Tinybeans Group (ASX:TNY), a niche social media network aimed at parents, started trading on the ASX after raising $6.5 million at $1.00 per share to fund its expansion.
Users can sign into the Tinybeans platform and can upload pictures via the web or smartphone app, and share those pictures privately with friends and family.
They can also access a user’s Tinybeans journal, where the photos are collated, via email, website or the app.
Tinybeans’ growth strategy has driven user acquisition to rise by more than 52% year-on-year to March 2017, with annual growth in the company’s active user base of more than 24%.
More than 1.6 million parents and family members in over 200 countries are now Tinybeans members.
The company has progressed several initiatives in 2017 which are contributing to growth and engagement of its user base.
Both Google Inc and Target in the U.S. are now offering Tinybeans premium subscriptions free for the first 12 months as a perk to their U.S. employees.
Furthermore, Tinybeans is progressing discussions with several high-profile international corporate brand owners for potential partnerships.
While the Tinybeans app is free to download, the company makes money by charging parents for a premium offering with extra services, such as printing.