RAW Dating App Financial Model
Enterprise/Security Startup Financials (Free Excel Download)
RAW is an authenticity-first dating app using dual-camera real-time photos and phone verification to eliminate catfishing, scammers, and ghosting.
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About this model
RAW is an authenticity-first dating app using dual-camera real-time photos and phone verification to reduce catfishing, scammers, and ghosting. It is a consumer mobile product where trust and a high-quality user base are core to the experience.
The materials prioritise user acquisition, with 55% of the raise allocated to marketing. Revenue is not specified, so the defensible framing is freemium dating-app economics: subscriptions and potential in-app purchases driven by an active-user base.
The model builds MAU from installs, activation, retention, and paid acquisition, then converts users into premium subscriptions or purchases. Marketing, safety and moderation, platform costs, product development, and cash burn are tested across growth and conversion scenarios.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About RAW Dating App
raw.app
How to build a detailed financial model for RAW Dating App
A complete walkthrough of the business, drivers, and assumptions behind the downloadable RAW Dating App model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Dual-camera mechanic: users snap simultaneous front + back selfie ("Raw") daily; stale or edited photos cannot be uploaded.
- Swipe feed shows only fresh daily Raws - no old profile photos.
- Match window gives 72 hours to initiate conversation ("RAWmance").
- Phone verification required at sign-up to eliminate bots/scammers.
- Positioning: "Not another fake dating app" - solves catfishing, scams, ghosting, toxicity.
- Target persona: Gen Z / young professionals, described as "authentic, open, active, honest" - women-led product ("for women, by women").
Market
- $638.8M scammed on dating apps in 2023.
- 29% of dating app users admit to ghosting.
- 27% of online daters were catfished in the prior year.
- 75% of users faced abuse/toxic behavior on dating apps.
Revenue model
Not explicitly stated in deck. Slide 9 messaging ("Don't put a price tag on love - other apps push you to pay for love") implies a free-to-use positioning, but no monetization model, pricing tiers, or revenue streams are described. No ARPU, subscription price, or in-app purchase detail given.
Traction & metrics
Growth timeline shown across three milestones:
- Phase 1 (Aug): MAU 40,000 | SF (store feature or success factor?) 7% | Features: Phone verification, real-time photos, daily photo updates.
- Phase 2 (Jan–Feb): MAU 55,000 | SF 12% | Features: Live activity (no FOMO).
- Phase 3 (May): MAU 100,000 | SF 14% | Features: Limited time to start new chat (no ghosting).
Note: It is ambiguous whether these are actuals or targets. The 2022 deck date and the "launched 2023" language on slide 2 are inconsistent - the timeline likely represents a forward roadmap/target set at the time of fundraise, not historical actuals.
"SF" metric is not defined in the deck. Could be "Success Factor," "Store Feature rate," or a custom engagement metric. Treat as unknown until clarified.
Competition / moat
Competitive matrix shows RAW vs. three unnamed competitors (//1 yellow, //2 red, //3 black - likely Tinder/Bumble/Hinge or similar):
- RAW scores highest bar-height on: Phone verification, Real-time photos only, Daily photo updates, Limited time to start a new chat.
- Competitors have zero or partial coverage of these columns.
- "Coming soon" features: Live activity, Limited unreplied chats, Respect meter, Meditation feature.
- Moat claims: mandatory daily Raws as a technical barrier to fake profiles; 72-hour match expiry to reduce ghosting; phone verification at sign-up.
Team & funding ask / use of funds
- Founder & CMO: Marina Anderson - ex-Bumble, ex-Prequel, ex-XOXO.
- No other team members named.
- Funding ask: $2M pre-seed.
- Use of funds:
- Marketing: 55% (~$1.1M)
- MVP development: 30% (~$600K)
- Overheads: 15% (~$300K)
Recommended financial model
Archetype + why: Consumer mobile freemium / subscription (dating app). The product is a user-acquisition-first app (55% of raise goes to marketing) with MAU as the primary KPI. Revenue model is unstated but standard dating app monetization is freemium with premium subscription tiers (e.g., unlimited swipes, Boost, see who liked you) and potentially in-app purchases. Model should follow a MAU funnel → paid conversion → subscription MRR/ARR structure, consistent with Bumble/Hinge comps.
Forecast horizon & granularity:
- 3 years (Year 1–3), monthly granularity for Year 1, quarterly for Years 2–3.
- Year 1 milestones anchored to the roadmap timeline in the deck (Aug / Jan / May).
Key drivers & assumptions:
| Driver | Value |
|---|---|
| MAU at Phase 1 (Aug) | 40,000 |
| MAU at Phase 2 (Jan–Feb) | 55,000 |
| MAU at Phase 3 (May) | 100,000 |
| "SF" metric Phase 1 / 2 / 3 | 7% / 12% / 14% |
| Pre-seed raise | $2,000,000 |
| Marketing spend % of raise | 55% = ~$1.1M |
| MVP dev spend % of raise | 30% = ~$600K |
| Overheads % of raise | 15% = ~$300K |
| Monthly subscription price | $14.99/month |
| Free-to-paid conversion rate | 5% of MAU |
| Paid subscriber churn (monthly) | 8% |
| CAC (blended, paid + organic) | $2.00–$5.00 |
| D30 retention | 25% |
| MAU growth beyond May Year 1 | 15% MoM declining to 5% by Month 24 |
| Annual gross margin | 70% |
| Headcount ramp | 3 FTE Y1, 8 FTE Y2, 15 FTE Y3 |
Scenarios (Base / Bull / Bear - which variables flex):
- Base: MAU hits 100K by May Year 1 per roadmap; 5% paid conversion; $14.99/month sub price.
- Bull: MAU hits 200K by end of Year 1 (viral growth, Gen Z organic sharing); paid conversion 8%; CAC $2.
- Bear: MAU stalls at 55K after Phase 2; paid conversion 2%; CAC $5; runway < 12 months on $2M raise.
Required sheets / outputs:
- Assumptions - all drivers, centralized, tagged /.
- MAU Build - installs → actives → paid subs, monthly.
- Revenue - subscription MRR (free-to-paid × price × (1−churn)); optional: in-app purchase line.
- P&L - revenue, gross profit (after app store fees), S&M (marketing spend), R&D (MVP dev), G&A (overheads), EBITDA.
- Cash - opening $2M, monthly burn, runway (months to zero), fundraise timing trigger.
- KPI Dashboard - MAU, paying users, MRR, CAC, LTV, LTV/CAC, months runway.
- Scenario toggle - Base / Bull / Bear switchable from assumptions sheet.
Frequently asked
Is the RAW Dating App financial model free?+
Yes. The RAW Dating App model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from RAW Dating App's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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