Floqsta

Floqsta

Early Stage

A new way to meet and travel: Connecting like-minded people for travel adventures with AI

A new way to meet and travel: Connecting like-minded people for travel adventures with AI

Overview

Raised this Round: Raised: $66,750

Total Commitments ($USD)

Platform

Wefunder

Start Date

01/16/2024

Close Date

09/30/2024

Min. Goal
$50,000
Max. Goal
$1,235,000
Min. Investment

$100

Security Type

SAFE

Series

Seed

SEC Filing Type

RegCF    Open SEC Filing

Early Bird Val. Cap

$8,000,000

Valuation Cap

$8,500,000

Discount

0%

Year Founded

2024

Industry

Travel and Hospitality

Tech Sector

MarketplaceTech

Distribution Model

B2C

Margin

Medium

Capital Intensity

Low

Location

Boston, Massachusetts

Business Type

High Growth

Floqsta, with a valuation of $8.5 million, is raising funds on Wefunder. The company has developed an AI-based platform to connect like-minded people for travel adventures. Floqsta uses a social matching algorithm to connect similar people and works great for solo travelers and social travel. The platform has a loyal customer base and expects to reach 20 million users and $1 billion in annual revenue by 2030. Dasha Kuksenko, Michael Huynh, and Gordon Locke founded Floqsta in June 2021. The current crowdfunding campaign has a minimum target of $50,000 and a maximum target of $1.24 million. The campaign proceeds will be used for technology and product development, marketing and customer acquisition, corporate, and operations.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$0

$0

COGS

$0

$0

Tax

$0

$0

 

 

Net Income

$-433,660

$-43,942

Summary Balance Sheet

FY 2022 FY 2021

Cash

$122,526

$0

Accounts Receivable

$0

$0

Total Assets

$122,526

$0

Short-Term Debt

$6,186

$0

Long-Term Debt

$550,000

$0

Total Liabilities

$556,186

$0

Financials as of: 01/16/2024
Create a free account today to gain access to KingsCrowd analytics.

Upgrade to gain access

Pay Monthly
Annually (Save 17%)

Edge

$25 /month
billed annually
Free portfolio tracking, data-driven ratings, AI analysis and reports
Plan Includes:
Everything in Free, plus
Company specific KingsCrowd ratings and analyst reports
Deal explorer and side-by-side comparison
Startup exit and failure tracking
Startup market filters and historical industry data
Advanced company search ( with ratings)
Get Edge Annual
Already a member? Log in here.

Ratings KingsCrowd Startup Rating Methodology Article

Blurred Ratings Bars Blurred Ratings Bars

Analyst Report Analyst Report Methodology Article

Synopsis

The travel industry continually evolves, with a significant shift towards personalized and social experiences, especially among solo travelers and millennials. Floqsta, Inc. has entered this dynamic market with an innovative AI-based platform to connect like-minded individuals for shared travel adventures. By leveraging a sophisticated social matching algorithm, Floqsta aims to enhance the solo travel experience by facilitating connections that lead to collaborative planning and motivated travel among users.

Floqsta's approach addresses a unique niche within the US Social Networking App market, focusing on the intersection of travel and social connectivity. The platform has garnered positive feedback from its user base, with accolades such as being called "revolutionary for solo travelers" and the "best social travel app." These endorsements suggest Floqsta has identified and effectively tapped into the growing social travel trend.

With ambitions to reach 20 million users and achieve $1 billion in annual revenue by 2030, Floqsta is positioning itself for significant growth. The company's current crowdfunding campaign on Wefunder, with a minimum target of $50,000 and a maximum target of $1.24 million, is focused on raising funds to further technology and product development. Additionally, the proceeds will support marketing and customer acquisition efforts and corporate and operational needs.

Founded in June 2021 by Dasha Kuksenko, Michael Huynh, and Gordon Locke, Floqsta is in its early stages, currently in the pre-product phase. Despite its nascent stage, the company has set a valuation cap of $8.5 million, reflecting confidence in its future growth trajectory. Floqsta's business model includes a recurring revenue stream, likely from subscription services, and a secondary advertising revenue model, which is common among social networking platforms.

Next Section: Price

Price

Floqsta is raising funds on Wefunder through SAFE at a valuation of $8.5 million. The company has developed an AI-based platform that connects like-minded people for travel adventures. Floqsta's beta product is launched but the company hasn't identified any monetization strategy yet. Therefore, with a low product defensibility and a crowded market, Floqsta is slightly overvalued.

