Global fintech and funding innovation ecosystem

Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website

Crowdfund Insider | By | March 22, 2019

VoCare direct crowdfunding - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own WebsiteVoCare is raising capital for the launch of a new Medtech device, the Vitals360; a smartphone-sized diagnostic device for the Remote Patient Monitoring (RPM) and Point-of-Care verticals.

Current investors include AGS Capital and SAW Capital and tax credits are available to Indiana investors via the State of Indiana.

The Vitals360 eliminates the need for extra peripherals, hubs, and tablets for managing cardiac care, diabetes and other chronic conditions and offers cellular, Wi-Fi and Bluetooth enabled real-time data transfer to provider, patient and family portals.  The Vitals360 device measurements include: (1) Blood Glucose, (2) Blood Pressure, (3) Pulse, (4) Oximetry, (5) Temperature, and (6) Electrocardiography (ECG).

When reviewing their options to raise capital, VoCare researched and consulted with a number of crowdfunding platforms.  Their goal was a $2M capital raise via Reg D 506c for trials and sales and marketing so VoCare developed the PPM required for compliance.  After several years in R&D for a “doctor’s office in your pocket” vitals device, the Vitals360 was moving through FDA approvals.  VoCare’s goals also wanted to build a community and attract partners.

See:  Search Finally. Canadian Securities Administrators Announce Intent to Harmonize & Improve Crowdfunding Exemption

The takeaway as VoCare wrapped up their search were four concerns:

  1. High platform fees
  2. Limited investor marketing support with the onus on issuer
  3. Deal clutter on the platforms
  4. The expectation by platforms that our current investors/prospects be added to their lists

What to do next?  The equity crowdfunding platforms had a track record, expertise, systems, marketing tools, and an audience.  Did those benefits justify the costs? For VoCare, the client felt the answer was no.  So we asked ourselves can we use similar methods to crowdfund our raise directly on the VoCare website?

How did VoCare successfully crowdfund direct?

The strategy was to simulate some of the same tactics as the platforms but to also utilize some traditional processes – hence the “boutique crowdfunding” label, as the intended audience was accredited investors versus a mass crowdfunding.

As the equity crowdfunding industry matures, there are several great options for expert help in the space that issuers can consider.

So what was similar to platform-based equity crowdfunding? 

Effective online story-telling

VoCare developed webpages that showcased their story of the Vitals360, the world’s first and only professional grade, hand-held medical device providing a 6-in-1 vitals diagnostic and remote monitoring solution.  An easy to navigate pages on desktop and mobile featured a carefully structured pitch video, graphics and similar content structures to those found on platforms.

The investment page also effectively communicated the campaign metrics, massive market, competitive advantage and innovation as the core message.  The home page was also utilized for additional traffic and exposure to the Limited Time Investment Opportunity.

Investor and prospect funnels 

A content plan was developed to provide regular and timely communications on company progress, industry news, campaign milestones and help educate the sophisticated accredited investor audience on the opportunity.

See:  How to Effectively Market an Equity Crowdfunding/Reg A+ Offering

For example, a sample campaign conveyed how Qualcomm Inc., world leader in 3G and next-generation mobile technologies, featured the Vitals360 at their booth at this past January at CES 2019 and that it was so well received that Qualcomm also showcased the device at the Mobile World Congress in Barcelona in February. 

Automated emails and campaigns were integrated with the page and a press releases section up as an archive on the corporate website to provide depth.  Calendars integration ensured seamless follow-up by VoCare executives to elaborate on the opportunity and address any questions.

Leveraged momentum and timing

Business development and networking created a pool of early adopters so that momentum could be created in the first few weeks of the campaign.  As a result over $600k USD was raised within a few weeks, the page updated accordingly and the progress sent to the growing list.

The advent of new government payment codes from The Centers for Medicare and Medicaid Services (CMS) was also leveraged in messaging.  With these new reimbursement codes, physicians are incentivized to drive more health care to the home, and leverage technology like VoCare’s Vitals360device.

A balance was struck between conservatism and the massive opportunity by only reporting on revenue and earnings projections in the US for device sales despite other market interest and other revenue models including data fees and blood monitoring strips.

