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, September 9, 2021 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Alicia Tulsee, Founder of Moxie Scrubs
Complimentary for HBS Angels Members
About this event:
On behalf of the Boston chapter, we would like to share the following investment opportunity:
Summary
Moxie Scrubs is disrupting the $12B+ medical apparel market as the first consumer brand for nurses. Nurses represent the largest and fastest growing segment of the healthcare workforce, which is becoming younger and younger, also representing a customer with high lifetime value over the duration of their career.
Moxie Scrubs' sales launched this past February, 2021, and has already achieved $200k+ organically and growing revenue since then. Moxie Scrubs is also an official partner of the American Nurses Association among others giving them access to over 2 million nurses.This gives the business very low customer acquisition costs.
In addition to, Moxie Scrubs' lead investor is their manufacturer, providing them with excellent manufacturing terms, low MOQs, a mature established supply chain/ excellent quality control, and the ability to scale their inventory without needing capital upfront as the manufacturer fronts all of the inventory costs where Moxie Scrubs then pays back the landed cost of goods 90-days after arriving in their warehouse.
All of these competitive advantages make Moxie Scrubs a low risk, extremely cash flow efficient business and allowed the business to take off in such a short period of time. The business is projected cash-flow positive this year and has already received offers to be acquired. The founders' goal is to grow the business to a $1B+ valuation before exiting. Based on industry trends, growth, and COVID-19's impact on the medical apparel market, the company is projected to do so over the next 3-5 years.
Problem
Today, 80% of the medical apparel market is purchased through brick and mortar retail channels as most of the market's incumbents cannot sell direct-to-consumer due to channel conflicts/non-competes. Visiting a uniform store is also extremely inconvenient for today’s healthcare professionals who do not work a traditional 9-to-5 schedule. The existing retailers also do not offer enough of the flexibility and choices that healthcare professionals are demanding more and more of each day, or have the margin for better designs and innovation; making this market ripe for disruption. Current D2C brands are very expensive, not marketed toward the everyday healthcare consumer, and overall also not having inclusive sizing. There is a lot of whitespace in this market addressing the everyday healthcare professional and not many incumbents compared to other industries.
Solution
Moxie Scrubs is the most cost effective direct-to-consumer medical apparel brand and the only nurse-lifestyle brand. Moxie Scrubs is also the only scrub uniform with a patent-pending comfort waist, guaranteeing their scrubs the best scrubs for long wear. Not only are they great-fitting, professional looking, easy care, easy wear; their scrubs are easily accessible direct-to-consumer with great customer service and drama-free returns and exchanges. They also offer inclusive sizing with talls and petites, XS-3X sizes to accommodate the everyday healthcare professional. We are launching 4X and 5X sizes this Q4. With over 5K transactions, Moxie Scrubs is holding a 1% return rate which speaks to the strong need for their business, demonstrating strong product market fit and customer satisfaction.
Markets, Commercialization, & IP
Moxie Scrubs is disrupting the $12 Billion and rapidly growing medical apparel industry. Their customers are healthcare professionals, a sector that is expecting 15% growth from 2019-2029, compared to 4% average growth for other occupations. Their product is a required uniform that is repurchased frequently, 3-4x and more each year. They have a patent pending around the construction of the garment’s waist.
Raise
Moxie Scrubs has already raised $1.2M in pre-seed capital through a convertible note with a $7.5M valuation cap and 20% discount bearing 4% interest. They are seeking to raise a total of $1.5M to support new strategic hires and grow their digital and social media marketing, partnerships, and strategy development. HBSAB members have invested $125k in this round.
LUPII
MOXIE SCRUBS
FOUNDER, MOXIE SCRUBS
Alicia Tulsee
Alicia Tulsee is a native New Yorker and Harvard alum, based in Boston, MA and is the founder of the first direct to consumer medical apparel brand for nurses, Moxie Scrubs.
In awe of all of the amazing nurses who cared for her loved ones, Alicia felt a calling to do something meaningful for the nursing profession and founded Moxie Scrubs out of Harvard University’s Innovation Lab with the passion to create a brand dedicated to giving nurses the sense of fashion, professionalism, and respect that they want and deserve.
‘Moxie’ defines the 'force of character, determination, and resourcefulness,' of the nurses across our country on the frontlines today; More than a brand, this is a movement.
