After successfully pivoting the revenue model of her startup, Veerle Witte, founder of Journal Lab (formerly Travel Diaries), is gearing up for international growth with a significant €1.2 million investment infusion.
Witte’s journey began in 2011 when, during a four-month trip to South America, she sought a digital platform to document her adventures. Unsatisfied with existing options, she crafted a business plan, secured funding from microcredit provider Qredits, and embarked on building an application.
Eight months later, Travel Diaries was born—a platform allowing travelers to chronicle their experiences in a digital diary with photos, with the option to order a printed book as a keepsake. While the digital version proved popular, the hosting costs became a challenge. Witte managed the startup alongside her career as a travel journalist until 2019 when Transavia Ventures acquired a 20% stake, enabling her to focus exclusively on the business.
The onset of the COVID-19 pandemic prompted a reassessment of the revenue model. Travel Diaries introduced three subscription plans, catering to various user needs and preferences. Witte, seizing the opportunity presented by the slowdown in sales, expanded the platform to include Baby Diaries and has plans for recipe books and a general diary app.
Since its inception in 2014 with 120,000 users, Travel Diaries has evolved to 2,500 paying users, with a remarkable 70% renewal rate after the first year. Nearly half of the subscribers opt for a printed book. The recent €1.2 million investment, including a significant €1 million from an anonymous backer, will be dedicated to robust marketing initiatives to accelerate growth beyond organic means. The focus will be on English-speaking markets, with the US and Australia currently being the company’s largest markets after the Netherlands.
Witte, undeterred by competition from Dutch rival Polarsteps, emphasizes the uniqueness of Journal Lab’s approach. Unlike Polarsteps, which emphasizes GPS tracking, Journal Lab offers a diary editor where users directly shape the final product, combining extended texts with photos—a distinction that appeals to a different target audience.
With plans to celebrate the deal, Witte fondly recalls a trip to the Philippines earlier in the year and expresses a desire to return, bringing a ray of sunshine to these rainy days for Journal Lab.
Read the orginal article: https://www.eu-startups.com/2023/11/rotterdam-based-journal-lab-secures-e1-2-million-to-allow-travellers-to-make-their-own-digital-diaries/
