Tinybeans is pretty excited about hiring GetSwift boss Bane Hunter
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Baby photo app Tinybeans has appointed GetSwift chairman and ex-MTV exec Bane Hunter to its advisory board.
Mr Hunter was a “visionary” and an “outstanding executive leader”, Tinybeans told investors.
Getswift shares have been in the express lane this year, hitting a high of $3.18 this month compared to a 20c issue price in December. The shares closed at $2.53 on Friday, valuing GetSwift at $393 million.
Tinybeans (ASX:TNY) has a long way to catch up, with a value of just $23 million.
But the online baby journal reckons Mr Hunter’s advice will help as it makes plans for expansion in the US.
“Uniquely positioned, Bane has worked extensively in Australia, the US and Europe, with additional high- level project work in Asia enabling him to be fully versed in the dynamics needed to seamlessly build high-growth profitable global organisations,” Tinybeans said.
Tinybeans is a digital platform that allows parents to securely send baby photos to family and friends who sign on to follow them.
“We are absolutely thrilled to have such an outstanding executive leader such as Mr Bane Hunter join our advisory board,” said chairman and CEO Eddie Geller.
“His advice will be paramount as we expand in the years to come.”
Hunting bunting in the US
Mr Hunter’s appointment comes as Tinybeans considers its expansion in the US, where the majority of its users and revenue come from.
Tinybeans makes money from subscriptions, digital advertising and advertising partnerships.
The trick is advertising to parents through native ads on the site, such as sponsored content or giveaways.
“Our data already shows that over 90 per cent of our users are likely to purchase products recommended by Tinybeans.”
Tinybeans said in its annual report that registered users rose to 1.77 million people and in June 684,000 of those were actively using the platform.
It listed in April, raising $6.5 million at $1 a share, but has remained underwater since then, trading at 89.5c on Friday.
Since listing Tinybeans has signed five US brand partnerships and renewed a sixth — one of which was with Nike.
Although it more than doubled its loss in the 2017 financial year to $2 million, the app also doubled revenue and finished the year with $5.2 million in cash.
The cash holding was supported by IPO funds. The year before it closed with $200,000 cash.