19 Jul 2018
Updated on December 30th, 2022
How A Fitness App Raised $1.5 M Before Its Official Launch
Techugo Pvt. Ltd.
The Mobile App Market Is Generating $60 Billion Revenue Every Year
This stat clearly speaks that how mobile app market is booming and how the perfect pitch is interwoven in its environment, has welcomed the era of extreme fame leverage.
If you have got an app idea, then you have all the reasons to spend sleepless nights in the boat of excitement, but this boat does not sail through or reach success shore unless it meets the right resources.
The resources are a leading app development company enough capital or FUNDING to support your app dream.
A mobile app certainly does hold the capability to present a BIG and HUGE number of opportunities for new businesses, which includes receiving the funding as well. But the app funding can take place with your app, only if your app has the worth to attain the funding.
“How Can I Get App Funding?”
This is not a point, but the question raised by one of our clients, during the very first virtual meeting, and it was a normal question, but getting it asked in the very first meeting, was little surprising.
This indicated at the confidence our client held in his app concept and it led to begin our journey…
I am referring to one of the mobile apps we have wireframed, designed and are developing, that how it has garnered
$1.5 M funding, much before hitting the stores officially.
Isn’t it exciting enough to know???
Usually, to raise the funding for the mobile app startups, the app owners have to go through different stages, and in the absence of right and appropriate guidance, at times this process goes haywire.
But if this process is carried out with an expert in the field then execution part of Funding journey becomes easier and convenient.
This is what happened with the Fitness app concept (I would like to shield the name for privacy concern) which came to us as a mere concept, but today has a worth of millions before the launch and is promising enough to carve many other success milestones in near future.
What Was The App Concept???
The app concept was for a Fitness mobile app allowing users to track their fitness and performance with the integration of Fitbit API’s, where the users can use the…
- Motions tracking
The app has to get developed for
- Android Devices
- Android Smartwatch
- Fitbit Watch
The technologies and the devices used for the mobile app were sufficient to raise the interest among the users and respectively in the investors.
How Techugo Stole The Show
As mentioned before, the funding process is not a cake-walk to be walked and earn it effortlessly, but the experience and the exposure are two ingredients which help to win this battle.
In this funding journey, Techugo had the valid reasons to help the concept;
- First because Techugo is the app development partner for the app
- Second because Techugo is the celebrated tech-startup, which has carved a niche for itself in a trivial duration of 3 years since its inception
Hence, we had all the reasons in the world to push this concept, but we knew that ideas alone would never make a successful app, but it is all about the execution, which can make a great idea into an app failure, or a simple idea can make it to the top charts of the success.
Challenges We Faced
The BIG FISH of the funding world can easily digest any unrecognized app concept if it is not presented in a way to capture a moment from the investors’ busy schedule, to take a look at the concept.
When the client approached us with the Fitness app concept, it was an untested hypothesis.
Although, the app concept had the potential to make multi-million dollars but, in reality, it was still an untested hypothesis for anyone, until the targeted audience would pick and enjoy the concept as a mobile app.
Hence, we had to find out a solution which could help the client to portray the best features and functionalities in front of the potential investors to grasp a hold on the funding.
What We Did???
After discussing on several notes, we finally set for one Elevator Pitch along with our client, to explain to the investors exactly what the app does, why people want it, and why it would be a successful collaborated venture for the investor and our client.
This is the basic and the only funding, wherein the investors decide to invest in a concept or an idea, which is not materialized yet has the potential to garner the huge profit.
Hence, at Techugo we pitched to the investors for the Seed Funding of the app concept along with our client.
What Was The Outcome???
The experience, exposure and the confidence from both of us received a big round of applause from the potential investors, and for a surprise not just the investors with big budgets but the larger market of potential investors got ready to fund the app idea.
And in the present day, in the mere span of 20 days…
FITNESS APP CONCEPT HAS RECEIVED THE FUNDING OF $1.5 M
We at Techugo, feel highly gratified for being an active participator in raising the fund for an app concept.
Pro Tip: Don’t convince investors that your app is a good idea, but how much profit it has…
Don’t expect an investor to visualize the monetary bubble oozing from the app concept, but present the factual data with the accurate monetization plan.
You must be thoroughly comfortable and convinced with the MVP of the mobile app and must be ready to answer any question around it.
On the other hand, Yes, raising money for an app is difficult, in particular when a real-time app is absent, and only an app concept is discussed with a strong touch of visualization.
But you can get in touch with Techugo for your app concept and must get your app concept to get funded since we hold the expertise in releasing a strong flavor of your app concept to the potential investors and get them hooked.
This was just one success FUNDING story, but there are many more…and we will keep including more…