How did the direct route differ from platform crowdfunding?

The front end of the investor experience was very similar to a platform but the back-end was largely handled off-line.  Follow-up discussions and the actual investment process handling were completed offline.  This created a nice mix between technology efficiencies and the personal touch of relationship building and high service levels.  Not as seamless as a platform driven campaign but more personalized, more focused, less costly and quite effective.

A by-product of the VoCare campaign has also been considerable interest in distribution building on other partnerships including with industry heavyweights like GEMMS, of Harris Computer Systems, a division of Constellation Software, Inc. (TSX: CSU-T) and Chinese diabetes market leader SinoCare

An issuer could also choose to add back-end functionality for a direct crowdfund via white-label solutions for contracts, accreditation and payments but VoCare felt they could handle the volume given there were significant minimum investments and that the sophisticated audience warranted a personal touch.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own WebsiteFF Logo 400 v3 - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Websitecommunity social impact - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website




VoPay | Release | May 29, 2024 VoPay announces TXB, an API-first solution to enhance transaction banking and cash management for banks and credit unions Canadian fintech, VoPay, just announced the release of its Transaction Banking (TXB) solution, which aims at assisting banks and credit unions to implement API-first transaction banking and cash management systems.  The TXB solution offers an API-first architecture, which makes it seamless to integrate with existing systems. With this approach, banks and credit unions can take advantage of automated transaction workflows, which will result in enhanced operational efficiency​. Highlights TXB enables North American financial institutions to launch a range of API-first solutions that address virtual accounts, multi-layer ledger management, multi-currency cash management, process automation across various payment rails, and real-time visibility and centralization of cash. White-label global payments to send, receive, and manage accounts and payments anywhere in the world, building modern, automated, and API-led experiences with dynamic payment tracking.  Receive end-to-end visibility across the chain, from initiation through to beneficiary credit, and information about the movement of the payments, charges, and even the timing of credit. See:  Canadian Fintech VoPay and Mastercard Partner to Move Money Smart routing optimization for cost-effective and rapid delivery with ...
Freepik API - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
BaaS | May 29, 2024 The Synapse Collapse and What It Means for up to 10 Million Consumers and the Fintech Industry Synapse's shutdown is sending ripples throughout the fintech space The fintech sector has been rocked in recent weeks by the failure of Synapse Financial Technologies, which has surfaced huge issues within the fintech sector’s Banking-as-a-Service (BaaS) model of doing business. Synapse, a high profile BaaS player backed by Andreessen Horowitz (a16z) filed for Chapter 11 bankruptcy in late-April 2024, potentially affecting up to 10 million consumers per TechCrunch.  So lots of customers are unable to access their funds exposing vulnerabilities within the BaaS middleware model providing crucial lessons for the entire fintech ecosystem. Banking-as-a-service (BaaS) Banking-as-a-service (BaaS) is the delivery of banking services in partnership between a licensed bank and a fintech or nonbank entity. By and large, the services offered are a range of online banking, payment processing, money transfer, lending, and tools to help budget, save, and invest. BaaS allows fintech firms to innovate at speed and to provide financial services at a lower cost of entry. BaaS does have additional risks in the areas of compliance, security, and operational resilience. What caused the collapse? Synapse's ...
Freepik yanalya bankruptcy shock - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
May 29, 2024 The car loan industry in Winnipeg, as well as across Canada, has seen significant shifts in 2024, influenced by economic changes, market demands, and evolving consumer behaviors. Here’s a detailed look at the current state and trends in the industry. Rising Interest Rates and Loan Amounts Interest rates for car loans have increased in recent years, driven by several factors including federal rate hikes and economic conditions. As of May 2024, average car loan interest rates for new vehicles hover around 7.18%, while used cars see rates as high as 11.93%. This rise in rates is particularly challenging for borrowers with lower credit scores, who face even higher rates, often exceeding 14% for new cars. The increase in interest rates has also led to higher monthly payments for car loans. For example, borrowers in the non prime credit tier (scores 601-660) see average monthly payments of $782 for new vehicles and $547 for used ones​. These high costs necessitate careful financial planning and consideration of long-term affordability. Inventory and Pricing Trends The availability of new cars has improved significantly since the pandemic, which saw severe shortages and high prices due to disrupted supply chains. Now, inventories are ...
