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Mongoo

User friendly social commerce app for lifestyle products.

The social commerce market, i.e. eCommerce enriched with personal recommendation and social interactions, is worth 30 billion $ worldwide and largely growing by 20% p.a.
 
In the European market, we found a gap. In the area of inspiring lifestyle products & fashion, there is none that fully answers the consumer demand: trendy lifestyle products, fashion & beyond, AND simple checkout.
 
Mongoo fills that gap : it is the only platform that gives ALL the consumer is waiting for : fashion, lifestyle products AND simple checkout.
The technology is in place. We seek investments for getting it out on the market. 

Investor proposal

The fast growing social commerce market assures a huge potential.
Similar platforms to Mongoo, in US and UK, are proven successes even though they are less inspiring and less efficient. 
Mongoo shows first proven signs of potential (5000 users in only one day AppOfTheDay campaign)
The valuation of the company will grow from 2,5M in 2016 to 264M in 2018.
The annual ROI is 372%
Once an established European platform, Mongoo will be very attractive to many traditional eCommerce Players, AND to US Players.
The exit strategy is a sale to such a potential buyer after 3 years of Operation.

Product

The problem this product solves

Social commerce is online buying enriched with social media interaction. Ist users expect, next to creating and sharing, attractive products, availability and simple checkouts. In the area of lifestyle&fashion, this is missing on the European market today. 
 
Our European competition either
-offer only fashion, but do not offer home & living, decoration, gifts.
 
-inspire, but include an overly complicated check-out, leading to a poor conversion rate. Users do not complete their purchases as they need to login into each shop separately.

-have a simple checkout yet offer inventory of one or just few shops selling mass market uninspiring products.

How the product solves it

Mongoo is the first European platform that offers this combination missing on the market:

- Lifestyle in fashion & home and living 
- Seamless user experience and a simple checkout for all products in the inventory
- True inspiration through latest trends & products that you simply need to have

Mongoo will achieve this by
- a European network of lifestyle scouts and the cooperation with bloggers, upcoming designers & brands 
- an easy-to-join attractive space for merchants and designers 

Product features

Mongoo is featuring the latest hot products for home, living, decoration and clothing.
Related products inspire to explore and stay in the app for minutes.   
Users settle by a simple double tap checkout with a credit card or Apple Pay.
They can create profiles, share products they love and follow trendsetters, shops or theme channels.
Product search, push notifications and newsletters link the user directly to product, to the eCommerce systems and payments systems.
Everything described here under "Features and Uses" is in place today: backend system featuring product and order management, issues management, KPIs, static & dynamic channels

Product use cases

Mongoo targets users who seek inspiration and early access to lifestyle products. They have a busy life and want to buy trendy products easy and quick, at any time, on their mobile device.
 
Mongoo fits that lifestyle : Users receive push notifications with novelties matching their taste. With just a tap on the app, users get inspired, save products for later, share or buy them really easy and quick: no need to  enter an address or credit card data. Just a tap and a fingerprint scan or a passcode suffice.
 
Complementing products enrich the Inspiration and exploration.

Team

Eduard Kvanka avatar
Eduard Kvanka CEO
Eduard has 14 years of experience as a consultant, project and product manager. He founded and developed two successful professional service companies. Eduard is founder, CEO, product manager and designer of Mongoo.
Evelyn Murphy avatar
Evelyn Murphy Content manager
Evelyn is a lifestyle & fashion expert. She is passionate about lifestyle, trends, apps. At Mongoo Evelyn built an initial product bases and negotiated deals with the network of shops, bloggs and trendscouts. She took care of the initial marketing.
Tomas Fecko  avatar
Tomas Fecko CTO
Tomas has an extensive knowledge and experience in building of complex cloud based IT systems & architectures. He leads our technical team and supervises development of our platform, apps and its core algorithms. He and his team colleagues (Brano, Lukas & Jozef) built Mongoo from scratch.
Jens Loff avatar
Jens Loff Founder, Investor
Jens is a successful entrepreneur who founded and developed three professional service companies. He is passionate about new disruptive ideas and skilled & committed teams. Jens has supported Mongoo as an Angel investor and advisor since the inception of this idea.

Market

Target Market

Social commerce combines social media interaction with online buying. It increases the attractiveness of pure eCommerce by personal recommendation and sharing.
 
The social commerce market in 2015 is assessed to amount to 30 billion dollars (16 billion in the US), annual growth rate higher than 20%. (Statista)  

Mongoo is focused and marketed towards the European market, targeting primarily women 25-55 years (40-50 million potential users). These women want to impress friends, family and colleagues, by the fashion they wear, the gifts they make and the way they decorate their apartments or houses. MONGOO offers all of it in one platform.

