- Investment sought:
- Equity offered:
- More than 22,000 registered users, across 100+ countries
- Leisure marine industry is worth €103 billion (2018)
- €20 billion spent on boat accessories and marine equipment
- We expect to exit in a trade sale in 4 to 6 years time
At savvy navvy, we save sailors hours of frustration by finding the best and safest routes to their destination. Instead of having to use multiple apps, sailors can simply drop a pin on the map, and we’ll work out the best route in seconds.
Last year, we raised £330k in a very successful Seedrs round. We reached 265% of our target in just 7 days, with more than 400 investors on board.
Since then we have been diligently perfecting our algorithm, reaching product/market fit in Q4 of 2019.
“In my experience, it becomes possible to sustainably grow a product when it reaches around 40% of users who try it that would be “very disappointed” if they could no longer use it." -- Sean Ellis (DropBox, LogMeIn, EventBrite & Lookout).
Every year, 76 million people take to the water in boats that require them to plan their trips carefully. During a sailing trip, they typically spend one or two hours each day, and use up to four different apps, to check the chart for any dangers, compare various weather forecasts and re-check their tidal calculations.
savvy navvy finally gives the sailor a single app to get a safe, fast and complete passage plan in seconds. This saves them valuable time and reduces the barrier of entry to sailing by eliminating anxiety.
In 2019, we have relentlessly focused on product/market fit. We hit all our internal milestones, integrating tidal calculations, launching iOS and Android apps and expanding our chart coverage across the Mediterranean. We are now ready for growth in 2020.
With this second round, we will:
● Expand into the much larger motorboat market.
● Drastically increase our marketing spend.
● Add new acquisition channels.
● And form partnerships in the industry.
Substantial accomplishments to date
Jelte left his job at Google to build a safe, fast solution for navigating at sea. Fast forward to 2020, and savvy navvy has built a loyal following of sailors across more than 100 countries worldwide and has strong backing from more than 400 investors.
“Jelte measures everything and makes data-driven decisions, not just based on gut feelings. The approach they are to developing the app is much more mature than what you normally see from startups.” -- Seedrs Investor.
Working closely with our Founding Members, we’ve been able to constantly improve savvy navvy. Releasing more than 180 updates to the app in 2019 alone has helped us increase our Product/Market approval ratings from 37% to 47%.
“At the beginning, [I used] savvy navvy plus possibly another app or two, whereas now I don’t even look at the other apps. Savvy navvy has the weather, it has the tides, it has the charts… It just does it for me.” - Charlotte, Founding Member.
“As a sailor, the more help you have, the more you can enjoy… You guys have given me that peace of mind, where I can prepare for what’s coming.” - CJ, Founding Member.
Some of our 2019 achievements include:
● Amazing raise on Seedrs, overfunded by 265% in 7 days, with 400+ investors.
● 22,000 users worldwide.
● Calculating more than 6 million nautical miles of routes.
● Product/market fit score over 47.1%.
● With an annual retention rate of 82.3%.
● Increasing chart coverage across most of the Mediterranean.
● Winning Seedrs’ Entrepreneur of the Year 2019.
The leisure marine industry is worth €103 billion per year (2018), of which €20 billion was spent on boat accessories and marine equipment, indicating a high level of disposable income among sailors.
Throughout 2019, we have run a variety of pricing studies and experiments. This has led to a clear understanding of our users, which features they desire, and their willingness to pay for those features.
These experiments have also allowed us to try various different pricing structures, and have taught us the highest return on our strategy is to provide an annual subscription service.
We have mapped our feature set across three annual feature-driven subscription plans (£65, £95 and £110) which will launch soon.
● Maximise revenue.
● Annual subscription plans.
● Average customer lifetime value from £240 to £400.
● Additional revenue streams through partnerships and potential sponsorships from marinas, restaurants and other marine businesses.
Use of proceeds
(1) NEW ACQUISITION CHANNELS - we aim to secure partnerships with marine brokers, insurance companies, sailing schools and charter companies. We will also launch a referral programme and partner with professional sailors such as instructors and delivery skippers to become advocates.
(2) INCREASED MARKETING SPEND - 2020 will see us significantly increase our marketing spend, across multiple channels. Taking advantage of a very focussed market, we know how to reach sailors and will push our brand to increase awareness.
(3) EXPAND TO THE MOTORBOAT MARKET - having proved the concept for the leisure sailing industry, we plan to expand into the motorboat market. This is a significantly larger market. In North America alone, this doubles the size of our addressable market.
(4) ADDITIONAL FEATURES - We have a roadmap full of additional features, requested by our most experienced Founding Members, which will see us retain our high annual retention rates.