns within all this information from the catches. Through the technology we will be able to indicate to the fisherman the most effective modalities, the colors with greater probability of success, when is the best moment to go fishing, etc.
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Similarly, buying the right fishing gear is crucial to getting the fish of your dreams. How are we going to catch that 5 kg sea bass if we don't have the right gear? WeFish has created the first specific sport fishing Marketplace, where users can buy and sell their equipment. Soon it will also be open to direct sales of brands in the sector, where we will be able to offer users the materials of greatest interest/conversion for them. We know the fishing methods they practice, when and where they go fishing, their moments of euphoria (planning the trip and getting a catch)... The user experience will be personalized according to their preferences, increasing the probability of conversion.
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- Properly equipped and on the right day, we went fishing... We got a catch! WeFish has a public board (FIshline) where users can share their experiences. But the fisherman's illusion is not only to show it to the WeFish community, but it also goes beyond that. The user's ego and the search for personal recognition provide unbeatable support for the viralization of the project by the user himself, through generalist RRSS (Facebook, Instagram, Whatsapp, etc). This operation forms a powerful Viral Loop that allows an exponential growth of the project, by the own activity of the users: sharing catches in RRSS of automatic form, with professional design and information of value and sharing your profile of fisherman in social media, from where to demonstrate to all the good fisherman who you are. And of course, every user who puts a fishing item on sale wants to sell it, so another important component of viralization is the Marketplace itself.
- All of this is supported by a game-based user experience process, where the user, in addition to immortalizing the capture in a photograph, "gets more for it": virtual and even real prizes, such as discounts at partner stores/brands. Each action that brings value to the project is rewarded virtually through gamification, greatly enhancing the value actions (e.g.: create capture, share capture in RRSS, etc).
WeFish is simply a revolution in the way of living the sport fishing, helping the fisherman, allowing her/him to enjoy more of his/her passion and encouraging a respectful and responsible practice of it, where the biggest trophy is the fun (and the best photo possible).
INVESTMENT STAGE
MARKET
- sports
- social-media
- fishing
- (+1)
OFFICIAL WEBPAGE
Fiscal benefits
Equipo de WeFish
CEO
Alberto Manuel
CEO
Tras años como Project Manager decidí emprender en mi pasión, la Pesca Deportiva
COO
Daniel Agoiz
COO
Soy un apasionado de las nuevas tecnologías y de la gestión de equipos.
CTO
Manuel García
CTO
Amante de las buenas practicas de trabajo, la calidad y sobre todo la innovación.
Juanjo Guevara
Líder iOS
Motivos para invertir Ver más datos
MARKET
- Sport Fishing is the most practised hobby worldwide. Just in the United States, there are more than 49 million sport fishermen (Recreational Boating&Fishing Foundation) and the sector generates more than 135 billion dollars annually. This is a huge market that has yet to be exploited, with great potential at the level of mobile technologies.
METRICS
- In its short life, WeFish has established itself as the leading Spanish-speaking fishing app with a rating of 4.7/5 in Android and iOS. With more than 170,000 downloads and 70,000 users in its first phase of development, the acceptance of the project proposal by the sector and its traction capacity is demonstrated. Now, with the product consolidated with a much higher degree of development, is when the exponential growth of its mass of users begins.
- WeFish has a historical download cost fewer than 0.15 euros, with a user acquisition cost of around 0.20 euros. The aim is to reduce these costs even further, thanks to the so-called Viral Loop presented by the project.
- During the last few months, and thanks to the complete metrics tracking system that the WeFish team has developed, 83% of the downloads have been converted into registered users, implementing a careful first user experience process in order to get the fishermen "hooked" from the very first moment. Once the download becomes an active user, the probability of becoming a paying user increases considerably (29.90€ per year). This data not only corresponds to the markets of Spain and Latin America (where WeFish is already the leader) but also to the USA (a market where it is starting to penetrate).
- WeFish is distinguished by a high level of user interaction with the application. During the last 28 days, WeFish users (from 150 countries) have spent more than 4,800 hours on the platform, created more than 3,600 catches, and have given more than 90,000 ratings to these catches. In addition, around 150% of the content created on the platform has been subsequently published in social media (Facebook, Instagram, Whatsapp, etc), promoting the viralization of the project (Viral Loop). In the coming months, through gamification, this percentage is expected to double to 300% of shared content in social media: WeFish will flood the sector through valuable content and making itself known to all fishermen, allowing exponential and organic growth.
AWARDS
WeFish is a complete and easy to use application that meets all the needs of fishing in a fun way, thanks to its gamified system; and it is made by and for fishermen, implementing the best practices of engagement and viralization in mobile applications. So far, WeFish has been awarded numerous prizes:
- Emprende 2018 Award for Telecommunications and Social Networks of RTVE.
- Entrepreneurs of the year 2018 by the Instituto de Fomento de Murcia.
- Winner of the Pitch competition at Startup Olé in 2019.
- Finalist in the world competition of tourism startups by the World Tourism Organization in 2019.
- San Francisco Challenge Program (ICEX) 2019
- Finalists Showcase Emerge Americas Miami 2020
- Winners of the Venture on the Road contest of the SeedRocket accelerator
INVOICING
WeFish is currently in a pre-revenue phase (before monetization), but with a fully validated business model (premium subscriptions) and market:
- By own metrics, obtained from the first version of the premium mode launched at WeFish. With a very simple initial proposal, users have shown that they are willing to pay, that monetization is international and that retention is almost complete.
- By its most direct competitor, FishBrain.
Fishbrain, with $27.8M raised in different investment rounds, has shown that the subscription-based monetization method has a long history, even though its value proposition is far from the users' expectations, as it shows the paying users (premium users) the locations of other users' captures, without them receiving anything in return.
The perspective of turnover for 2020, based on the metrics obtained since the beginning of the project and especially since the launch of the first version of the Premium model, aims to reach £900k by the end of this year and £6.5M by the end of 2021, thanks to the exponential effect provided by monetization via subscription. Please note that only B2C monetization has been taken into account in this estimate, without counting any possible B2B monetization that may occur.
TEAM
WeFish is made up of 11 fishing and technology lovers. Its members understand the industry and its needs, being critical of the product and services they provide. In addition, they have many years of experience in both mobile applications and equipment management. They are a young team with a great desire to take WeFish to the highest level, to be the leading application in the sport fishing sector worldwide.
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