Incorporated in 2012, Tinybeans is a mobile and web-based platform exclusively created for parents to record and share pictures of their children privately. It has successfully raised $6.5 million via an Initial Public Offering (IPO) to fund its expansion, technological growth and focus on business. Executive chairman and CEO, Eddie Geller, talking about this recent development, said,
Listing on the ASX to efficiently access growth capital and allows more Australian investors to share in the company’s future.
The Tinybeans app is free to download and use. Parents can simply upload pictures and videos on the Tinybeans app, which also notifies their added family and friends of the latest update via mail.
Founded by, Stephen O’Young, Sarah-Jane Kurtini and Eddie Geller, Tinybeans is headquartered in Sydney. It enjoys a strong user base of 578,000 monthly active users and 1,600,000 registered users. The active users have increased by more than 30% in the past six months to March 2017.
The company generates revenue from family premium subscriptions, the users have the option to upgrade to a paid premium version. Also, advertising and marketing campaigns with nappies maker Huggies, photo printing options contribute significantly to the earnings.
Tinybeans does not have a direct competitor with people generally turning to platforms like Facebook, Instagram, WhatsApp, to share pictures and videos of their children. But, parents prefer this platform over the others as it is not generic in the sense that people share anything, and also it’s very private owing to its invite-only option.
The company debuted today with a sale of 6.5 million Tinybeans shares at price of $1.00 per share. Prior to this, Tinybeans had already utilized $2.6 million in its business which had been raised in a series of private funding. The founders are now aiming for a significant growth, as Eddie says,
We are now executing on our growth strategy as we strive to realise our vision of a global nurture network, connecting more than 100 million parents and family members to the people and products their children need.
The company has been moving forward with several initiatives this year which are significantly contributing to its growth and user engagement. In the US, Google Inc, and Target are offering Tinybeans Premium Subscriptions service for free for the first year as a perk to their US employees. Geller added,
We anticipate a strong ramp up in user acquisition in 2017 to lead to further growth with endemic baby brands interested in advertising on the platform.