Oops! We couldn’t find any results...
Tech startup raises $4 million from Reddit co-founder, Wi...
Crain's Chicago Business
·
Nov 22, 2021
The company has over $1 million in assets under management across more than 20,000 users, said co-founder and CEO Jordan ...
Problem
Wealth equity will not be achieved through traditional financial assets
The future economy is being built on digital assets...
...but we can’t build wealth for our
children using the assets of tomorrow.
Solution
Transitioning the next generation to the digital economy, today
EarlyBird is the first digital wallet for the next generation, built through community-based contributions with diversified investments and digital assets.
Product
Invest in kids you love
EarlyBird offers a simple experience for a parent, with any financial experience, to invest in their child’s future—and empowers anyone and everyone to contribute.
Traction
Key Metrics
as of August 1st, 2022
- 6,300 total funded accounts
(+175% since Dec 1, 2021)- This includes children who have an investment account, a baby fund (expecting parents), or a crypto wallet.
- This includes children who have an investment account, a baby fund (expecting parents), or a crypto wallet.
- 25% avg. Monthly Funded Account Growth
(Since Dec 1, 2021)- This includes the last 3 months, where the company's primary focus has been on improving quality of users, increasing conversion, and reduction of experimental CAC, while increasing user-generated growth. During this time, the company has nearly eliminated paid acquisition spend and experimentation in favor of funnel optimization work.
- $25 Average CAC
(Over the past 4 months) - $2.5M Total Deposits (Inflow)
Additional metrics
- 43,390 Users (25% avg. MoM growth since Dec 1, 2021)
- 14,000 Transacted Users
- 8,300 Gifts Sent (Average Gift Amount = $150)
- Average Monthly Contribution per Child = $105 (Recurring Investments + One-Time Investments + Gifts)
Additional business highlights for 2022
First to offer families a crypto wallet
for their kids in partnership with Gemini
EarlyBird launched their waitlist at the end of January, and reached over 3,500+ sign-ups. The engagement was impressive with a 65% open rate on the full eight-part educational email series. The growth was entirely organic, with no paid marketing.
Twelve weeks ago, EarlyBird invited their first batch of EB parents to limited early access. They have already seen over 20% conversion, with incredibly strong feedback and excitement about the experience. Today, EarlyBird has over 1,700+ wallets fully launched and funded. Additionally, the power of referrals has been very strong: Example 1, Example 2, Example 3.
They have also had some solid national PR including features on Fox Business, Cointelegraph, and Fortune.
In Q1 of 2023, EarlyBird will launch an exclusive full activation with Gemini's 7.5M+ userbase.
Scaled Partnerships & Distribution
with Babylist & What to Expect
After some impressive early conversion data on both a trial partnership with Babylist when being included in the Hello Baby Box, and an email campaign with What To Expect, EarlyBird has been invited to deepen its integrated activations with the two largest registries and expecting/new parent content players in the space. Together, they touch 90% of expecting households.
These partnerships have been officially kicked off and will serve as a critical first step in establishing EarlyBird as THE checklist item for anyone having a baby.
EarlyBird is seeing exciting organic adoption of their Baby Fund as top tier gift on baby registries. Here's a few examples:
Customers
Paid, organic, and product-driven customer acquisition
- Started testing paid channels in May 2020. Partnered with consumer fintech growth experts, Fiat Growth to launch initial paid channels including affiliate marketing, brand partnerships, SEO & content, and influencer marketing/brand ambassadors.
- The introduction of paid, organic and product-driven growth totals more than 50% of acquisition and is by far the most efficient at converting funded accounts.
- Negotiated and closed equity-based distribution partnership with Gemini (8M+ users). First step in a B2B retrofit model with other FI and FinTechs.
- Strong inbound brand and employer interest to partner around family financial wellness and employee perks, now with 20+ activations, including Ellen, Motherly, and Babylist.
- Strong traffic (15K monthly visitors) and domain authority through content and SEO.
Business model
Planning additional
revenue channels
Earned insights & defensibility
Market
The inflection points
- The rise of retail investing is already paving the way
- The digital economy has arrived - More than 35M US adults own crypto
- There is a deep prioritization of controlled wealth creation, separate from salary and income
- Wealth is moving from being private to social, emotional and community-driven
- While digital assets are still speculative, the required time horizon (i.e. children ages 0-5) helps to establish trust and acceptance
Vision and strategy
Moving forward, every family’s financial journey
will begin on EarlyBird
EarlyBird is building the digital wealth platform for the next generation to invest, save, earn, and build their wealth through the power of community with the assets of tomorrow.
How they get there
Step 1: Establish Community-Based Investing
Step 2: Prioritize The Future
Leadership
—
Over the last four months, EarlyBird has scaled their team to 14 full-time employees and transitioned from outsourced engineering for the past two years, while hiring and onboarding a top-tier in-house engineering team.
- Director of Engineering - David Daudelin - (Formerly Amazon)
- Backend Engineer Tech Lead - Andrew Ngai (Formerly Acorns)
- Senior FE Engineer - Nathan Guenther - (Formerly Adobe)