Next Section: Market

Market

Floqsta operates within the US social networking app market, valued at approximately $7.9 billion and expected to grow at a compound annual rate of 22%. Floqsta has carved a niche for itself within this market, focusing on "travel buddy matchmaking."

Given the potential for growth within the sector, Floqsta's innovative use of AI-based platforms to connect like-minded individuals for travel adventures represents an opportunity to tap into the expanding solo and social travel market. The company's focus on this niche and its proactive and intelligent matching system sets it apart in an extremely competitive landscape.

However, because Floqsta's niche is new, it is difficult to know whether this niche is large enough for the company to provide significant returns to investors.

Next Section: Team

Team

Floqsta was co-founded by CEO Dasha Kuksenko and CTO Michael Huynh. Kuksenko brings three years of relevant industry experience to the company, while Huynh has two years of experience. Both founders are dedicated to creating an AI-based platform that connects like-minded people for travel adventures.

Kuksenko, as the CEO, is responsible for leading the company and driving its growth. With her high-level managerial skills, she is well-equipped to guide Floqsta towards success. As the CTO, Huynh brings technical expertise to the team and plays a crucial role in developing and improving the platform.

Although the team at Floqsta is small, consisting of only five members, they are dedicated to the company's mission and have the necessary skills to execute their vision. The team's focus on creating a social matching algorithm and providing a fun and collaborative travel experience has resulted in a loyal customer base.

Next Section: Differentiation

Differentiation

Floqsta operates in the highly competitive market of social networking apps for travel, where achieving defensibility and network effects can be challenging. The company's AI-based platform aims to connect like-minded people for travel adventures, catering to solo travelers and social travel. While the platform has gained a loyal customer base, it faces significant competition from established players in the market.

One of the key challenges for Floqsta is achieving defensibility and network effects. Building a strong user base and fostering engagement and interaction among users is crucial for the success of a social networking app. However, Floqsta's differentiation level in terms of quality and price is low, making it similar to other established solutions in the market.

Despite the competitive landscape and low barriers to entry, Floqsta has the potential to carve out a niche in the social travel app market. Its focus on connecting like-minded individuals for travel adventures and promoting collaborative planning sets it apart from traditional travel platforms. The platform's user-friendly interface and AI-powered matching algorithm may provide a unique user experience that appeals to its target audience.

Next Section: Performance

Performance

Floqsta is an early-stage company in the travel and hospitality industry. The company has developed an AI-based platform that connects like-minded people for travel adventures. Floqsta utilizes a social matching algorithm to connect similar individuals, catering to solo travelers and social travel. While the company claims to have a loyal customer base, no specific details regarding the number of users or revenue in 2023 are provided.

Financially, Floqsta has a monthly burn rate of $27,400 and cash on hand of $10,000. The company claims to have raised $700,000. It must raise funds quickly to grow its customer base and find a monetization strategy.

Next Section: Risk

Risk

Investing in Floqsta carries significant risks due to the highly competitive nature of the social networking app market.

The company is still in the pre-product development phase, which poses a risk as there is no guarantee that Floqsta will be able to develop and launch its AI-based platform successfully. The success of the platform relies heavily on the effectiveness of its social matching algorithm, which may face challenges in accurately connecting like-minded people for travel adventures. Floqsta will need to invest significant time and resources into developing and refining its product to meet user expectations.

The competitive landscape is extremely competitive, which increases the risk for Floqsta. There are already established players in the social networking app market, and Floqsta will need to differentiate itself and attract a significant user base to succeed. While the company claims to have a loyal customer base, it will face challenges in scaling its user numbers to reach its target of 20 million users by 2030.

Financially, Floqsta has a negative net income and a high monthly burn rate, indicating a reliance on external funding to sustain its operations. The company will need to secure additional funding to support its technology and product development, marketing and customer acquisition, and operational expenses. The reliance on external funding increases the risk for investors, as there is no guarantee that Floqsta will be able to secure the necessary funds to continue its operations.

Furthermore, Floqsta faces the challenge of scaling its sales and distribution. While the company has a B2C distribution model, it needs significant time and resources to scale its user base and penetrate the market effectively. This can be a barrier to achieving profitability and revenue growth.

Overall, investing in Floqsta is risky due to its early-stage development, intense competition, financial challenges, and the need to scale its user base and revenue. Potential investors should carefully evaluate these risks before making an investment decision.