Winnipeg - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
Capital Markets | Release | May 29, 2024 After Record Year of Capital Raising with $647 Million Raised in 2023, Katipult Strikes Partnership with Leading Investment Dealer A leading Canadian fintech company, Katipult Technology Corp. (TSXV: FUND.V), has announced a strategic integration with a leading investment dealer. The deal will combine Katipult's latest technology with the investment dealer's wide market reach and expertise. The partnership will result in the ability to offer greater operational efficiency in the capital raising procedure and more streamlined compliance management across a wider client base. See:  Katipult’s Growth Surges in 2023 Raising $647M By integrating with a leading investment dealer, Katipult is now well positioned to offer clients industry-leading levels of service and efficient operations across both debt and equity market transactions. The deal will boost Katipult's market standing and its cutting-edge DealFlow platform. Gord Breese, CEO of Katipult: "This collaboration is a testament to the robust capabilities of our DealFlow platform and our commitment to driving innovation in the fintech space. We are excited about the opportunities this partnership presents for our clients and the broader capital markets." 2023 Highlights and Statistics (more) Capital Raised: $647 million, more than doubling 2022's $318 million. Transaction ...
Freepik rawpixelcom partnership - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
BNPL | May 28, 2024 What CFPB's New BNPL Rules Mean for Fintechs and Financial Institutions Buy Now, Pay Later (BNPL) credit services have grown at a forceful pace in recent years and are pushing regulators to rewrite the consumer lending playbook. These services have made it possible for customers to make large purchases using installment payments instead of paying the full bill in one go. Recognizing this shift, effective July 22, 2024 the Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule to subject BNPL providers to the same existing regulatory framework binding traditional credit card issuers. The move is aimed at increasing consumer protection with BNPL transactions and to ensure fair lending within the growing sector. Here's a look at what's changing and what it means for fintechs and financial institutions.  See:  press release Background and Rationale Over the last couple of years, BNPL services—led by companies such as Afterpay, Klarna, and Affirm—have grown explosively, giving consumers easy access to splitting their purchases into smaller chunks, often interest-free. Key growth drivers have been the service's attractiveness relative to traditional credit, ease of onboarding, and ease of use.  The speedy scaling of these companies has been met with ...
Unsplash Clay Banks BNPL - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
GenAI | May 28, 2024 Key GenAI Human Rights Risks That Fintech Companies Need To Mitigate As generative AI (GenAI) technologies are increasingly being integrated into fintech companies to create unrivalled opportunities for efficiency and innovation, fintech founders need to develop responsibly and respect the most crucial human rights.  B-Tech, a project of the UN Human Rights Office of the High Commissioner has published an informative paper linking these risks to the Universal Declaration of Human Rights (UDHR) in a recent report titled, "Taxonomy of Human Rights Risks Connected to Generative AI".  Such risks include threats to privacy, further discrimination and bias, job displacement that leads to economic instability, and an infringement on freedom of expression and access to true information.  Below are some key fintech related risks.  Let's dig in... 1.  Privacy and Data Protection "No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honour and reputation. Everyone has the right to the protection of the law against such interference or attacks."  UDHR Article 12 Financial technology companies are processing reams of sensitive personal data. GenAI technology enhances the data analytics, but at the same time, it risks ...
Freepik rawpixel.com data and human rights protection - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
May 29, 2024 Over the past decade, Quebec’s car market has undergone significant transformations influenced by technological advancements, economic shifts, and changing consumer preferences. Here’s a comprehensive look at the key developments that have shaped the car market in Quebec from 2014 to 2024. Technological Advancements and the Rise of EVs One of the most notable changes in the car market has been the rise of electric vehicles (EVs). In 2014, EVs were a niche segment with limited models available and minimal market penetration. Fast forward to 2024, and EVs have become mainstream, driven by advancements in battery technology, increased range, and more affordable pricing. Government incentives have played a crucial role in this shift. Quebec’s provincial government has offered rebates and tax incentives for EV purchases, encouraging more consumers to make the switch. The introduction of more charging infrastructure across the province has also alleviated range anxiety, making EVs a more practical choice for everyday use​​. Economic Factors and Market Dynamics The economic landscape over the past decade has significantly influenced the car market. The COVID-19 pandemic, in particular, caused major disruptions. During the pandemic, global supply chain issues led to a shortage of new vehicles, driving up prices ...
