On the up Fred Heritage · 19 May 2016
The dating app entrepreneurs now turning over more than 1m
In the first of a new On the Up series featuring startups that have successfully made it to the milestone of 1m turnover, Business Advice met founder of exclusive dating platform The Inner Circle, David Vermeulen. Designed as an invitation-only online dating platform, aimed at ambitious like-minded singletons, The Inner Circle already boasts a 90, 000-strong user base across Europe. Vermeulen has made plans to launch the brand in New York later this year. (1) Who are you and what’s your business? Im David and Im the co-founder and CEO of The Inner Circle an exclusive dating platform for London’s successful and ambitious single people. I had the basic idea after signing up for a dating site several years ago, and wasnt impressed with the curation. I found that most platforms attracted too broad a range of people, and I felt there should be one offering quality? rather than quantity. We launched in 2013 after I created an initial platform, first on desktop and then on a mobile site and app. Having started with a team of three, including my co-founders Serge and Michael, we now have a team of seven. (2) you’ve recently reached 1m turnover, how much of a milestone is this for the firm? it’s a good first step, but in our opinion it’s just the beginning. it’s a nice milestone but we are growing rapidly month-by-month and we think we can grow even quicker than we do now. In the last 12 months, The Inner Circle’s London user base has grown from 4, 500 members to 35, 000 a 777 per cent growth. Across Europe, we have around 200, 000 members, but were looking to grow worldwide. (3) What do you consider to be sustainable growth when it comes to turnover ?Steady 100 per cent growth year-over-year. This year, however, we are on target to reach 150 per cent revenue growth. (4) Is there a point at which you want The Inner Circle to cross over from a lifestyle brand into something else? We want it to be more than just a swiping dating app. The Inner Circle aims to become a trustworthy community full of like-minded people. That’s the reason we focus on meeting our members whilst travelling, both at our own events and outside, at members? favourite city hotspots. (5) What’s been the biggest struggle along the way to reaching 1m turnover? Would you have done anything differently? One of the hardest things has been reaching critical mass in the various countries weve launched in. As an exclusive platform, it’s quite difficult attracting enough of a user base to fuel user engagement. If people are seeing the same profiles again and again, they’re not going to stay interested. (6) How do you factor in new hires to support revenue growth? We just hired a growth marketing manager and a growth hacker. They will be responsible for increasing further growth in activity and revenue through our viral, organic and paid-for channels. ?(7)?To what extent has the look of the business changed from 1 to 1m turnover?
ABOUT THE EXPERTFred Heritage
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.