Competitive landscape

There are multiple successful competitors working in a similar way,
yet not reaching the full potential of our model.

Apps like WANELO (more than 11 million users) and FANCY are established in the US. The UK app LYST has had success in the luxury fashion segment. The German start-up FLEEK focuses on cooperation with bloggers, yet its offer is limited to the Zalando inventory.
 
They however lack the simple checkout covering their entire inventory, which leads to a poor conversion rate. No app in Europe offers inspiring products and a superb conversion thanks to the simple check-out.

Unique differentiator from competitors

Mongoo combines three key elements: inspiring lifestyle products beyond fashion, trendy non mass market products from a variety of sources AND easy checkout. 

There is no app on the European market which offers this, although there is a strong consumer demand for it.

Company revenue streams

10% of the purchased product´s price is immediately deducted and constitutes MONGOO main revenue stream.
 
At later stages this income will be enlarged by advertising and deals with brands & publishers, offering them access to a dedicated and active user base. Their products are presented via featured channels, collections, priority placement in search results or related products. 

Product/service distribution

The app can be downloaded from the AppStore and later on Google Play.
Our marketing strategy focuses on strong branding, user acquisition and retention.

Boost- and CPI campaigns (e.g. AppOfTheDay) will result in thousands of direct installs and a top placement in the AppStore listing, leading to further organic growths. Our CPI, retention and referal campaigns will be focused on cities and our core target group.
 
Our business development team works with established and emerging bloggers and trendscouts. Our competitive conditions and simple onboarding make us attractive for shops. Mongoo will be advertised and featured on partner plattforms. (e.g. shopify)  

Execution

Previous milestones/traction

-       Mongoo is published on the AppStore
-       Acquisition of 5000 users after one test campaign (one day on the App Of the Day)
-       Support of checkout via affiliate links (Q3/2015)
-       Related and taste algorithms released and tested (Q1/2016)
-       Supports of direct checkout via Shopify & Stripe (Q2/2016)
-       First products have been sold via Mongoo (Q2/2016)
-       First direct invoice to merchants (Q2/2016)
-       Content team founded in Berlin (Q3/2016)


Next key objectives

-      Recruit Fashion/lifestyle experts and trend scouts - Q1/2017
-      Recruit experts for online marketing and eCommerce - Q1/2017
-      Sharpen the Mongoo brand - Q1/2017
-      Make sure Mongoo’s  products are the absolute “wannahave” stuff for the target group   and guarantee that each item in the inventory is directly purchasable - start in Q2/2017
-      Develop a legal framework for revenue sharing & eCommerce - Q1/2017
-      Develop Android App - Q2-3/2017
-      Implement advanced algorithms for recommendation & matching - Q1-2/2017
-      Release interfaces to further shops and payment gateways - Q1/2017
-      Reach 200000 users - Q2/2017

Previous Financing

- 250.000 EUR covering development and hosting cost provided by a one of the owners,
the company Nordlicht IT Solutions
- 69.836,00 EUR for HR, campaigns, business development invested by founders 

Partnerships

Shopify is an eCommerce plattform allowing merchants to create and run an eShop.
It enables access to direct sale of products from 325 thousand shops amounting to a yearly revenue of 24 billion.  
 
Our cooperation with shopify helps Mongoo gain access to attractive shops and products. The necessary extension of the cooperation and the amount of shops can be realized with the already developed technology and minimal effort.
 
Mongoo is listed on Shopify's app store, where all these shops can discover, access and join Mongoo within 2 minutes. By joining MONGOO they get access to a very interesting target group.

Use of funds

Funds raised in this campaign will cover the following during the 3-5 months:
 
(45%)
establishing content & business development team
further development of the system: Android, Interfaces
build a network of lifestyle trend scouts & bloggers in order to guarantee content quality
 
(55%)
marketing
build and strengthen MONGOO brand
gain awareness, user acquisition and retention

Industry Certifications/Awards

Apple designers very much liked our app when presented during the WWDC in San Francisco.

Return on Investment


The fast growing social commerce market assures a huge potential.
Similar platforms to Mongoo, in US and UK, are proven successes even though they are less inspiring and less efficient. 
Mongoo shows first proven signs of potential (5000 users in only one day AppOfTheDay campaign)
The valuation of the company will grow from 2,5M in 2016 to 264M in 2018.
The annual ROI is 372%
Once an established European platform, Mongoo will be very attractive to many traditional eCommerce Players, AND to US Players.
The exit strategy is a sale to such a potential buyer after 3 years of Operation.

Risk Analysis

- Tight timing to build up a vast trend scouting network
- Win enough interesting merchants meeting our quality criteria 
- High cost to stay compatible with enough eCommerce and payment platforms