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I think it's likely that you're going to get acquired. After Leigh left, I stuck my head in the room to ask Charles why his investment was so low. Everything we’ve done in pet has ended up being bigger than I thought going in. Phil: So you have a concentration of users, would you say, in those 14 cities? Our biggest concentration is New York, LA, and Dallas. I just didn’t feel like our normal full sized 250k check was the right one in this case. Charles: Mostly, I agree with Soraya, I don’t see this becoming a gigantic company. As you can tell, Leigh is super excited about the future. Two people who met on the app are going to tie the knot. But either way, investors need to know how is she going to get more users on the app. Leigh: We have users in all 50 states, but we have done events in 14 cities, I believe. But it seems like the investors just want her to commit to one or the other. It comes down to this -- is she trying to get massive, or does she want to sell early? I'm certainly interested at that lower valuation because I think the outcome is sooner than later. But I'd rather have a better multiple because I think you're going to get bought out at a very reasonable number, and I think it's going to be fantastic. And so if you come back to me in a few months and you have that definitive plan for becoming a billion dollar business, whether it’s verticalizing or turning yourself into a competitor for Wag, for instance, I think I’d be very interested in taking a second look. And there’s more than 70% of dog owners sleep with their dog in their bed now. And I think it's going to be a lot of money for you. I was kind of leading you down a few different paths with my questions, and I think convincingly you said yes to all. But you can look at Match’s and Badoo’s own surveys saying that men are much more likely to get liked if they have a photo of a dog in their photo. I'm much more interested, like Phil, at 3 million and here's why. And the number's not going to be that high, but it's going to change your life. You’re not only eloquent but you’re highly convincing. And it’s a pass because I couldn’t hear a definitive direct vision for you as to how this is your swing for the fence. So I think there’s a chance that it ends up being a respectable return for our fund even on 10K. Charles: Of the pet parent population, how many of them do you think, what percentage think pet friendliness in a mate is a deal breaker? But I’m trying to figure out who’s the enthusiast audience for whom this product is a must-have? I mean, you have to decide what survey you want to look at. Leigh: So the dog has gone from the doghouse to in your house to in your bed and now you want to take your dog with you wherever you go.
In the past few months, we've seen 80,000 total downloads and 25,000 monthly active users looking for love on Dig. Leigh: So we built this app knowing that the verticalization was a possibility, being acquired or entering or partnering with the dog industry was a possibility. Back in May we asked entrepreneurs to call in to the show and give us their best one-minute pitches. To get there, Leigh has to convince the investors that dogs and love are a match made in Heaven. But she’s not new to venture, she’s a founding partner at Trailmix ventures, and she invested in little startup you may have heard of, called Gimlet. They’re starting a 0 million initiative to find niche dating apps and bring them in to the fold. Leigh just said she might sell the business tomorrow. They’re like, after dogs and dating, how do you blow this thing up? Like my first job was a dog salesperson at age 16, so I know a weird amount about dog breeds. Michael: You might have a harder time for guys showing up for cats. They don’t see it as their main revenue driver because you don’t have that urgency and that amount of time you’re spending on the app to find a friend to go to the dog park with. Now in the pet industry, they’re very interested in reaching those other types of people as well. I’m putting in less than our fund would normally do because I think there is a good chance that you will get an early acquisition offer, and I want to feel aligned with you that if that’s the right thing for you to do that you should take it. It’s a pretty small investment, but it’s Leigh’s only Yes so far. I'd also be really keen on this business if you said to me, Soraya, I want to do ten different niche apps and go long on those, consolidate and take on Badoo. Phil: You think that gets you to a million downloads? We wanted to see what new ideas and businesses were out there. I’m Sarah Downey Sarah’s a partner at Accomplice where they’ve invested 0 million in over 200 startups so far, startups like Draftkings. I'm Leigh Isaacson, CEO and cofounder of Dig, the dog person's dating app. Michael: Would you sell right now to them if you had the chance? So both sides are looking to us as this opportunity to get in front of different types of people. Soraya: I get really excited by founders who have audacious visions. But I think you have good energy, you have good insights. And I think at scale, there’s a bunch of things on the business model side that will just work better when you have a larger audience that are tough to prove today. Leigh: Soraya, I want to do ten different niche dating apps and go - what did you say? We see this right now as the main thing we're focusing on because it's the largest market, they spend the most, they're right in that niche demographic that you really need. That's paying our team for the first time, trying to get to that million downloads, that's projecting out our spend on marketing side. the largest single club of returnees of China, brought together more than ten thousand outstanding single returnees and urban elites, and strictly control the quality of members, as well as the proportion of men and women, is committed to creating high-end single type of public assistance resource information platform that provides social, marriage, gathering for quality singles activities, tourism, and other information integration, creating a relaxing and sincere atmosphere and interactive dating network resources based mutual circle, and is committed to build the country's first dating platform of sigle returnees.Back in May we asked entrepreneurs to call in and give us their best pitches. Leigh: The way to look through different profiles is actually clicking on these paws at the top. Michael: So whoa, you're saying that people who come on the site who don't have dogs who want to meet someone with a dog? In terms of the big players, Bumble and Match already have the opportunity to search for dog lovers. So the niche dating app market is growing because you want to cut to the chase. Our lowest campaign is down to 50 cents cost per install. So we can't put all the money in there or we would just have a women facing app. So dating apps today, according to industry data, you're seeing about 10% of users choosing to do one of the paid options, between the 2.99 and a month. The daily deal, where companies pay to be featured in that spot, is another one. Uh look, I've been talking to people about this for a little while. Phil: I'm glad you asked for my feedback on that number.
The winner was Leigh Isaacson and her startup Dig — a dating app for people who love dogs. She had a killer 1-minute pitch for a cool startup. We're not necessarily competing against them one to one, because your average dating app user uses three or four dating apps at a time for up to ten hours a week on average. You want to find someone who has something in common with you right away. The daily deal is an ad for a special offer for Dig users, think dog treats and like a dog walker.