Snack Dating App Secures Funding from Gen Z Investors

Snack: A Dating App Opens Investment to Gen Z

Snack, a mobile dating application prioritizing video content, is now extending investment opportunities to members of Generation Z. The company has launched a dedicated Gen Z Syndicate on AngelList.

This initiative will enable Gen Z community members, influencers, and content creators to participate in an upcoming $2 million SAFE (Simple Agreement for Future Equity) round, alongside established funds and angel investors.

Seed Funding and App Functionality

In February, Snack secured $3.5 million in seed funding to develop its dating app, which mimics the format of TikTok. Users share videos on a feed, and matches are made based on mutual likes.

Snack believes that video provides a more authentic and comprehensive way for users to demonstrate their personalities and lifestyles compared to traditional static photos.

When two users express interest in each other’s videos, they are then given the option to begin direct messaging.

TikTok Integration

The app’s user experience closely resembles browsing TikTok, specifically designed for the purpose of finding connections. Snack is among the first to integrate TikTok’s new Login SDK for third-party applications.

This integration allows users to easily reshare their existing TikTok videos directly onto their dating profiles, enhancing their self-expression.

Founder's Experience and Strategy

Kim Kaplan, the founder of Snack, brings significant experience in the dating app industry. She previously held leadership roles in product, marketing, and revenue at Plenty of Fish, which was acquired by Match Group in 2015 for $575 million.

Kaplan notes that Plenty of Fish benefited from Google SEO, while subsequent apps like Zoosk and Badoo leveraged Facebook’s early platform reach.

“Tinder and Bumble pioneered a mobile-first approach, designing specifically for mobile devices,” she explains. “We are now focusing on TikTok as the primary distribution channel.”

Kaplan believes that combining TikTok’s reach with influencer marketing will create a substantial opportunity for Snack.

Future Growth and Demographic Expansion

While initially targeting a younger, Gen Z audience, Snack is already attracting users in their 20s and early 30s due to its connection with TikTok.

As TikTok’s user base matures, Snack anticipates a natural expansion of its own demographic.

Fundraising for Snack commenced in September, followed by team assembly, app development, and a launch in late February.

SAFE Details and Syndicate Creation

Kaplan reports significant user growth and excitement surrounding the app, leading to increased investor interest. To accommodate this demand, she decided to open a SAFE offering.

A portion of the SAFE is designated for the creation of the Gen Z Syndicate, allowing Snack to avoid carry fees associated with external syndicates.

The initial carve-out was $100,000, but Kaplan anticipates it will likely increase to $200,000 or more, based on continued interest.

Gen Z Investor Involvement

Investors in the SAFE include venture capitalists interested in Snack, as well as individuals the company has consulted with during app development.

The Gen Z Mafia, a group dedicated to promoting inclusivity in venture capital and startups, provided consultation on branding and design, contributing to the app’s logo and name.

Emma Salinas and Nicholas Huebecker, leaders of the Gen Z Mafia, emphasized the importance of video-first dating for authentic self-expression.

“This new form of authenticity will grow to be necessary for a mobile-first generation,” Huebecker stated.

Additional Investors

Samuel Natbony (The Innovation Armory), Monique Woodard (Cake Ventures), Backbone Angels, SHAKTI, Christian Winklund (Skout), and Andrew Wilkinson are also participating in the SAFE.

Kaplan’s goal is to empower Gen Z investors to have a voice in shaping the future of Snack and become advocates for the platform.

“I want them to participate and be a champion for Snack,” she concluded.