Pexels Kindel Media EV charging station - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
Data Privacy | May 27, 2024 This September, Quebec's Law 25 mandates data portability rights, impacting organizations handling Quebec residents' personal information On September 2024, Quebec's Law 25—namely, An Act to Modernize Legislative Provisions as Regards the Protection of Personal Information—will begin, creating a sea change in data privacy regulation that governs all transactions of companies in Quebec. This law intends to increase individuals' control over their personal data and provide additional responsibilities for firms in terms of data processing, transparency, and security. With these looming changes, Law 25 is something a fintech firm must understand now to stay compliant in the future and to deter hefty fines.  NCFAs industry partner, Gowling WLG has put together this handy guide called, 'The Right to Data Portability: Everything You Need to Know" Overview Starting September 22, 2024, Quebec individuals will be able to request their computerized personal information in a structured, commonly used format (e.g., JSON, CSV, XML) see Right to data portability, which shall allow them to have their personal data transferred from one company to another. This requires a fintech firm to develop robust systems that enable the transfer of data seamlessly, without compromise to the security and integrity of ...
Freepik rawpixel.com data - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
Crypto Regulation | May 27, 2024 World Economic Forum (WEF) Publishes Recommendations for Global Coordination in Regulating Crypto Assets Regulating crypto assets that are continuously evolving at light speed is complex and coordination among international jurisdictions, national regulators, and industry participants is key. In this light, WEF 2023 report (34 page PDF) offers a comprehensive set of recommendations and insights for a harmonized approach to regulating crypto assets. See:  Canada’s Proposed Mutual Fund Crypto Regulations 2024 This article reviews the recommendations drawn from the report and compares them with the current approach for different regions. 1.  Recommendations to International Bodies International bodies have a role in setting the stage for a unified global approach on crypto regulation. a.  Promote a harmonized understanding of the taxonomy and classification Describe different features and risks across crypto-assets and associated activities. Promote technology-neutral principles in supporting cross-jurisdictional convergence. Example: World Custom Organization's Harmonized System provides a model of standardized classification to ensure consistency across international trade. b.  Set out best practices and baseline regulatory standards Definition of best practices for key functions: custody, transfer, and settlement. Definition of baseline standards, such as AML/KYC, Consumer Protection, Market Integrity. Example from other sector: IOSCO harnesses the ...
WEF Pathways to Regulation of Crypto Assets - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website
March 27, 2024 The finance sector is rapidly evolving, and it can't be denied that technology plays a crucial role in shaping operational efficiency in this particular realm. Financial organizations face the ongoing challenge of managing complex data, ensuring security, and complying with regulatory changes. But there are technology solutions to address these woes. It's about selecting systems that align with the specific needs of finance operations to optimize performance and drive growth. Read on to learn some strategies for choosing the right tech solutions for finance operations. Assess Financial Operations Needs Before diving into the myriad of tech solutions for finance, organizations need to assess their operational needs thoroughly. This evaluation should consider current system inefficiencies, data management requirements, security needs, and regulatory compliance. The result? It'd be much easier to pinpoint which tools can effectively address the organization’s challenges. The next step is partnering with the right tech solutions provider. 'Are they really that important?' you might ask. Well, absolutely. They can significantly enhance operational efficiency through a customized integration of advanced technology solutions. For instance, for those operating in Jacksonville, hiring managed IT services in Jacksonville or similar providers in the area would be an excellent idea. They have expertise in ...
Unsplash Luca Bravo Tech support - Medtech Start-up VoCare Boutique Crowdfunds $1.1 Million on Own Website

 

Leave a Reply

Your email address will not be published. Required fields are marked *

4 + twelve =