YoungPlanet is creating a circular economy - where one child's unused toy can be the start of another's new adventure, for free. Their Hackney pilot evidenced its potential virality; now raising to launch London-wide+ and become a financial & social 'greentech' pioneer in 2020.
The Telegraph states the average 10yr old has 238 toys yet uses just 12 daily & The Guardian reports children aged 0-4 cost on average £ 14,729pa.
Founded by parents, YoungPlanet is an online platform and app that enables families to put outgrown kids’ items to good use and live positively & sustainably without compromise. A circular platform, parents can get rid of the items they don’t want and source more from others, for free.
Usage has been limited to Hackney, where there have been +2k downloads, 50k app launches and hundreds of products exchanged YTD. We estimated that over 5% of Hackney's households with children have used the platform, from word of mouth alone.
The business model is as exciting as the social impact. Maintaining a freemium entry point, advertising & subscription services will be deployed ensuring high margins with relatively low costs.
The model has been benchmarked against various proxies and extensively researched to develop the usage drivers. These include keeping things out of landfill, decluttering & getting free stuff - all whilst feeling great about embracing technology to do good & sharing this with your friends. It’s this positive word of mouth that has driven the 'virality' we’ve seen so far in Hackney.
YoungPlanet is seeking investment to support its potential & expansion across London & beyond.