RECENT SYNDICATION CALL
GLOBAL SYNDICATED INVESTMENT PRESENTATION: LANDSDOWNE LABS
August 19, 2021 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Melissa Fensterstock, MBA'12, CEO & Co-Founder of Landsdowne Labs
Complimentary for HBS Angels Members
About this event:
On behalf of the Boston chapter, we would like to share the following investment opportunity:
Summary
Landsdowne Labs is a battery technology company on a mission to set a new, safer standard for the button battery market. The company’s proprietary ChildLok™ technology is designed to deactivate coin cell batteries upon ingestion, made possible by advanced material science. Spun out of the world-renowned Langer Labs at MIT and Karp Labs at Harvard, Landsdowne Labs is commercializing this groundbreaking battery design for global companies seeking a turnkey, low cost solution to the growing button battery health crisis. The company is exploring a near term M&A opportunity and is finalizing a high priority JDA with a strategic partner.
The Problem: A growing health epidemic
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Every year in the United States, more than 35,000 people of all ages swallow button batteries of which only 10% are reported per year (Jatana et al). These are used to power hearing aids, watches, toys, games, flashing jewelry, singing greeting cards, remote control devices, and many other items (National Poison Control Center).
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According to a new study in the journal Pediatrics, the rate of foreign-body ingestions among children under age 6 nearly doubled in the two decades after 1995.
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During the pandemic, battery ingestions increase 93% (CPSC)
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As a whole, battery ingestions increased 150-fold during the study period, the researchers reported. Button batteries, which can be fatal if ingested, were found to be the most common type of battery that young children swallowed.
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When a battery is swallowed, it can trigger a series of chemical reactions that could result in burns, causing “significant tissue injury even within two hours,” according to the American Academy of Pediatrics, and potentially lead to perforation or hemorrhage.
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See an emotional mom's video here on the problem at hand.
The Solution: A new, safer standard for button batteries
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With coin cell sales on the rise, battery companies are under mounting pressure to seek out a solution that goes beyond the traditional methods of child-resistant packaging and marketing to eliminate the health hazards of battery ingestion
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ChildLok™ is a first-of-its-kind, preventative technology designed to solve the problem at the root cause
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Proprietary, sophisticated and battery manufacturer-agnostic coating technology is designed to deactivate the battery’s power upon ingestion, made possible by advanced material science
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Through deactivation, some of the risks associated with accidental button battery ingestion – such as chemical burns, permanent tissue damage to the esophagus, and even death may be reduced.
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A low-cost, turnkey solution that seamlessly integrates into existing manufacturing supply chain without sacrificing battery performance
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The answer to a growing public health issue widely recognized and prioritized by regulatory bodies, clinicians, retailers and the public at large
Markets, Commercialization, & IP
With roughly 10B button batteries sold each year and with the market growing at nearly 20% per year, the segment is an attractive category within the battery industry. Landsdowne Labs has a number of filed and issued patents. The company is rooted in over a decade of research, testing, and validation. Landsdowne Labs is in the process of executing a JDA with one of the largest metal and mining companies in the world (pending legal signatures). We are running an M&A process that will kick off this fall, led by a top tier investment bank. We consider an investment in Landsdowne to be a unique opportunity to see a potential near-term liquidity event.
Raise
Landsdowne Labs has previously raised $2.8M in a priced equity round in 2018. The company is finishing up a convertible note ( up to $2M) with 1.5M closed or committed and a handful of groups in process. The terms of the note are cap of $15M, 20% discount, 6% interest or 1.75x liquidation preference. The note is securitized.
LUPII
LANDSDOWNE LABS
CEO, LANDSDOWNE LABS
Melissa Fensterstock, MBA'12
Melissa Fensterstock is a serial entrepreneur and CEO of Landsdowne Labs. She has extensive experience in biotech, medtech, and consumer products. Melissa holds an MBA from Harvard Business School where she was a Robert S. Kaplan Life Science Scholar, an MPhil in Bioscience Enterprise from the University of Cambridge where she was an Overseas Trust Scholar, and a BA in Neuroscience from Johns Hopkins University.
PAST SYNDICATED COMPANIES
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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.
*NY and other larger chapters may have a $100,000 min.