GLOBAL DEAL SYNDICATION
HBS Alumni Angels syndicates selected deals across the full global membership of its 14 chapters. This enables selected deals from one chapter to reach a global network of accredited investor alumni. This is a unique benefit of being a member in a local HBS Alumni Angel chapter. Investment decisions are made and executed individually following a global webinar. Once investments are made, investors often assist companies in other areas as formal or informal advisers. For details on how the process works, please scroll down.
UPCOMING SYNDICATION CALL
GLOBAL SYNDICATED INVESTMENT PRESENTATION:
MOXIE SCRUBS
Thursday, November 9, 2023 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Alicia Tulsee, Founder & CEO of Moxie Scrubs
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Complimentary for HBS Angels Members
This is a follow-on event with HBS Angels and HBS Alumni Angels of Boston
Moxie is the first-of-its-kind product and platform company trusted by nurses across the United States, merging nursing education, careers, e-commerce, and well-being, into a single unified, easy journey.
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Developmental Stage: Scaling
Financing Round: Seed
Pre-money Valuation: $12,000,000
Offering: Preferred Equity
Capital Seeking: $2,000,000
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SUMMARY
The new generation of nurses demand on-the-job support and seamless solutions for their professional development that do not exist today. Harvard Innovation Lab startup, Moxie is the first of its kind product and platform company trusted by nurses across the United States; merging nursing education, careers, e-commerce, and well-being, into a single unified, easy journey. In Moxie's two years in the market; the brand generated ~$2M in revenue and is projected profitable early next year, earned the American Nurses Association's endorsement, and has been featured across noteworthy publications like Forbes, NBC, Entrepreneur, and has their own audience of 800k nurses today. Founded by Harvard alum Alicia Tulsee, Moxie's team includes industry leaders such as former Kenneth Cole CEO, Paul Blum, and former Director of PR at Kate Spade, Johanna Almstead. "Moxie" symbolizes nurses' resilience on the front lines today. This is not just a brand, it's a movement.
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MARKET (TAM )
Our target market is the rapidly growing younger tech-savvy U.S. registered nurses workforce representing a $499.15 billion market opportunity, with a 5.62% CAGR, set to increase to $763 billion by 2030.1 Our exclusive nurse audience comprises 800k nurses and our customer base consists of 1% of the U.S. nursing population in key states.
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PROBLEM
There are 4x more nurses than doctors and 69% of nurses have purchasing power within the U.S. healthcare system.3 Today, 69% of nurses report feeling burned out and are more likely to be assaulted on the job than a Police officer. Nurses are demanding on-the-job support and seamless solutions for their professional development that do not exist today, much like Doximity that exists for Doctors. (The leading medical network and resources app for doctors with a $4B Market Cap).In response to the challenges nurses face on the job today, our first-of-its-kind platform equips nurses with vital training, education, community engagement, career resources, and wellness – all seamlessly integrated to give nurses the convenience and support they desperately need.
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SOLUTION
Powered by AI, the Moxie360 platform tailors content and resources to each nurse’s specific needs to provide comprehensive support for education, job placements, career resources, wellness, and e-commerce, while fostering a supportive community. Whether a nursing student or a veteran nurse: Moxie360 empowers nurses throughout their career journey.
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COMPETITION
Competitors include nursing membership associations and marketing affiliate sites. Indirect competition includes social media nursing apps, to apps that offer medical dosages, research resources, or healthcare marketplace: The Moxie360 platform is the first of its kind that seamlessly
merges nursing education, careers, e-commerce, and well-being, into a single unified, easy journey, bridging the gaps within the $499.15B US nurse market today.
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PROGRESS IN THE BUSINESS
Q2 2023 - Leading health tech platform developers and creators of the #1 nurse NCLEX study app joined as advisory CTOs.
Q3 2023 - Key hires for Head of Sales, finalizing Moxie360 beta launch sponsorships.
Q4 2023 - Beta version launch for the holidays, expanding paid sponsors, and seed raise first close.
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COMPETITIVE ADVANTAGE
From access to household and consumer data of 9 out of 10 Americans to Amazon shopping cart data to retarget consumers, to our private audience of 800k nurses, as well as executed non-competes, extensive strategic partnerships with key nursing organizations, the American Nurses Association database, travel nurse staffing organizations, and prominent nursing associations; Moxie has several unfair competitive advantages that further solidify our status as trailblazers in the industry. Moxie360 has a first-mover advantage as there is currently no comparable platform available in the market. 92% of hundreds of nurses surveyed responded they absolutely need a platform like this and 40% said they would pay $49.99 a year for it.
