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

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GLOBAL SYNDICATED INVESTMENT PRESENTATION:
ALLEVIATE

Monday, May 23, 2022 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Rick McMullen, CEO
Complimentary for HBS Angels Members

 

About this event:
On behalf of the Boston chapter, we would like to share the following investment opportunity:

Why Alleviate?

Alleviate makes and sells self-treatment systems for common musculoskeletal pathologies, breaking down barriers to access for quality care. Alleviate was founded by Rick McMullen’s own lived experience learning to manage chronic musculoskeletal pain. He was an all-star lacrosse player in college, but the after-effects of a knee injury had him unable to load the dishwasher without severe pain for most of his 20s.  He finally recovered when he met Luke Ferdinands, elite PT trained in the New Zealand healthcare system.  They teamed up with a famous Nike designer and started Alleviate to bring Luke’s approach to the US consumer at scale.  

OPPORTUNITY

The initial product will treat Plantar Fasciitis, sometimes known as “Runner’s Heel.” This product has over 3MM diagnoses and greater than $1BN in out-of-pocket spending annually. The opportunity goes well beyond Plantar Fasciitis, with a list of 10 musculoskeletal pathologies on their product roadmap, including Tennis Elbow, Carpal Tunnel Syndrome, Achilles Tendinitis, Runner’s Knee and more, for a >10BN total addressable market in the US alone.  The team has developed a patented approach to treating these conditions that allows the end consumer to completely treat themselves through a self-guided experience that was honored with an International Red Dot Award for product design. 

 

THE SOLUTION

The Alleviate System has 3 components that work together to treat issues at both the symptom and root cause levels, creating immediate relief AND long-term results. The Loft Brace mimics a professional tape job, The Arch Massager provides Professional-grade sports massage at home simulating cutting-edge “Graston Technique,” and the The Exercise Program is a digital, phased progression of simple, researched backed exercises that support long term recovery.    

  
TRACTION

The company’s first product suite targeting Plantar Fasciitis / Runner’s Heel has gained substantial traction: They have generated double-digit sales growth every month since launch, pacing above a plan to make $1MM in revenue in their first year, with 80% gross margins, 70 Net Promoter Score and rapidly improving marketing efficiency.  


CURRENT AND FUTURE MODEL

The current business model is that of a simple physical product ecommerce brand with the software as a free add-on.  Products are sold direct to consumer and paid out of pocket. The company is introducing recurring revenue offerings through software and services, getting products approved for insurance reimbursement and selling through service providers and distribution channels.      

 

TEAM

In addition to Rick, Alleviate’s experienced all-star team includes:

 

  • Luke Ferdinands (Chief Product Officer) has 18 years of PT practice in New Zealand and the US.  His patients are gold medalists, concert pianists, and he built his chops as team physio for the pro Rugby leagues in New Zealand.

  • Sean McDowell (Chief Design Officer) has >30 years’ experience developing performance products, 50+ patents, and was Creative Director for Nike’s Olympic products. 

  • Virginia Chan (Chief Marketing Officer) launched Amazon’s first physical stores and was rapidly promoted to run multiple key eCommerce product functions at Wayfair 

 

RAISE

Alleviate is raising a $750k convertible note, with $500k in the bank.  Other investors in the round include HBS Alumni Angels (Boston Chapter), Oregon Sports Angels, The WayFund, and a number of sophisticated accredited individuals including public company CEOs, exited founders, and MDs at top-tier PE funds. 

 

Proceeds from the raise will be used primarily to market the Plantar Fasciitis product and establish a defensible foothold in that first vertical. A larger follow-on priced round will be raised later in the year to expand the product portfolio to other pathologies / product verticals, at a discount to those who participate in the current offering.

LUPII

ALLEVIATE

CEO, ALLEVIATE

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RICK McMULLEN

Rick is an HBS MBA and Carnegie-Mellon tech/design alum, with >15 yrs. experience in Product Development & Cross-Functional Leadership. Previously, he ran a $30MM P&L and a large eCommerce logistics operation at Wayfair and was an award-winning user interface designer at top-tier boutique design firms MAYA (acquired by BCG) and Continuum.

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GLOBAL SYNDICATED INVESTMENT PRESENTATION:
SURGIBOX

SAVE THE DATE

Tuesday, May 31, 2022 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: Mike H. M. Teodorescu, Co-Founder & CEO
Complimentary for HBS Angels Members

 

About this event:
On behalf of the Boston chapter, we would like to share the following investment opportunity:

SurgiBox?

