Findicate: February 2024 Updates

Dear Findicate angels,

Happy Lunar New Year! We hope 2024 has been prosperous for you and your loved ones. To kick off the year, we're thrilled to share our latest investment deal with you. Let’s dive in.

Hot Deals

UX Army

UX Army is an automated user insights platform based on user testing for the Asian market, offering a comprehensive suite of UX research products that do not require its users to have UX/Market research skills. They already have 40+ enterprise product teams in Asia as paying customers with 80% repeat rate. Digital platforms using UX Army said they were able to conduct UX research 40% faster and 26% cheaper outcomes for the Asian Market, a segment in which businesses lose an estimated $260B per year due to lack of UX data. UX Army plans to launch in the US in 2024 and implement AI-driven research in 2025 to 10x revenue. 

Why we like this deal:

• Strong traction: UX Army’s clients include over 40 paying enterprise customers, more than half of which have signed up and paid for an annual contract reaching >$1.2M in booked revenue. LTV:CAC is >10x and should further increase as the company builds scale.

• Untapped market opportunity. UX Army is targeting the Asian market for UX Research (UXR), a market which is currently fragmented and underserved by expensive Western UXR companies that lack the local context and cost advantage. UX Army provides a holistic UXR solution that capitalizes on local market expertise, cost of development arbitrage, and the growing Asian consumer base. Their product can scale to more companies in the region that may not be able to afford the existing UXR tools at the prevailing price point.

• Founder expertise: The UX Army founders are experts in the field and have demonstrated commitment through bootstrapping operations since founding in 2015 when the business focused more on bespoke solutions. They have adapted to the changing business environment by platformizing their model and seeking scale.
  
  Round detail: Raising a $300K seed round at a valuation of $4.8M post-money valuation.

  Deck | Recording| Deal Memo

Interested? Make your commitment 👉🏽 here! 

Fresh off the Press

We recently hosted our first member call where we share 2023 wrap-up, portfolio updates, and 2024 outlook. We’ve made meaningful progress and impacted the lives of thousands of women through our investments. Thanks to you! 

2023 Wrap-Up

• Made 4 investments, grew our community to 70+ members, expanded local presence to 3 countries, and increased our team size to 4. 

• Launched a beautiful new website; head over here if you haven’t seen it. (thanks to our newest team member Juliana).

• Welcomed our first Advisor Jennifer Ho, Partner at Integra Venture Partners, who will share feedback & insights on investment opportunities from an institutional investor POV.

• Accepted to a leading Accelerator for Gender-Lens Investing called 2X Ignite; our team continues to upskill in order to improve and institutionalize Findicate for our angel

  

Portfolio Updates

• TANGGapp: Raised $2.5M in seed funding in Sep 2023 to make remittance easier for Filipinos. Findicate was the one of the first investments into the company in Dec 2022 (news).

• Pylot Health (fka Docosan): Found major traction with new AI chatbot and made a decision to double down on the new product which is set to launch in the U.S. Raising a $4M pre-A round to fund GTM, open to Findicate angels.

• Buscaro: Completed the pre-seed funding round in Nov 2023. Hit $3M ARR after expanding to 4 major cities in Pakistan and embarking on B2B2C business model (news). 

• Salt: Findicate recently made the investment in Oct 2023. 

2024 Outlook & Asks

• Deals: We’ll curate more frequent deal opportunities and systematize the deal process for our angels as we continue to provide affordable entry points for first-time investors at a low fee.

• Community: We’re focusing on onboarding more angels to make bigger investments and providing angel education training to help you make investments with confidence. 

• Grant funding: We’re looking for grant funding to expand our operations. Referrals are most appreciated! 

Partnerships and perks

Podium is a vetted women's community driving self growth and authentic connections in Singapore: https://www.podiumsociety.com/ 

You can submit their details on the website and a member of the Podium team will be in touch. Findicate members get a 10% discount, so just mention that you are one when they reach out!

Help Spread The Word

Refer angel investor friends
Having a bigger community enables us to write a bigger check size, provides more meaningful impact to women founders, and reduces legal fees for all investing angels. We welcome both men and women allies! Share Findicate Site and ask them sign up here: Findicate Sign Up Form

Refer deals 

Think of us when you see a deal you want to invest in. Bringing in the community can help increase your investment size and make a more meaningful impact on the founder you care about. 

About Findicate

At Findicate, we invest in women-led or women-focused startups and let the traction speak for itself. We are a community that provides resources in early funding, collective know-how, and regional network to help founders build impactful businesses that empower and enable the lives of women. 

Cheers,
Findicate Team (Nat, Amrita, Jean, Juliana)