Last time we talked with Edgar, the Slovenian startup was in the implementation stage, relying on bootstrapping and personal savings. Hearing rumours about investments and new features, we caught up with its ever so jovial CEO Damjan Obal to hear all about the latest developments and bring you exciting updates from the storytelling app.
‘Demo Day was great, we got new amazing partners and first angel investors’
After the completion of a three-month acceleration programme at Bulgarian fund Eleven with a successful Demo Day in Sofia a few weeks ago, the Slovenian startup moved back to Maribor, its homey headquarters in Slovenia, with happy news.
Obal announced last Friday that the company got altogether 37.000 euros of investment from Christofer Unger Solheim and Anthony Burgess-Webb, both board members of Commetric and Commeq, as well as from Eleven.
“We didn’t want to open a larger round as this is enough to bring us to Autumn/Winter, when we’re raising either a bridge round or a proper seed – it depends on the revenues as we want to get a good evaluation before raising a bigger round,” he said.
According to Obal, Edgar which was valued 525.000 euros before the deal, received 25.000 euros from Eleven as a follow-on investment, and 12.000 euros from the Unger Solheim and Burgess-Webb, with another 12.000 euros after certain milestones are met.
“Moreover, we got Burgess-Webb and Unger Solheim on board as advisors and active partners, which means that Commetric and Commeq will help us with data mining, user behaviour and all the maps in between,” he added.
At the moment, Edgar is still servicing paying customers on a case-by-case basis. The web application consists of a toolkit to create digital stories for individuals to share online, and also aims to be a word-of-mouth marketing service for micro and SMEs such as Etsy folks, crafters and makers. For that purpose, the company recently allowed users to import their business credentials from Etsy or Facebook.
“We now have six paying customers (crafters) and two paying organisations, but we’re still piloting with them. Altogether we have made 2.100 euros in revenue in the past two months, but the official sales should begin end of May when we’re ready,” Obal said.
On the figure chapter, Edgar now counts 1.100 registered members and over 570 stories published on its website. And there are around 300 daily active users on the site, spending more than six minutes on average and viewing more than seven stories per visit.
Exciting times ahead
The team is constantly working on new features to improve the platform, such as the recent addition of Instagram and Flickr photos and Youtube videos in the stories, and will be building a marketplace for people who need help with creating their story (photos, text, script…) in the near future.
Still, Obal said that their next major milestone is to get Edgar ready to start selling in May and ease on feature development. “Basically, we need to ramp up the numbers of stories created per week (20-30 stories) and acquire more users (the goal is 600 registered users per month) while keeping the conversion rate as it is.”
Obal also said that they are planning to come to Austria soon as they have a strong bond with local, family-run businesses like wineries and breweries, as he considers that they represent a huge untapped market segment.