Importantly, the conversion and activation rate (the rate at which downloads convert to users that actively participate) since Sweep’s launch has been 71%, more than twice the industry benchmark.
The company’s shares were last trading circa 8% higher intra-day, at $0.013.
Sweep is a geo-locked chat and augmented reality (AR) app that allows people in the same area to chat with each other.
Sweep’s Geochat features allow users to unlock exclusive chats based on their location.
It could be asking those in a bar for a beer recommendation, requesting a song to the bar staff or being notified when happy hour is ending.
Since the app was launched in November, more than 1,400 Sweep users have participated in Geochats with a total of 7,566 messages sent.
Notably, the Sweep app is sitting in the 98th percentile in terms of organic conversion rate in the Google Play store with 59.6% of all people who visit the store page downloading the app.
Thred has been promoting the Sweep app to its target audience through two primary activations, Schoolies on the Gold Coast and a Sydney-based bar crawl in partnership with the Urban List.
Due to the success of the activations within the Sydney region, Sweep is continuing plans to open seven new Geochats within the Newtown and Sydney CBD areas as per the demand of users.
Geoff Marshall, managing director, said: "Team morale is very high with the results coming back from Sweep's first month in market.
“We have well and truly exceeded the benchmark set by early stage start-ups launching a new app.
“Statistics coming back from the app stores are confirming for us that we're definitely on the right track."