“Gen Z is an incredibly disruptive generation of innovators,” said Kim Kaplan, CEO and founder of the dating app startup business. “They aren’t just TikTokers influencing our style and vocabulary, they’re passionate creators that will soon dominate the startup world, and most importantly for Snack, the dating world.”
An App for Gen Z, Funded by Gen Z
The announcement from Snack arrives on the heels of a successful $3.5 million financing round for the dating app company. Previous investors in the Vancouver-based startup business and its app include N49P, Kindred Ventures, Side Door Ventures, Garage Capital, and more. Joining the growing list of supporters of Snack are SAFE investors Cake Ventures, Backbone Angels, and SHAKTI, among others.
In an effort to bring on accredited investors within the target audience of the dating app, the Snack Gen Z Syndicate will specifically allow members of the generational age group to purchase equity in the startup company starting at $1,000. Funding raised through the SAFE will help Snack accelerate the growth of its business as it moves to compete with other big names in the industry.
Standing Out in the Crowd
Snack attempts to set its company and app apart from the masses of the online dating industry by allowing its users to create short video clips for their profiles rather than stationary images. The dating app startup business hopes that by using a more flexible and engaging medium, users are able to convey a more holistic preview of their personality through the platform, ensuring better matchmaking. Snack is currently only available on Apple devices, but the startup plans on expanding to Android sometime this year.
“Video-first dating allows a unique sense of expression that you can't portray with a few well-crafted words and filtered pictures,” said Nikolas Huebecker, Gen Z investor and entrepreneur. “For a mobile-first generation, this new form of authenticity will grow to be necessary. Snack allows users to express their real selves just like they do on TikTok, Snapchat, and other platforms we love.”
Competing for the Dating App Space
The startup company is attempting to disrupt an evolving industry filled with competition. Market research projects the global online dating market to reach over $10.3 billion by 2027, growing at a CAGR of 4.98% from 2020 to 2027.
Leaders in the online dating industry such as Tinder, Bumble, and Hinge will be competing for market space alongside the startup company. There are plenty of fish in the sea, and investors have numerous options to consider when choosing a business to back.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.