Premoney 34: Mobileteer and Siddha Health

Welcome to Week 34! Be on the lookout for a big, awesome analysis coming in the next few weeks, where we’ll look back at all of the previous Premoney companies. We’ll be looking at # of companies who successfully raised a round, went on to raise more, success stories, failure etc. As I mentioned in my end of year newsletter, the goal of Premoney is to eventually turn into a highly-transparent fund itself. This analysis will be the first real step that gives me an indicator on if this current process is one that is able to ‘pick’ quality companies (noting that raising is just a proxy for success). If anyone is interested in getting involved in this process, please let me know!

An important message:

Thank you to our friends at Naya Studio for sharing info about the DesignUp conference & its efforts to help support India through the second wave of Covid.

“India is going through an unprecedented second wave that has brought its health systems on the verge of collapse. During this testing time, The DesignUp conference is bringing together some of the most illustrious makers, creators and designers from across the world in an attempt to raise ₹10,000,000 for charities doing an exemplary job on the ground - to rescue patients, rehabilitate workers and rebuild communities.If the conference sounds as awesome to you as it does to us, do consider attending and/or donating to these charities!”More info:#DUp21 Virtual Conference June 11-20https://t.co/aO2RFp9Jan

This weeks companies:

Company: Mobileteer

Founder: David McDonald

Raise Details: Raising $250k under a SAFE Agreement with Seed Round Capital as lead investors. $2.5M valuation cap.

Vertical: Ad Tech, E-commerce, Marketplace

Business Model: B2B2C, Subscription

1-Liner: eCommece marketplace with one app to connect them all to eat, shop, and experience local

Description: Mobileteer is saving main street with Mobileteer Rewards eCommerce Marketplace app to give local businesses the ability to sell online and consumers to fully experience their communities where they live, work and play. A safe & secure platform to shop at all the great local merchants at the palm of your hands.

Traction Indicators: 

• 90% Gross margin on revenue.

• Mobileteer has now launched a community trial program which enables communities to use the Mobileteer Rewards eCommerce Marketplace with 3 new communities in Southeast Michigan.

• Launching an additional 3 communities by the end of June 2021. We have also changed our revenue model to a subscription base for merchants after a 45 day trial period.

• Projected revenue of $100k recurring revenue by EOY.

Company: Siddha Health

Founder: Wallace Torres

Raise Details: Raising $400,000 on a $4,000,000 post-money SAFE. $200,000 already committed.

Vertical: Healthcare, Hardware

Business Model: B2B

1-liner: Remote patient monitoring of acute respiratory patients

Description: Chronic obstructive pulmonary disease (COPD) is the number three killer in the US, primarily affecting rural and elder populations. Yet, respiratory care for chronically ill patients is stuck in clinics despite the potential for improved access and outcomes in home settings and recent progress in technology and payer behavior. Siddha Health is helping to change that by building the first of its kind, over-the-skin, blood gas remote monitoring device.

Traction:

• Agreement in place to build prototype with Triple Ring Technologies.

  • Note: For highly regulated industries, a prototype or test agreement is a HUGE step.

• Greg Loney, our technical advisor and first investor, founded a medtech unicorn (Visby Medical).

• Initial $200,000 committed.

That’s all for this week!

Jake