DARE

DARE

Social media app centered around dares anticipating the launch of a new version of its mobile app by year end

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Security Type
Convertible Note
Categories
Media
Min Investment
$100
Location
Venice, CA
Offering Date
September 10, 2020
Expected Close Date
May 24, 2021
Target Raise
$50.00K-$250.00K
Deal Notes

Discount: 20%

Company Description

DARE is a social media platform developed around the idea of dares. Through DARE, users can interact with their friends or complete strangers, challenging them to dares and completing dares they’ve been challenged to do. DARE also hopes to further the trend of social media AR, like Snapchat’s dynamic face filters, by introducing dynamic AR avatars. The company is currently completing a new version of its app, which it plans to launch on iOS by year end, with an Android version planned for Q1 2021. The company plans to use the proceeds of the raise to market its app to drive user growth and accelerate its product roadmap of app features, among other things.

Key Deal Facts

Previous version of social media app achieved over 12,000 downloads
Plans to enable users to create custom augmented reality (AR) avatars
Anticipates launching new version of mobile application by end of 2020
Secured agreement with Epidemic Sound to use musical catalogue for DARE app user videos

Use of Proceeds

  • General Marketing
  • General Working Capital
  • Future Wages
  • R&D
  • Intermediary Fees

Management Team / Advisory Board Bios

Edvard Erken Hoili
Co-Founder and CEO
Edvard co-founded DARE with his wife Maria. Prior to co-founding DARE, Edvard created his own smoothie brand, Pretty Smooth, with Maria, which the couple expanded to smoothie bars and grocery stores in Norway. Edvard also has managerial experience, working as a country manager for Hummel, a German sports apparel company. Edvard also has experience in freelance photo and video developing, having helped develop tv-shows and commercials.

Maria Erken Hoili
Co-Founder
Maria co-founded DARE with her husband Edvard. Prior to co-founding DARE, Maria created her own smoothie brand, Pretty Smooth, with Edvard, which the couple expanded to smoothie bars and grocery stores in Norway. In the past, Maria has also owned and managed her own interior design store in Norway. Her past experience includes property management, interior design, event planning, and marketing. Outside of DARE, Maria is a lifestyle coach, influencer, and professional poker player.

Rob Gillett
Chief Technology Officer
Rob joined DARE in February 2020 and serves as the company’s CTO. Rob is the founder of two companies: CannaCtrl, a point of sale and fleet management solution for cannabis businesses, and weCliq, a swipe-to-meet mobile app focused on group hangouts. In total, Rob has over six years of experience in iOS development, design, startup operations, and team-building. Rob graduated with dual degrees in engineering and economics from Brown University, where he played football and was awarded All-Ivy honors at the linebacker position.

Deal Notes

Discount: 20%

Amount Raised : $40,050
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Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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