Cyber safety play Family Zone signs 20,000th customer, aims for $10m revenue
Link copied to
Up to 70 per cent of teens are exposed to cyber bullying, 81 per cent of teen girls feel pressure to “sext” and 90 per cent of teen boys have watched online porn, according to cyber safety provider Family Zone.
Family Zone (ASX:FZO) offers a cloud-based service that blocks undesirable websites and allows parents to limit app downloads, games and YouTube acess.
This week Family Zone signed up its 20,000th registered account.
“Our focus has been on the education channel in the past six months, where there is a clear and addressable market but it has taken time to build our awareness in the market,” managing director Tim Levy told Stockhead.
“Almost half of the current users have become customers in the past four months. Previously it took the company three years from its founding to attract the first 11,000 paying users.”
The milestone pushed Family Zone’s shares up 4 per cent to 81c on Wednesday — down from last month’s record high of $1.05 reached after signing a deal with Malaysia’s number one telco operator.
Family Zone is shooting for annualised revenue in excess of $10 million by June 2019.
“Security is becoming more top of mind for families and Family Zone have been able to capitalise on this to gain some good traction,” said Cyan Investment director Dean Fergie.
“I don’t think the goal is over-the-top. They’ve already won some pretty big contracts and they haven’t disappointed the market so far.”
Family Zone banked $158,000 in sales last quarter and burned $3 million, leaving $3.8 million in the kitty.