🥑 avo walked away from a $1.25M USD deal

we reassessed our need to fundraise, updated our shitty onboarding experience, refocused on building community through Discord, got our first pay check, got louder on social and more personal

Jul 26, 2024

📖 a better tagline

We called ourselves a copy trading platform, but, we don’t fully copy trades, we moreso copy portfolios that dynamically change according to the person we are copying. We have too many safeguards in place to truly be a *degen copy trading*. We operate closer to an ETF without actually being one.

👎 a shitty onboarding process

The first thing we ask our Discord app users when they start using avo is “Add funds to your avo wallet”. That’s it. You can’t see the wallets you can copy or their performance. You can’t see the minimum deposits. You really just can’t see anything if you don’t add funds first. Obviously, we updated this but we got over $40K in deposits before we did. And this, is great validation that people want what we are building and happy to test out half-baked products.

🌐 changing our focus to building community and focusing on users

Our fundraise was going well but we realized most of the large VCs and family offices we were chatting with were great for capital but not for networks or building in web3 advice. This made us take a step back and really reassess the type of names we want on our cap table. We realized we don’t really need more capital and already have over a year of runway. We would rather get strategic angels or investors on board. And so this is the direction we have recently pivoted in.

On that note - we are focusing our efforts on building community and engaging more with our current users. Both to reduce churn but also make avo a place for more than just copying wallets.

💵 finally set up payroll and got our first pay day : )

We are no longer bootstrapping. As 20 year olds with little savings, it’s nice to finally get a paycheck and not dive into further debt. All three of us celebrated our first payday by getting lunch.

🛠️ telegram webapp mockups

The Telegram MiniApp development is developing. Here is a mockup of how the app will look for our initial crypto-focused audience. We plan to launch the first version this coming Monday.

📢🚨 being loud on social media

Growing our presence on social media channels has been bringing in a good amount of users everyday. We have reached over 20K accounts in the last week alone through TikTok, Instagram and Twitter!