Kondoot has only a fleeting resemblance to even the Facebook of years ago. But that hasn’t stopped many from comparing the 18-month quasi-public startup, which seeks to marry social media with live video streaming, with the over $100 billion social networking site. Or, indeed, calling its founders Mark Cracknell, 21, and Nathan Hoad, 25, the Australian Zuckerbergs.
The Brisbane company, too, has been far from shy in trying to deflect some of the buzz around Facebook on itself, and showcasing itself to Australian investors, with KPMG as its advisers. Cracknell often talks up Kondoot as the “next social media innovation,” and live video as “the new frontier of social media.”
“Kondoot has developed a unique concept that we believe has the potential to change the way the world communicates, opening up huge opportunities in areas of promotion, education and sharing personal moments with friends and family around the world,” he said.
“For investors seeking the potential for growth, getting into startups at an earlier stage in their lifecycle can potentially deliver high returns. This frame of thought will bring companies such as Kondoot into focus,” said Cracknell.
So, what is Kondoot?
It calls itself the world’s “first integrated, social live video platform.” What it does is integrate social with live video in the belief that it is the future for both social media and simple live video streaming sites. Consequently, it claims a head start over, say, Facebook and YouTube. It also claims an advantage in live video technology.
Kondoot has a business model that is not dependent only on advertising. It charges small amounts from users to watch live video, and simultaneously chat or text their friends. It expects to sell tickets to live concerts and other events that can bring in significant revenue. The Kondoot team said it has been in talks with several key celebrities and their managers including Brent Weinstein, CEO of United Talent Agency. Kondoot is already used in over 180 countries and the company expects to quickly add users and live events.
In the ongoing offering, Kondoot Holdings Limited seeks to sell 83.33 million shares at $0.12 per share, expecting to raise up to $10 million. Investors need to buy a minimum 16,667 shares for $2,000. The young startup previously raised $1 million through the Australian Small Scale Offering Board, making it a somewhat public company, even though it has yet to share detailed operational data.