Ruby Labs is a UK-based B2C Software as a Service company in the wellness sector ranked among the fastest-growing startups. One of its products, Hint, achieved the top 100 highest-grossing apps global ranking. RL’s Founder, the millennial self-made entrepreneur, and tech investor Roman Taranov is an expert in building fast-growing businesses out of unexploited market gaps.
Mobile products went from being centered in entertainment and gaming to embrace every aspect of life. Now, most people use mobile apps to listen to music, find places to go, rent apartments, and much more.
Some may think that being innovative in the global mobile B2C market is nearly impossible. It’s a competitive arena where every aspect seems to be covered, and not every company has what it takes to build and grow a business from it. However, young Roman Taranov appears to have found the secret. Ruby Labs keeps increasing since it was founded in 2018.
Finding unexploited market gaps
With >100 000 subscribers and over 70 employees all around the UK and Europe, Ruby Lab’s primary goal is to build high-value products that users download and use continuously. But how do they succeed?
RL’s first launch came from a large-scale research effort into under-developed categories in the mobile app arena. While astrology is a $10Bn global market, the results showed that only 5% of revenue came from digital sources. So after 3 to 4 months of development, Ruby Labs launched its first product, Astrology Coach, later renamed Hint.
Hint started providing an under-served audience with tools and information to educate people by simplifying astrology for greater awareness. It was a huge success. Within the first 6 to 12 months after its release, it reached 30M downloads, and it’s currently the biggest astrology product, with 70% market share by downloads and revenue.
Hint’s unexpected fast growth allowed Roman to scale the company aggressively, seeing Ruby Labs grow to over 70 employees across the UK and Europe and reach an Annual Recurring Revenue of $30M within one and a half years.
In keeping with their mission to provide high-value products that help improve people’s lives, Ruby Labs embarked on a quest that led to a World Health Organization study that showed alarming numbers regarding worldwide obesity. That’s when the company’s team of experts created RL’s second product, Able, a calorie management and health coaching app that provides tools that help people make mindful lifestyle decisions.
Flexible, Remote Work Policy and Vision
It would be unfair to say that Ruby Lab’s success is only thanks to Mr. Taranov’s ability to find good market gaps. His fresh millennial blood allows him to understand what employees want and build a high-performance dedicated, and committed team. His flexible work culture, reflected in policies like remote work, great salaries, and paid vacations that employees can request with as little as one week in advance, also contributes to the company’s success.
Roman is also an investor. With 10+ companies in his portfolio and driven by his passion for growth, development, and innovation, he helps other young entrepreneurs like him by investing in their ventures.