Sydney-based HR and wellness company Thrive Tribe Technology (ASX: 1TT) has been driving the development of its Sixty app in Q2 FY24. Besides improving existing features, like user-friendly dashboards and a convenient storage library, efforts have been focused on expanding the Sixty platform to elevate the overall user experience.
Last year, Thrive Tribe went full throttle on its plans of shifting from being a workplace app to a community-oriented one. That’s how Sixty came to be. Sixty is an Instagram-like app allowing health and wellness creators to post and monetise content.
The Company has introduced several updates to its Sixty platform. The ‘Insights Mentor’ feature has been developed in response to customer feedback, aiming to provide a more personalised experience. This capability adapts to each creator’s needs, tailoring insights based on their industry and expertise to support informed decision-making regarding analytics data and content performance.
Secondly, it has introduced ‘Course Creation’ within Sixty. Creators now have the ability to establish, share, and monetise courses on a pay-as-you-go model. This feature enables creators to design multi-module programs, offering a flexible approach to diversify their income streams.
Finally, Sixty introduced the ‘Social Media Resizer’ tool, addressing creators’ challenges in resizing promotional teaser videos for different platforms. Creators often spend significant time on this task, and the new tool allows them to resize videos with a simple click, ensuring compatibility with Instagram, Facebook, TikTok, and YouTube. This streamlined process aims to save creators time and effort in preparing content for social media promotion.
In Q2 FY24, the Company saw a decline in its cash position, which stood at $2.1 million compared to the previous quarter’s $4 million. It reported a cash burn of $1.5 million during this period. Plus, it reduced its debt burden by repaying $400k in borrowings, specifically settling an outstanding convertible loan. Thrive Tribe has allocated $154k towards fees and remuneration for its directors.
For Thrive Tribe, its internal investments have been just as crucial as the external ones.
Integral to the Sixty launch is the incorporation of Daily Food and its influential founder, Alexandra Thursfield.
With a 54% ownership stake in Daily Food, the Company directed its efforts in the quarter towards readying for an extensive release of its premium vegan chocolate truffle, Holy Truff. Daily Food strategically expanded the Holy Truff product line into the lucrative realm of ‘seasonal gifting’.
A marketing campaign led to the addition of more than 20,000 subscribers to Daily Food’s EDM database. The investment in a website optimised for conversions paid off, boasting an impressive 200% increase in the conversion rate and garnering over 40,000 website views during the seasonal period. Within this brief timeframe, the company received 575 online orders, offering valuable insights into this previously untapped sales channel.
Looking forward, a significant milestone in Daily Food’s market expansion strategy is the upcoming launch of Holy Truff into the retail channel this quarter. The company is also completing the final audit of the internationally-recognised food safety program, HACCP, for its in-house manufacturing facility. Plus, Daily Food has engaged a food technologist to support the extension of the shelf life of its existing product range, preparing for major accounts and potential exports.
While entering a more consumer-first space, Thrive Tribe maintains a connection to its previous workplace SaaS endeavors. Another investment, the employee experience platform Slik, achieved a milestone by attaining operating profitability for the first time in its history. The renewal of existing key account relationships under more favourable commercial terms highlights the robust nature of its client connections.
Additionally, Slik’s strategic partnership with Mercer Latam proved fruitful, resulting in several new client wins during the period.
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