Following the recent announcement of $670,000 investment from the Accelerate Commercialisation (AC) grant . ScreenCoach has launched an immediate capital raise. They are looking to raise $1.5 million in both equity and SAFE notes over the next 3 months.
The federal government’s investment is the second into ScreenCoach. Their initial support was for $330,000 in 2020. This second tranche of funding was driven by the successful Alpha trials conducted in late 2020- as result from the first tranche support. They particularly liked the improvements ScreenCoach delivers to the family dynamic and the positive behaviour change in children.
Founders and current investors also love that the $1,000,000 support from the federal government. It is not only a strong vote of confidence but comes with no equity and no payback. This funding round will see the completion of Beta trials in the next couple of months and take the product to launch in late 2021.
The company has strategically aligned itself with strong industry B2B partners. Letters of intent have been received and conversations are progressing with potential distributors and affiliates such as Harvey Norman, NiB, Belong, Garmin, public/private schools, the law courts (for separated families) and other government departments.
The AC grant also endorses ScreenCoach’s ESIC status, giving investors 20% tax rebate and capital gains tax exemption.