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Purpose ๐ŸŒ

LinkedIn for the next generation

setting the scene

  • in the hope of advancing your career, you browse LinkedIn to find relevant content and connections
  • you log on to find:
    • 10+ notifications for work anniversaries, birthdays, and irrelevant job postings ๐Ÿคจ
    • a post from your high school classmate who is “honored and humbled” to receive a new job offer ๐Ÿ™„
    • connection requests from a “business storyteller” and a “connector, wizard, guru” ๐Ÿค”
  • you struggle to filter through the noise to find useful content
  • this week’s company provides a social networking platform that helps young professionals develop relationships and accelerate their careers

in a sentence

Purpose is a professional networking platform that enables users to connect based on interests and career goals 

  • connect: users follow and message each other, like posts, and meet via an intro matching algorithm
  • interests: users join groups (termed “Circles”) to exchange on a particular topic

bulleted version: similar to how a gym allows members to improve their fitness through personal training and group classes, Purpose enables users to grow their careers through 1:1 intros and curated interest groups ๐Ÿ‹๐Ÿผ

the basics

  • industries: consumer internet, social networking, career development, hr tech
  • headquarters: Berlin, Germany ๐Ÿ‡ฉ๐Ÿ‡ช
  • year founded: 2021
  • company size: 5 employees
  • investors: bootstrapped ๐Ÿš€
  • business model: b2c, freemium

sponsored by 

  • Mercury is flipping the script on business banking
  • despite being an instrumental pillar of starting and scaling a company, traditional banking has never catered to foundersโ€™ unique needs
  • thatโ€™s why Mercuryโ€™s founders decided to create a new standard for business banking with a platform that fuels founders and their finance teams with exactly what they need (and nothing they donโ€™t)
  • manage FDIC-insured accounts, send money seamlessly, grow with alternative financing, and more – all online, all with confidence
  • try their demo to see why more than 100k startups across industries, stages, business types choose Mercury to help them build the next great companies

Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trustยฎ; Members FDIC.

due diligence

what we like

  • ๐Ÿ“ˆ social networking trends: the social networking market has grown 20% to $86.8b in 2023, and professional networking platforms (i.e. LinkedIn) have seen record sales, engagement, and user growth amidst layoffs and recruitment trends
  • ๐ŸŽฏ next-gen networking: 45% of Gen Zers and millennials claim that social media helps advance their careers, and 67% trust online networking when establishing professional relationships 
    • plus, users are tired of existing professional networking platforms
  • ๐Ÿค authentic connections: Purpose has proven its product by helping early users meet co-founders and find new careers
    • developing for user needs will drive retention

potential risks

  • ๐Ÿ‘พ existing players: will users adopt an additional platform that helps them network and discover career opportunities?
  • ๐Ÿ›ฃ road to revenue: before Purpose makes revenue on a paid membership, they must determine whether enough users are willing to pay for a premium product
    • operating without revenue may slow growth for a bootstrapped startup
  • ๐Ÿ‘ต attracting experienced professionals: while Gen Zers account for a significant and growing percentage of the workforce, young workers desire opportunities to connect with experienced professionals
weekly cartoon

founder profiles

comps

why Purpose: with a 2k+ waitlist, 60% weekly active user retention, and users successfully finding new careers, co-founders, and connections, Purpose is connecting with young professionals

bulletin board โœ๏ธ

  • our friend Jason Levin is the brains behind the newsletter Homescreen, which offers curated news and resources crucial for every founder
  • Jason knows a thing or two about digital content strategy and shares tips through his must-read newsletter, Cyber Patterns
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