Venntro Ventures has launched to incubate tech startups in the online dating and lifestyle spaces in both the UK and US.
The incubator is part of Venntro Media Group, Europe’s largest privately owned dating and lifestyle company comprising more than 25,000 sites and 45 million members worldwide. Venntro’s global network consists of more than 1,700 commercial partners including the London Evening Standard, Bauer Media, LA News Group and Smooth Radio.
Venntro Ventures plans to offer expertise and advice, office space, investment and access to its member portfolio of 45 million in exchange for a stake of up to 40%.
“When dating or lifestyle startups seek investment, a huge proportion of investors’ money is typically spent on seeding their database, with acquisition via channels like Facebook, Google and more,” said founder and CEO of Venntro Media Group, Ross Williams.
“Venntro is in the unique position to offer something that a lot of other investors can’t. Over the past 12 months, almost 9.2 million members registered to sites in the Venntro portfolio. We will offer startups involved in Ventures the opportunity to cross-sell their product to those 9.2 million members.
“This is great for us, because it means that we can offer consumers choice and it’s great for the startups in the programme because it significantly reduces their acquisition spend while positively influencing their ROI.”
The company will explore dating startups, as well as looking at lifestyle products that can extend the relationship with customers after they’ve found a match online.
“Not only are this audience are already engaged with dating products, but we also know from experience that the take-up from cross-selling between different products is typically high,” said Williams. “This is because if a member hasn’t found what they’re looking for on one product, they might try their luck with another.
“If you hypothetically attribute a £1 cost of acquisition to each of those members (which is actually quite a low acquisition cost for quality leads), then suddenly the value of the exchange for startups in the programme is very high.”
This story originally appeared on Tech City News.