With the rise of TikTok, Lolly CEO Marc Baghadjian decides to revolutionize online dating and join forces with the industry’s long-time leader MatchTinder and Bumblecompete. The company combines social media and dating features into one short-form-dominated app.
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“It’s like a TikTok page,” Lolly CEO Marc Baghadajian said on Yahoo Finance Live. “The video is more visible because you can actually show your funny and talented side. You don’t get any less than just a photo. attractive.”
The company said the app was designed with the idea that existing dating services couldn’t provide the features Gen Z wanted.
“It’s a very new way of dating, very different from the old norms set by Bumble, Tinder, etc.,” Baghadjian added. “It’s like a miniature YouTube experience. We have a miniature TikTok. Other companies are watching us closely. I think Tinder, Bumble and Match Group should take a hard look at some of the things we’re doing.”
Born out of Baghadjian’s dorm room as a senior at Babson College, Lolly managed to attract some of Silicon Valley’s major investors. To date, Baghadjian and co-founder Sacha Schermerhorn have raised more than $2.5 million from investors including former Apple CEO John Sculley and former Match Group parent John Pleasants.
“We raised $2.5 million from some of the best investors in Silicon Valley,” Baghadajian said. “Ron Conway, the godfather of Silicon Valley, is also there, along with other great angel investors, venture capital firms. We are very grateful to all who participated.”
Because the company is still in its early stages of development, he said recent market volatility has not affected the source of funding.
Meanwhile, a TikTok-like formula appears to be working. Baghadjian says the app has millions of views and is currently ranked high on the App Store.
While the familiar online dating interface may not change, Baghadjian believes that Lolly’s distinctive dating app is attracting the attention of competitors.
“Look at Bumble’s stock, it went public at $80, now it’s $27, right? They need to innovate,” Baghadjian said. “I’ve probed their management thinking. I know we’re on their strategy map. I know they’re talking about us. It’s exciting.”