LuvHut-Streamlining The Online Dating Experience
A huge update article after LuvHut’s acquisition of Dive!
The Problem
Online dating can be daunting. With documentaries like “The Tinder Swindler” popping up, it is no surprise that there is some hesitation among dating app users when it comes to meeting people in person for a date. LuvHut hopes to solve problems created by too much time on dating apps, including cat fishing, monetary scams and the superficial feeling of swiping based on looks. Catfish accounts for roughly 12.5% of all online profiles while last year, these individuals stole or scammed users out of $304M during the pandemic.
What The Company Does
LuvHut is a fully-verified, video-based dating app that integrates personalized algorithms, weekly dating tips, compatibility matchmaking and the seamless ability to book Solo or group dates at verified “HotSpots”. Before users can sign-up, they will undergo 6-stages of verification before customizing an algorithm that’s tailored to their needs. Once a match is ready to date, the platform brings the real-world feeling to users fingertips by seamlessly allowing them to send, receive and book dates instantly.
Business Model
LuvHut’s business model is completely subscription-based with other attributing revenue streams from in-app ads, verified date spots, and a crypto rewards program that allows users to pay and receive Crypto upon the completion of a date.
The Market
The online dating market is estimated to be worth $7.5 billion that consists of competitors like Tinder, Bumble, Hinge and Match. The similarities within these apps are astounding as they all focus on swiping based on looks rather than the person as a whole. For many instances, these apps praise picture-first profiles brushed with filters, old images, and a “Hot or Not” type of atmosphere. Instead, LuvHut focuses on 5 key areas that are critical to making and maintaining healthy relationships.
Traction
LuvHut has been all over the news with their recent acquisition of Dive, an event-based platform for singles to check-in and match with others. As these two apps combine forces, LuvHut plans to win the hearts of Gen-Z & Millennial users by connecting nearby matches to local HotSpots and events. Founder, Cory Gorovitz, was awarded Entrepreneur of the Year in 2021 by Framingham State University.
Founding Team Background
Cory Gorovitz is the founder and CEO of LuvHut and is a former business development manager of a software/marketing company. He is joined by Vishesh Gupta and Ben Chrzanowski, who are also co-founders of TechRupt Innovations.
What They Need Help With
The LuvHut team is in growth mode and are looking for intros to investors. Connect with the LuvHut team.
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