Next Section: Bullish Outlook

Bullish Outlook

Floqsta is poised to disrupt the travel and hospitality industry with its innovative AI-based platform. By connecting like-minded people for travel adventures, Floqsta offers a unique and exciting way for solo and social travelers to connect and explore the world.

The platform's social matching algorithm sets it apart from traditional travel apps, proactively and intelligently matching users based on their interests and preferences. This personalized approach enhances the overall travel experience and promotes user collaborative planning. The platform has already garnered a loyal customer base who praise it as a "revolutionary app for solo travelers" and the "best social travel app." The market potential for Floqsta is high, given the demand for social networking apps and the growing trend of experiential travel. 

Next Section: Bearish Outlook

Bearish Outlook

Floqsta operates in a highly competitive industry with numerous social networking and travel apps. Additionally, Floqsta has yet to generate any revenue, which raises concerns about its ability to monetize its platform effectively. While the company expects to reach 20 million users and $1 billion in annual revenue by 2030, these ambitious targets may be overly optimistic without a solid revenue generation plan.

Floqsta also faces challenges in terms of capital intensity and barriers to entry. The travel and hospitality industry requires significant financial resources for technology and product development, marketing, and customer acquisition. Moreover, the low barriers to entry in the industry make it easier for competitors to replicate Floqsta's concept and capture market share.

Next Section: Executive Summary

Executive Summary

Floqsta is a travel and hospitality company that has developed an AI-based platform to connect like-minded individuals for travel adventures. The platform uses a social matching algorithm, making it an excellent tool for solo travelers and social travel.

The company operates in the highly competitive social networking app market, with low barriers to entry. Despite this, Floqsta's unique approach to matching people for travel experiences sets it apart from other platforms. However, it's important to note that the company is still in the pre-product development phase and has yet to generate revenue.

Floqsta is currently seeking funding through a crowdfunding campaign, with a minimum target of $50,000 and a maximum target of $1.24 million. The funds raised will be used for technology and product development, marketing and customer acquisition, and corporate operations. The company's valuation stands at $8.5 million.

While Floqsta operates in a challenging and competitive market, its innovative approach to connecting travelers could position it well for future growth. However, potential investors should consider the risks of investing in a pre-product stage company.

Disclaimer

The AI-enhanced analyst reports ("AI reports") provided by KingsCrowd are experimental in nature and may exhibit certain limitations and uncertainties. These reports are generated in part or in whole by artificial intelligence algorithms, which have the potential to hallucinate (e.g. generate fictitious information), interpret data incorrectly, omit information, or reference sources of data that may contain inaccuracies.

While we strive to provide reliable and accurate information, it is essential to understand that the AI reports should not be solely relied upon as the basis for making investment decisions. We strongly advise all users to exercise caution, conduct thorough due diligence, and verify data and facts independently before making any investment decisions.

The AI reports are intended to serve as one of the tools in your investment research process, offering additional insights and perspectives, and exposing more of our dataset to customers by transforming that data into natural language. They should be used in conjunction with other sources of information and professional judgment. KingsCrowd does not assume any liability for the accuracy, completeness, or reliability of the AI reports or any investment decisions made based on them.

Investing in startups and early-stage companies involves inherent risks, and it is essential to consult with qualified professionals and seek independent financial advice before making any investment decisions.

By accessing and using the AI reports, you acknowledge and accept the experimental nature of this feature and agree to use it at your own risk.

Please note that this disclaimer may be subject to updates and revisions as we continue to enhance our AI algorithms and improve the accuracy and reliability of the generated reports.

Founders: enhance your startup's credibility on KingsCrowd. Create an account to claim this raise page.
Add to portfolio
Floqsta on Wefunder 2024
Platform: Wefunder
Security Type: SAFE
Valuation: $8,500,000

Follow company

Follow Floqsta on Wefunder 2024

Buy Floqsta's Deal Report

Floqsta Deal Report

Get KingsCrowd’s comprehensive report on Floqsta including:

  • How our proprietary algorithm rates their current capital raise (1-5 stars)
  • Detailed price, market, team, differentiators, performance, and risk ratings
  • Whether Floqsta is undervalued or overvalued
  • Scores on the founding team and key personnel's background and expertise
  • Our deep-dive analyst report reviewing the deal's investment potential and bullish vs. bearish outlook

Buy the Floqsta deal report for only $10!

Email address:
Looking to buy more than one deal report? Get unlimited reports by upgrading to Edge