Upollo wants to stop account sharing and repeat free trials. Here’s an exclusive look at the pitch deck it used to raise $2.75 million in seed funding from Index Ventures and others.
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- Upollo aims to convert account sharers and repeat trial users into paying customers.
- The Australian startup recently raised $2.75 million from Index Ventures and other investors.
- Here’s an exclusive look at the 19-slide pitch deck the startup used to raise its seed round.
There are few founders whose friends and family ask to be exempt from their products. And Cayden Meyer is one of them.
The Australian entrepreneur is the founder and CEO of Upollo, a startup aiming to convert account sharers and repeat trial users into paying customers for consumer- and business-facing subscription services, streaming networks, and other companies. Upollo closed its $2.75 million seed round in September, led by Index Ventures with participation from Macdoch Ventures and angel investors from Stripe, Notion, Google, Canva, and Cohere.
The problem Upollo addresses is a familiar one. Many people admit to mooching off friends’ accounts or using multiple emails to score free trials. In fact, 33% of Netflix subscribers share their passwords with someone outside their household, a violation of Netflix policy, a 2022 study from Leichtman Research Group found.
Upollo analyzes customer data like billing information, IP addresses, and device fingerprints, according to the startup. Next, the startup’s software extracts patterns of behavior from the data, like a user reusing the same credit card on multiple trial accounts, and identifies account sharers and repeat trial users. Upollo will then nudge these customers to sign up for the product by providing them with information on how to upgrade to family accounts or discounted subscriptions.
The startup’s pricing consists of a combination of monthly fees based on active users and a 10% cut of the first year of revenue from converted users, according to the startup. If these users churn during this first year, Upollo no longer collects its percentage of revenue.
While some of the most prominent examples arise from consumer companies, such as streaming services, Meyer told Insider that this issue was just as common in enterprises that sell to other businesses. For example, multiple people within the same organization will often sign up for trial accounts used across the entire company. This often signals just how sticky some of these products are, Meyer said.
“You have a huge user base of people who love the product and are willing to jump through hoops, like creating a new Gmail account or using a different credit card, just to continue using it,” Meyer said.
Upollo exited its beta-trial phase in November. It serves both business- and consumer-facing customers across a variety of industries, like OddsJam, a sports-betting company.
In a time of market and economic uncertainty, Meyer said that finding cost-effective ways to acquire customers and revenue was more important than ever.
Most companies attempting to stop account sharers or repeat trial users build their software in-house, Meyer said. A few startups in this space, like Fingerprint and Shield, have had some success, with Fingerprint seeing a 300% increase in annual recurring revenue in 2021. But they focus more on preventing the use of fraudulent credit cards for free trials, rather than stopping account sharers and repeat trial users themselves, Meyer told Insider.
With the seed funding, Upollo plans to invest in further capabilities to help companies convert and retain paying users, like providing real-time insights that can be used to alter user behavior, Meyer said.