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BUSINESS MODEL
Moxie360 generates revenue through sponsored content, job ads, affiliate marketing, medical apparel, and e-commerce sales. We've also ventured into hospital group sales and established partnerships as the official uniform for various organizations. Additionally, we are expanding to over 100 stores in the U.S. This funding will support ongoing platform development and pave the way for the introduction of a tiered subscription model, offering premium app features and resources through both monthly and yearly plans.
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FINANCING HISTORY
2020 - $500k - Friends and family raise
Q3 2021 - $1M Pre-Seed round from angel investors
Q1 2022 - Closed oversubscribed by $1M for a total $2.4M in funding
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RISKS
We diligently evaluate the ever-changing nursing landscape to assess risk and maintain flexibility in our response to its evolving challenges and opportunities. We tackle Market Competition with innovation, research, and a focus on customer service. Regulatory Compliance is ensured through a dedicated team and ongoing audits. Data Security is maintained with encryption, HIPAA compliance, and a robust incident response plan. User Engagement is sustained through expert UX design and adaptability to feedback, while consistently providing valuable content and resources.
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EXIT STRATEGY
Despite receiving acquisition offers and ongoing interest from competitors, we continually assess market conditions to strategically design an exit plan that maximizes returns for our shareholders. Considering our impressive growth trajectory, we anticipate the possibility of an Acquisition or an IPO within the next 2 to 5 years.
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LEADERSHIP
Alicia Tulsee, Founder, CEO
Distinguished and celebrated entrepreneur, prominently featured in renowned publications including Fast Company, Forbes, Nasdaq, Entrepreneur Magazine, and more.
Johanna Almstead, Chief Marketing Officer
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Kate Spade
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Anne Klein
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Coach
Christie Kim, Head Of Growth
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Nordstrom Rack
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Good American
Paul Blum, Strategic Advisor
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Kenneth Cole
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Juicy Couture
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Salvatore G. Viscomi, MD., Head of Partnerships
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HMD
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Make a Wish
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Forbes
Jonathan Wiseberg, Head of Sourcing
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Victoria Secret
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Macy’s
Keith Dougherty, Head of Operations
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Microsoft
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Oracle
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CA Technologies
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Shalom Suarez, Chief Creative Officer
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Yahoo Small Business
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Verizon
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Microsoft Mx
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Sandeep Shah, Co-Chief Technology Officer
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Medscape
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Skyscape
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Mobius
Kartik Shah, Co-Chief Technology Officer
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Medscape
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Skyscape
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Mobius
Developmental Stage: Scaling
Financing Round: Seed
Pre-money Valuation: $12,000,000
Offering: Preferred Equity
Capital Seeking: $2,000,000
LUPII
MOXIE SCRUBS
CEO & FOUNDER
ALICIA TULSEE
Alicia Tulsee is a Harvard alum and an acclaimed, award-winning entrepreneur, featured across publications such as Forbes, Fast Company, Nasdaq, Entrepreneur, and others. Alicia has not only elevated the standards of medical apparel but has ignited a movement of appreciation and respect for the nursing profession, uniting over 800k nurses nationwide. Through the Moxie360 platform, Alicia is ushering in a new era of technological support for nurses bringing nursing support full circle.
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PREVIOUS SYNDICATION CALL
GLOBAL SYNDICATED INVESTMENT PRESENTATION:
MERCATOR MEDSYSTEMS
Thursday, July 27, 2023 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Trent Reutiman, CEO & Director of Mercator MedSystems
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Complimentary for HBS Angels Members
About this event:
On behalf of the South Florida chapter, we would like to share the following investment opportunity:
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Why Mercator?
Mercator has a proprietary platform Medical Device technology. The company has branded the system around Micro-infusion, a hyper-efficient way of delivering drug or biologics to diseased area of arteries or veins. This local treatment strategy enables precise targeting of the therapeutic and enables new applications for drugs that couldn’t be delivered orally or systemically due to toxicity and side effects to achieve local dose levels. The Co's current trials are focused on improving outcomes for Deep Vein Thrombosis (DVT) by Micro-infusion of an anti-inflammatory steroid. This segment of the Peripheral Vascular Market, Venous MedTech Devices, is consolidating quickly and has seen a number of acquisitions in the last 18 months.
