Polygloss friends and family funding
Hello 💖

I hadn't considered doing a friends and family round before mostly because my family is broke, but it turns out some friends did reach out to me asking if I was going to do a funding round, which caught me by surprise (Wow!! y'all are amazing!). So I decided to ask around to see who else is interested and see if it's worth organizing it.

Note: Filling this form does not guarantee that we will accept funding!

Feel free to ask me more details about plans or anything else I forgot to mention here, or give any suggestions!

Cheers,
Etiene
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Important Polygloss information that might affect investments:
* Polygloss is not being built for exit. The financial goal is to have a small sustainable world-wide remote business that sets an example of good conditions for employees. Exit is not absolutely ruled out, it's just not the goal.
* Polygloss is a slow business, the plan is to only use capital we really need and never crunch for launches to speed up returns.
* Polygloss has a governance model based on worker-owned co-ops. That means that employees have as much or more decision power than non-employee investors.
* Because of that, I dont plan on raising huge capital from VCs or something like that. I dont have any interest at all in wasting my time to focus on artificial company growth to boost fake valuations, strip employees from autonomy, and make bad product decisions as a result, which is a direction that many VCs could encourage.
Some examples of things we would like to do now that would be made possible with more funds:
* Paying for accounting / legal support for properly incorporating Polygloss, organizing the funding itself and preparing it for more robust operations in the future
* Getting one entry level or intern developer from under-represented backgrounds to tackle part of the app and website development, so I can spend more time on more strategical project-wide things (part-time)
* Paying a writer to create content for our website
* Helping current project members spend more time in Polygloss, for example, supplement the salary of some team member who is working on Polygloss intermittently so they can reduce their hours at their main job and spend more time at Polygloss
* Invest more in marketing once the funnel from free to paid users reaches closer to 2%
Financial state and other numbers:
* There are currently 65 premium subscribers and ~50 lifetime subscribers (130 USD Monthly Recurring Revenue, totaling 3213 USD revenue in the last 12 months) on Android and iOS.
* There has been no other funding raised so far, besides two awards with no equity attached from the entrepreneurship department of Queen Mary University of London totalling £3500.
* The current monthly recurring costs to run Polygloss are ~£75-100 (newsletter, gsuite, commercial licence for images, hosting)
* There are ~27,214 accounts registered in total and ~700 active weekly users who so far wrote ~484,000 texts in 164 languages and sent 36,000 corrections.
* Retention at day 1 is 31%, day 7, 9%, and day 30 is 4% (the average for educational apps is D1:18%, D7:6.3% and D30:2.5%).
* Average LTV per paying customer (last 12 months): 21.43 USD
* Average conversion from free user to paying customer (last 12 months): 0.98%

Identify yourself *
I want to contact you back if I actually organize a funding round, I will not share your identity with anyone. I might share an anonymized aggregated summary of the other responses of this form though. (like "wow, over 10 friends want to fund Polygloss, that's like xxxx£ in total!!! y'all are amazing!!!")
Would you be interested in participating in a Polygloss friends and family funding round?
Clear selection
Why?
How much would you be willing to fund if there are no returns attached to investment? (a gift)
approximate value or range. (There could be other rewards like special community for collaborators, lifetime Polygloss subscription, stickers, thank you letters & artwork etc)
How much would you be willing to fund if you own a portion of the company in return? (equity & profits sharing)
approximate value or range
How much would you be willing to fund if there is no equity but there is a contract to receive the full amount back with interest? (a proper loan)
approximate value or range
What involvement with Polygloss' company operations would you like to have?
Clear selection
What else would impact your decision in how you participate in funding Polygloss?
Anything else you would like to say or ask?
This is it! Thanks for answering the form 💖💖💖
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