MedTech organisation, iMD, raise £75,000 on BankToTheFuture.com
Traditionally Medical Technology has been funded by angel networks and venture capitalists, but now the first case studies of equity CrowdFunding are coming through as Ted & AJ raised £75,858 from 24 Investors on BankToTheFuture.com to what they call advancing HealthTech education.
BankToTheFuture.com interviewed Ted & AJ after raising £75,858 for their business iMD Health from 24 investors using equity CrowdFunding platform BankToTheFuture.com.
In one Paragraph what does IMD do?
AJ: iMD is an innovative HealthTech start-up aimed at proving visual and transparent patient eduction at the point of Care. We help Medical Professionals explain, clearly and at the point of care, the patient’s condition and treatment option through a rich, touchscreen interactive platform that is easy to use and full of rich content supplied directly by the leading Pharmaceutical companies and Health Foundations.
Why did you choose Equity CrowdFunding to raise finance for your business?
AJ: We were attracted by the ability to address large numbers of potential like minded investors that are looking to get in on a ground floor opportunity and support the growth of a disruptive HealthTech business. The full process of on boarding and navigating through all the legal hurdles was especially helpful.
Ted: Equity CrowdFunding allows you to easily get your message out to a wide range of people from friends and family to the wider world. It increases your exposure around fundraising without being intrusive.
Why did you choose BankToTheFuture?
Ted: We had a personal connection via the investing world, but when we looked at this more fundamentally, an important attraction was the more rational fee structure. They charge based on funds raised that reflects the cost of the effort. Many crowd funding sites charge their fee based on exit, which makes them more like a venture capital firm and less like something new and different.
AJ: We like the team and the flexibility they have shown us during our pitch. We felt aligned with our objectives.
How did the incubation process help you secure your funding?
AJ: BF provided us with all the tools to deliver a powerful pitch and to attract interested investors very fast, preventing loads of wasted time in getting the business investment ready.
Ted: AJ and I are pretty seasoned business folks, so we probably didn’t use all elements of the incubation process. However, I will say that the framework for doing the video was excellent. We’ve received lots of kudos on it, and I must say it tells the story of our business in less than four minutes.
How did you find investors for your pitch?
Ted: The usual way — friends and family supplemented by the wider effort of the BankToTheFuture investor community.
AJ: The majority of investors were directly pitched offline as well as online. We received a lot of good wishes and interest from many others at the same time.
What has happened to your business as a result of using CrowdFunding?
AJ: Our business will now have the necessary capital to implement key initiatives required to get us to the next stage.
Ted: It’s too early to tell. It has given us the funds to support our business development effort to generate revenue for the business. This is the next milestone for us, and CrowdFunding is helping us fund that effort.
How do you think this Equity CrowdFunding compares to other forms of funding?
Ted: Each form has its merits. CrowdFunding will definitely become more important in the future as it is “democratizing” investment in smaller companies.
AJ: It’s our first one, so far so good.
What would you say to others considering Equity CrowdFunding?
AJ: Don’t wait! do it now. Be prepared, think through your pitch, have a focused approach and never give up. We secured our target during the last 48 hours so every minute counts.
Ted: Try it. You will like it.