A new health-promoting app by a Dundee start-up is one of the beneficiaries of crowdfunding platform Fireflock, launched last week.
The new Fireflock facility, launched last week, is the brainchild of London-based Scots investment expert Callum Campbell. It is designed to match high net-worth investors with start-up, early-stage and developed companies looking to raise capital.
Founded by fitness and health entrepreneurs Murray McDowell and Tanya Flynn, and backed by Commonwealth track medallist Eilidh Child and chef Nick Nairn, Life Changing Choices is seeking to raise £150,000 for the next phase of its market development after a year of testing the complex software systems that allow users to monitor their diet and exercise regimes. The app has an emphasis on quality of life rather than weight-loss programmes.
Along with other selected start-ups, including mobile-to-mail app Bypost.com and dating site BootyShake, Life Changing Choices is one of a stable of companies seen by Fireflock as having "a scaleable concept … and defensible valuation", and which are being promoted to "sophisticated investors".
The Fireflock platform acts as a 60-day online "roadshow" for promising young companies to sell their vision and secure capital. Potential investors are given access to information including detailed business plans, financial projections, director profiles, as well as interactive discussion forums.
McDowell said: "We are seeking £150,000 to help create the structured team to take the product to market, and help meet the marketing cost and promotional material that any start-up business needs in its early stages."
Campbell said: "Equity crowdfunding has experienced tremendous growth, which has served to validate the model. A more professional approach is now required to ensure that companies not only have access to capital but are able to build the knowledgeable and experienced investor base required to scale."
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