UK Startup Favorey Builds Network Of Trusted Cooperation For Millions

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Last November Favorey was funded with EUR 450k. CEO Kabir Ahmed explains why this was the most pivotable moment for the startup aiming to achieve millions of users.

How would you describe Favorey in a few words?

Favorey is the trusted network of cooperation that links people who need help and people who do stuff together. So, if they need help around the house, decorating, a lift to the airport, or someone to bake a birthday cake they can tap into Favorey and look for ‘people who can’.

What inspired you to create the network? How did it all start?

I have always been a very resourceful individual. Friends and family usually reach out to me for recommendations of service providers on a regular basis. This lead me to think about how I can create an app to help manage this process faster and better. With that concept in mind, I approached various friends and colleagues to join me. This lead to the birth of the Favorey Network.

You describe Favorey as the “network for things you need, from people you can trust”. Given that trust is something highly individual – how can you guarantee people on your network are trustworthy?

It’s easy to create an account on Favorey and bring in service providers you trust, who you have an association with. Bringing in shady or fake providers, on the other hand, is very difficult.

We aim to have trusted zones, which we call Your Zone. This zone is highly personal to your friends and families and can only be shared with them. It’s extremely difficult to bring a scammer into a zone you belong too. Therefore it’s very easy to work with people you know well or were recommended by someone you trust.

Are you using Favorey internally? How does that affect the viewpoints of the team?

Currently, we are in the BETA test mode with around 1600+ users. A small internal network is live with real users doing transactions with real service providers. We are continuously reaching out to new service providers, whilst we iterate and build the final features for service providers. Our team is very excited as we get more users and work with them. We strongly believe that one day every transaction or service need will be covered through Favorey.

What’s the most considerable pivoting maneuver that the team has undertaken throughout the journey so far?

The most pivotal moment for us was when we received EUR 450,000 seed capital from an investor. This was the point it became a real project for us, finally. We originally approached 12 investors of which 9 actually made an offer. This got us very excited as we saw that multiple investors noticed the potential of the project as well as the people and experience behind it and were ready to invest.

What is the biggest challenge that the company has faced?

Our greatest challenge has been to develop and perfect the user experience on our platform. We had so many concepts and designs completed until we decided on the final version. We still believe that we have a long way to go but are very positive that we’ll be able to grow further.

What is the most memorable moment throughout the history of Favorey?

Our most memorable moment was when we completed our first transaction, leaving us with a profit of EUR 7.54. This made us realize the real money-making part of the business. Now, all we had to do was to get in millions – and we’re on our way 🙂

Lastly, what’s one piece of advice you can give to fellow founders for their startup?

Stay focused and surround yourself with like-minded people. Only hire individuals who actually believe in your dream. Don’t hire them just for their skills.



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