IS THIS ADELAIDE'S FIRST BILLION DOLLAR APP?
Written on the 20 October 2015
IT HASN'T even launched yet, but the next biggest app is already said to be valued around $8 million.
Sociabl, an Australian start up, allows fans to connect with their favourite celebrities and donate to charities in the process.
The application, conceived by Adelaide boys Brandon Reynolds and Jarrad Hrotek in late 2013, gives fans the ability to purchase a video call with their favourite idol, simultaneously making dreams come true and raising money for charities.
Brandon Reynolds says the application's star quality gives it an edge in the market.
"I've always loved the power of celebrity," says Reynolds.
"With the fast development of social media and the interaction between stars and their fans increasing I feel that Sociabl is a natural progression. It offers the opportunity of a more intimate and unique relationship for people to meet their idols and raises money for charity at the same time."
The application, which launches in December, is set to boast a line-up of more than 30 Australian sports stars plus a range of international names globally, including Will.i.am, NBA Lakers star Chris Paul and pop megastars 5 Seconds of Summer.
Thanks to a successful seed funding round, Sociabl raised more than $150,000 from a variety of Australian and international investors, including Chinese businessman Xiao Cao Shiru and an undisclosed Melbourne-based BRW Rich Lister.
"We have now opened discussions with industry leaders and VC's across Australia and the US that values the company at around $7-$9 million," says Reynolds.
The multimillion dollar startup has established offices in Adelaide, Los Angeles and London, with a staff of 11 across Australia, the US and Europe.