WeGroup was founded in September 2017, with a committed capital of €136,500, which allowed for the development of our initial platform, obtaining all necessary permits and closing our first, vital partnerships.

Our main costs involved the personnel costs for the development team and the marketing strategy (from corporate identity to marketing commercial).Apart from the committed capital, WeGroup acquired €20,000 in government funding by winning a pitching contest, organised by Cepphar and the Flemish government.

Our 5-year financial plan, developed by the WeGroup team, is presented here below. Please note that our first fiscal year ends on 31/12/2018, which is why there are no annual accounts for 2017.

Our main revenue driver is our commission on insurance products. WeGroup takes a 25% commission on all products, which is a low to average commission for an insurance broker. We have 3 separate sales channels to grow our community as fast as possible.We want to acquire our first 1,000 customers before the end of 2018, and our first 10,000 customers before the end of 2019, as stated in the business plan. So far in 2018, we have worked with (increasingly larger) closed betas to prevent major bugs and outages during our full-on launch later this year.

There are 2 major cost drivers; the cost of the development team on the one hand and the costs of user acquisition on the other

The costs of acquiring and retaining users cover our 3 sales channels;
(1) Direct marketing, via online and offline campaigns,
(2) a referral program and
(3) a commission model for distribution partners.

We have already experimented and tested with online marketing campaigns and social media marketing. We are guided by an experienced Marketing Board of Advisors, each with their own expertise. Starting next year, we will start several guerrilla marketing campaigns.A budget for the development of new features and the improvement of current features is planned each year. We distinguish our development team in 2 departments; infrastructure and innovation. The infrastructure team works on the backend, network and security. The innovation team is responsible for the machine learning engine and intelligent chatbot.

This represents the scenario in which WeGroup reaches its minimum financing goal of €200,000.

20.000 consumers