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The Opportunity
Mechanical devices to restore blood flow in Peripheral Arterial Disease (PAD) and DVT have been in use for several decades, and yet there remain unmet needs for patients having these interventions. The delivery of therapeutic agents at the site of the re-vascularization (opening of the artery) is not new but has been limited to coating drugs on the surface of angioplasty balloons or stents. Prior to Mercator there has been no attempt to deliver local drug therapy during venous interventions because a meaningful dose of steroid cannot be delivered via a drug-coated balloon or stent. Post Thrombotic Syndrome (PTS) is a debilitating set of symptoms occurring in an unacceptable large percentage of patients despite having a DVT intervention to restore return blood flow in the deep veins of their legs.
The estimated incidence of approximately 860,000 DVT cases in the U.S. is roughly 40% iliofemoral, veins in the pelvic region, and 60% fem-pop, veins in the thigh and behind the knee. Local anti-inflammatory treatment of patients represents a $2.5B addressable market for Mercator’s Micro-Infusion technology in DVT interventions alone.
The Solution
Mercator’s method of delivering anti-inflammation drug aqueously is currently in clinical trial(s) in the U.S. The company has follow-up data, at 6 months, on the majority of the first 20 patients treated in one of its two DVT studies. The full 20-patient 6-month follow-up will read out in September. Mercator has Corporate Strategic interest in these results because Mercator is demonstrating that the local treatment of inflammation in DVT patients undergoing DVT re-vascularization looks to be decreasing a progression to PTS from 30-40% of the patients down to a single-digit percentage of patients in this target population.
The company is now enrolling 60 patients (30 treatment vs 30 control) in a randomized fashion to complete the initial study that could warrant the company being acquired in 2H of 2024.
Target Customers, Partners, and Acquirers
Patients with peripheral vascular diseases, physicians (Interventional Cardiologists, Radiologists, and Vascular Surgeons) that need additional tools to provide better care for their patients, hospitals, and outpatient treatment centers that are looking for improved procedural outcomes and procedural durability, and ultimately a Corporate Strategic that has a portfolio of devices for peripheral vascular interventions and the
direct sales force and global distribution to support robust commercial growth.
Business Model
Highly regulated Med-Tech devices can be sold at attractive prices and margins. Mercator has modeled a $3,000 asp for its Micro-Infusion device for DVT, with a margin approaching 75% on meaningful volume (more than $10M in sales). Sales can grow from an estimated $19M in the full first year of commercial viability to $200M in year 5 of a DVT commercialization. Market penetration modeling has been constructed from a bottoms-up approach and is realistic at 1.5% in full-year 1 to 15% in year 5.
Company valuation has been estimated by BTIG’s MedTech team, who has been engaged to assist in fundraising for the capital requirements to complete the 1st two DVT studies and garner follow-up [Q424]. BTIG estimates valuation, based on private and public comps and DCF modeling, to be in the range of $175M to $260M based on success from initial DVT clinical trials.
Current Funding Round (USD) & Funding History
Convertible Bridge Note - $1.25M open of $5M – close by Mid August (’23)
Interest Rate 15%, Conversion Discount 25%, Valuation Cap $45M, 12 Mo Term
Total Equity raised $62M
LUPII
MERCATOR MEDSYSTEMS
CEO & DIRECTOR
TRENT REUTIMAN
Mercator CEO Trent Reutiman has 28 years of commercial experience in the medical device field, including leadership positions in sales and marketing. Trent has significant expertise in commercializing products for minimally invasive interventional procedures. Prior to Mercator, Reutiman ran Global commercial efforts at Webster, TX-based IDEV Technologies, and Trent was part of the Executive Team that exited IDEV to Abbott Vascular for $310M.
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HOW IT WORKS
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1. HOST CHAPTER
A company must meet a threshold of member investment in one of our HBS Alumni Angel Chapters listed here. The leadership of the host chapter nominates the company for global syndication and provides a local member contact to act as syndication lead and a company contact.
CRITERIA
Ideally, for global syndication a company should meet the following requirements:
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Local host chapter members committed to invest at least $50,000* and local chapter forwards deal to global for syndication;
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Company assures at least $50,000-100,000 investible capacity;
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Company provides at least 2 weeks for due diligence following the webinar, prior to requiring an investment decision;
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Minimum individual investment amount is set at $25,000 or less;
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Company agrees to a one-time admin fee of $1500.
The Global Syndication Committee selects the most suitable company candidates from the 15 participating HBSAA chapters and is aiming to host monthly webinars.
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*NY and other larger chapters may have a $100,000 min.