Howbout, a Social Calendar App, Raises $8 Million in Series A Funding
Howbout, a social calendar app designed to simplify scheduling meet-ups with friends, has secured $8 million in Series A funding led by Goodwater Capital. Founded by university friends Neil Tanna, Jake Jenner, and Duncan Cowan in 2020, the app caters to predominantly under-25 users who are keen on sharing their calendars with friends. Notably, over 75% of Howbout's users actively share their full calendars with at least one friend, underscoring the app's emphasis on social connectivity. Howbout's features enable users to view friends' schedules, share availability without divulging their entire calendar, and form event groups. The app boasts more than 4 million monthly active users and has facilitated the creation of 50 million events, positioning it to expand its U.S. market presence. The founders anticipate a potential shift in social behavior concerning personal time management, driven by Gen Z's willingness to embrace calendar sharing.
Key Takeaways
- Howbout, a social calendar app, secures $8 million in Series A funding.
- Over 75% of Howbout's Gen Z users share their full calendar with at least one friend.
- The app offers features to visualize friends' schedules and share availability discreetly.
- Howbout is poised to expand its user base in the U.S. market with its substantial monthly active users.
Analysis
Howbout's success hinges on Gen Z's willingness to redefine social interactions through calendar sharing, a trend with the potential to have far-reaching implications. The infusion of $8 million in funding is expected to accelerate the app's expansion in the U.S., driving user growth and event creation. Additionally, the backing from Goodwater Capital suggests optimistic returns as Howbout gains a larger market share, thereby increasing pressure on competitors in the calendar and social app sectors. Furthermore, the app's impact could extend to broader discussions on digital privacy and the evolution of social norms regarding personal data sharing.
Did You Know?
- Series A Funding: At this stage, startups seek substantial investment to scale their proven business models, often ranging from $2 million to $15 million. Howbout plans to utilize the $8 million raised for expanding its market presence, enhancing product features, and boosting user acquisition.
- Gen Z: Known for being digital natives and open to sharing personal information online, this demographic group, born between the mid-1990s and the early 2010s, contributes significantly to Howbout's success.
- Monthly Active Users (MAUs): Howbout's strong user base of over 4 million MAUs demonstrates robust engagement, indicating high demand for social scheduling tools among its target demographic.