Hello Lexigogo team,
Can I ask what your valuation is based on? Do you have any revenues?
I saw the app is in the store for 1 year with 1000 users. Thats a nice number but there is only half a year left, so how do you plan to bring this to 50.000 by the end of this year?
Thanks for your message.
The valuation is based on a combination of (1) a comparative analysis we have made on historical valuations of other successful apps, and (2) discounting of future cash flows. First revenues are foreseen in S1 2020. Revenues will be generated from both B2C and B2B2C.
We launched the first (beta) version of the Lexigogo app in November 2018. This version was tested by ca. 200 users and based on their feedback we launched a major update last June, including an improved user experience (such as simplified registration and contract creation flows) and a number of new features (such as biometric signing and adding multiple videos in one video contract). Mid-June we also kicked off our social media marketing campaign (Google UAC and Facebook/Instagram advertising) targeting Millennials in the US. Today - only two months after the start of the campaign - we have already more than 3,000 people that have downloaded Lexigogo! Our goal is indeed to reach 25K-50K users by the end of the year.
Next month, we will also launch the Contract Template feature, which refers to a menu-based tool that will guide the users throughout the contract creation process in order to ensure that all essential items are covered in an agreement. Each Contract Template will be linked to a specific agreement or transaction type (e.g. care sale) and will consist of a number of pre-defined videos that have to be recorded (e.g. Video 1: Identification of the partners; Video 2: The vehicle; Video 3: The VIN/chassis number and KM/MI reading ; Video 4: Exterior of the Vehicle; and so on). Contract Templates will also play an important role in the user ‘technology adoption’ and will further support user-growth.
Hope the above answers your question. If you would have any additional inquiries, just let us know!
The Lexigogo team! ;)