Antler Investor Memo Series: Humpday’s app is for singles who hate online dating

Early stage investment company Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.

Startup Daily is sharing the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, sharp understanding of the startups and people involved, with many seeking follow up capital following Antler’s initial pre-seed investment.

Company: Humpday

Formation date: January 2023

Stage of business: Seed

Founders: Kara Zervides (CEO) and Charlotte Vieira (CMO)

Current investors: Antler

Currently raising: Yes

The business

Over 3.2 million people in Australia are on dating apps, making these online platforms the primary way people now meet new partners.

However, dating apps have the highest user dissatisfaction of any consumer-facing industry, according to Forbes, where 88% of dating app users report being disappointed by the online dating experience. Besides being extremely time-consuming,

The Choosi Swipe Right Modern Dating Report identified that the most common dating app issue was misrepresentation, with more than 80% of respondents reporting someone they dated in person wasn’t the person they portrayed online.

Aiming to end this online dating fatigue is Humpday, the dating app startup empowering people to create meaningful connections by removing the typical platform of apathetic swipes and waiting games.

To encourage users to take more deliberate and thoughtful action, the app is only active on Wednesdays. This limited access is designed to spur intentional user action and discourage unmotivated or disinterested users, which will in turn reduce dating fatigue and make dating fun again.

Along with that, the app promises a swipe-free experience through its unique matching algorithm supported by a psychologist-backed questionnaire, and complementing the online offering, Humpday hosts offline events and dating experiences seamlessly booked in-app.

Humpday was founded in Antler’s Residency by CEO Kara Zervides and CMO Charlotte Vieira.

“The culmination of lived experience, comprehensive research, and customer surveys and interviews have fuelled us with an immense understanding of the frustrations dating app users have with the current offerings,” says Kara.

Antler Investment Thesis

By introducing a novel ‘Wednesday-only’ model, Humpday not only stands out in a saturated market but also revitalises the concept of online dating, encouraging a return to in-person connections. This day zero investment aligns with Antler’s commitment to back startups and founders that are technologically innovative and socially impactful, addressing real-world issues with practical and creative solutions.

Mike Abbott, Partner at Antler in Australia, said: “We’re incredibly excited to back Humpday as they revolutionise the dating experience. What attracted Antler to Humpday, apart from its innovative 24-hour Wednesday-only model, is its focus on restoring the value of real, face-to-face interactions.

“It’s not just about online match-making; it’s about facilitating authentic connections that can lead to meaningful relationships.

“Kara and Charlotte have shown they have the grit, resilience, and complementary skills to execute on this vision. The startup’s data-driven approach to reducing dating app fatigue and the impressive traction they’ve already gained with their waitlist and sold-out events are testament to that.

“The level of engagement from their user community also indicates a strong product-market fit, which aligns perfectly with our investment thesis.”

Traction/milestones

The Australian online dating app market is significant and growing exponentially, bolstered by a post-pandemic boom in dating confidence, the re-opening of venues and entertainment, and an influx of migrants.

One of Humpday’s social gatherings

“There are currently 366 million dating app users globally within Humpday’s target market, namely millennials, the fastest growing audience at a projected CAGR of 8% from 2022 to 2027”, said Charlotte. “In Australia alone, the number of users in the online dating market is expected to reach 3.4m by 2027.”

After comprehensive customer validation through consumer surveys and interviews alongside secondary research, Kara and Charlotte identified the key user pain points, developed a defensible USP, and conducted a rigorous iteration process through testing and market feedback to take Humpday from beta to public launch. The startup now boasts a hefty waitlist of prospective users, which Kara attributes to this strategy and their user-centric approach which solves the “universal frustrations with the online dating app landscape.

Humpday has since hosted sold-out singles events in Sydney and Melbourne which have managed an impressive 30% rate of attendees exchanging details – 150x better than the average rate on dating apps.

These successful activations are bolstered by their brand-studded suite of partnerships, including Urban Swan, the National Pickleball League, Mary’s, Pinot & Picasso, Fellr, Yes You Can Drinks, and Squealing Pig, alongside hiring their own Sexologist and Relationship Advisor, Emily Duncan.

The team is currently building the Humpday mobile app, complete with a unique matching algorithm, with plans to launch in the market in February 2024.

Latest funding

Pre-Seed from Antler

Use of Funds

The pre-seed investment from Antler will power Humpday’s MVP product development, focusing on building a premium consumer mobile experience with an industry-leading matching algorithm.

Outside of product development, the round will help expand Humpday’s singles events rollout and assist in growing its community and partnerships through integrated marketing campaigns.

The founders say

“Antler has been a hugely supportive backer, offering well-rounded mentoring and invaluable connections with industry and product leaders, helping supercharge our growth,” says Kara. “Outside of this, the sense of community is really important at the early stage and we have found this within Antler.

“Even in a crowded market, we know that 80% of dating app users are open to trying a new app, 84% of dating app users would prefer to meet people in real life, and that, more broadly, Australians are early technology adopters. With a bold and defensible proposition, we can stand out. We have a clear product roadmap to a scalable solution that bridges the gap between offline and online dating.

“We want to make offline dating the new online dating. We believe we can use technology to power authentic connections in order to combat dating app fatigue, but also the widespread loneliness epidemic.”

What’s next?

Antler, a global early-stage VC, is revealing its latest investments in ambitious Australian founders and startups. With over 100 investments in early-stage companies, Humpday is one of its most recent portfolio companies.