The workforce behind Pie, an IRL-social startup based by Andy Dunn, is predicated in Chicago.Courtesy of Pie
- Pie, an IRL social startup, raised $11.5 million in Series A funding led by Forerunner Ventures.
- Founded by Bonobos’ Andy Dunn, Pie focuses on in-person connections and occasions.
Social-networking startups are ditching on-line pals and followers for in-person, real-life connections.
Pie, a Chicago-based startup based by menswear model Bonobos’ Andy Dunn, is becoming a member of the race to assist individuals make pals.
One of many rising “IRL social” apps, Pie lets customers plan and take part on IRL hangouts. The app is already geared up with an AI assistant and is piloting an enterprise product providing.
“The battle for offline consideration is the following large factor in shopper,” Dunn instructed Business Insider.
Amid a loneliness epidemic declared by US Surgeon General Dr. Vivek Murthy, and social-media customers rising jaded with on-line life, startups like Posh (a kind of TikTok feed for occasions) and 222 (a approach to meet strangers through dinners or occasions) have additionally raised enterprise capital this yr with apps aiming to assist individuals discover pals.
Pie lately introduced that it raised a $11.5 million Series A led by Forerunner Ventures’ Kirsten Green. The spherical additionally included participation from Chicago-based fund Origin Ventures and Twitter cofounder Ev Williams. Its newest spherical places Pie’s whole capital raised at $24 million, per the corporate.
Building and rising an app for making pals
Like many startups, Pie has needed to pivot. It launched in 2020 as a buddy matchmaking app, akin to a Bumble Friends expertise.
“We received a number of matching, a number of profile browse, however nobody would attain out to the opposite particular person,” Dunn stated.
After studying Dr. Marisa Fanco’s e book “Platonic,” Dunn stated he went again to the drafting board. Scrolling by potential pals wasn’t going to chop it — it needed to be recurring group hangouts to assist individuals meet and keep related.
With a workforce of 10 Chicago-based staffers, Pie doubled down on constructing an IRL app and utilizing the town as a testing floor.
“Chicago would not have the saturation of shopper apps you’ve in New York City, Los Angeles, or San Francisco,” Dunn stated.
In February and March, the startup started testing native, curated occasions, dubbed “Pie Originals,” in Chicago, similar to a month-to-month silent e book membership or a bi-monthly “Dudes Getting Pancakes” hangout. Dunn credit the app’s progress to this technique. It hit 20,000 month-to-month lively customers in six months of testing the Pie Originals.
Local occasion creators, like Mary Doctor, who hosts a show-and-tell occasion for adults, have used Pie to assemble individuals and earn cash.
“There’s this complete creator financial system of people that wish to convey individuals collectively in particular person,” Dunn added.
With its Series A capital, Pie is rolling out a creator fund for occasion hosts, which pays $5 to the creator for each RSVP to an occasion (all of that are free for attendees).
The startup plans to experiment with totally different monetization fashions, eyeing a possible freemium mannequin that apps like Bumble and Hinge have opted for.
“This is venture-backed startups,” Dunn stated, including that by the point of Pie’s Series B, it’ll have a monetization engine locked down. “You have prices, after which you determine revenues later.”
In the meantime, Dunn is betting on Pie’s Gen-Z employees and the app’s consumer progress, which stands at 40% month-over-month.
Read the 31-page pitch deck that Andy Dunn used to lift Pie’s Series A:
Note: Pie has redacted particulars and amended some pages in order that the doc could possibly be shared externally.
The deck begins with a reference to the US Surgeon General’s declaration of a “social isolation pandemic.”
Courtesy of Pie
“In the final 20 years, we have misplaced 24 hours of in-person time per thirty days,” the slide reads.
Then Pie cites analysis about loneliness from greater than 20 years in the past.
Courtesy of Pie
Pie cites Dr. Marisa Franco’s e book “Platonic,” too.
Courtesy of Pie
Pie compares its feed to the social media feeds we have already got.
Courtesy of Pie
The deck consists of testimonials from customers.
Courtesy of Pie
Pie outlines the aggressive panorama of IRL social apps.
Courtesy of Pie
The app started testing “Pie Originals,” occasions curated for Chicago, earlier this yr.
Courtesy of Pie
The app additionally has “creators” who host occasions.
Courtesy of Pie
Then the deck breaks down its design and consumer expertise.
Courtesy of Pie
Pie desires to make use of the friends-of-friends community impact to scale and assist individuals meet.
Courtesy of Pie
Pie can also be geared up with AI.
Courtesy of Pie
Its AI assistant will assist individuals make dinner plans.
Courtesy of Pie
How Moosey works his magic.
Courtesy of Pie
AI options
Courtesy of Pie
Users are in a position to have profiles.
Courtesy of Pie
How Pie’s AI characteristic works
Courtesy of Pie
Then Pie breaks down its progress to this point.
Courtesy of Pie
User retention will increase after three plans.
Courtesy of Pie
Pie illustrates the way it’s working to this point in Chicago.
Courtesy of Pie
Then Pie attracts similarities to the creator financial system.
Courtesy of Pie
It additionally compares its market alternative to Airbnb and Uber.
Courtesy of Pie
Pie launched a creator fund to assist pay creators.
Courtesy of Pie
It’s additionally constructing out an enterprise product providing.
Courtesy of Pie
Companies can use Pie to attach coworkers.
Courtesy of Pie
Pie lays out its monetization roadmap.
Courtesy of Pie
Its enterprise product will likely be key to Pie’s monetization technique early-on.
Courtesy of Pie
Wrapping up, Pie introduces CEO and founder Andy Dunn.
Courtesy of Pie
It additionally introduces its workforce of 10 staffers.
Courtesy of Pie
And notable buyers and shareholders.
Courtesy of Pie
Pie up to date some components of its pitch deck within the copy it shared with Business Insider, together with investments from its Series A.
Pie pitch deck
Courtesy of Pie