Surgibox was the winner of the Boston Regional Alumni New Venture competition. They are competing in the Global Alumni NVC later this year. My guess is that it might take a month or so for us to close on this investment; we’ll be acting in a new role for us as the lead investor. I expect that Boston will invest $100-$150k.  There is also a $250k strategic investor that wants to follow us.

 

Surgibox has also been selected to compete in Harvard’s Tough Tech Challenge. 

 

Their product is called Surgifield. SurgiField™ is an ultraportable sterile system. It offers precise environmental control of a state-of-the-art operating room, with the footprint of a drape pack.

Why SurgiBox?

An estimated 18 million people die annually from conditions that safe surgery could address.  Safe, timely surgical intervention is the deciding factor between recovery, mortality, or long-term disability. Lack of safe surgery results in an estimated global Gross Domestic Product loss of $12.3 trillion from lost annual productivity. SurgiBox's SurgiField is an ultraportable operating room that improves the quality of surgeries by a) reducing exposure of surgeons to patient bodily fluids and b) protecting patients from the surrounding environment.  Within hospitals, our solution increases operational throughput and decreases cost. In austere conditions, it makes safe surgeries possible where there are no existing facilities.
 

Traction:
SurgiBox was the winner of the 2016 Harvard President's Challenge; 2018 Platinum Winner of Mass Challenge; a design award at the London Design Museum; and the HBS New Venture Competition alumni track crowd favorite and global NVC finalist this year. SurgiBox has been awarded a Phase II contract with the US Air Force (SBIR II OTA) and has made product delivery; SurgiBox has received several patents and is an ISO 13485 certified manufacturer. SurgiBox has also developed a custom battery that has been UL certified. Later this year SurgiBox plans to submit its product for CE mark certification for civilian use in Europe. SurgiBox has had a longstanding MOU with Doctors Without Borders and plans a pilot with them. 

 

HBS Angels Boston led by Mr. John Reichenbach is investing a SAFE in SurgiBox, joined by a strategic investor (an existing manufacturing partner of SurgiBox with an investment of 200k). The SAFE note has a cap of 10m and a discount rate of 20%.

 

SurgiBox has several Harvard alumni cofounders. We thank you for your support and look forward to welcoming additional HBS Angels as investors in our mission to provide safe surgery at an effective cost worldwide.

 

LUPII

SURGIBOX

CO-FOUNDER & CEO, SURGIBOX

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MIKE H. M. TEODORESCU, HBS'18, Harvard College'11

 

Dr. Mike Teodorescu is the CEO and a co-founder of SurgiBox, a portable operating room startup started while he was in graduate school with co-founders at Harvard. Mike is a graduate of HBS's doctoral program in strategy (class of 2018) as well as of Harvard College (Computer Science c.l.). He has worked on several products at Microsoft as a software engineer. He also worked at MIT on machine learning research. He is an inventor on a dozen inventions, of which four are issued patents. At SurgiBox he leads product strategy as well as core elements of product development.

 

RECENT SYNDICATION CALL

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GLOBAL SYNDICATED INVESTMENT PRESENTATION:
EDEN GROW SYSTEMS

Monday, April 25, 2022 9am PT, 12pm ET, 5pm London, 6pm Continental Europe
Presenter: L Barton Womak, Founder & CEO
Complimentary for HBS Angels Members

 

About this event:
On behalf of the Houston chapter, we would like to share the following investment opportunity:

Why Eden?

Eden has assembled a stellar management team headed by the CEO Bart Womack a proven entrepreneur and COO Jeff Raymond who spent 20+ years with Boeing heading a design build team of 50+ engineers. Other key people include a head of manufacturing Darren Terrell who took early retirement after 25+ years with Haliburton building and staffing manufacturing facilities globally. In addition Dr. Gary Stutte the father of the NASA technology that serves as the underpinning of the Patents and technology advancements that Eden is bringing to the market has joined the company as head of plant research. With the current environment of supply chain issues combined with the Organic and Locally sourced food movements the time is right for Eden to prosper and grow.

 

Deal Terms

Series A Raise 

  • $1,000,000 in $10.00 par value Preferred shares

  • 6% pick yield

  • Pre-money valuation of $5 million

 

The EDEN Board has approved this Series A plan to initiate full scale manufacturing in advance of Republic RegCF offering scheduled to commence in May with $8M Valuation.

LUPII

EDEN GROW SYSTEMS

FOUNDER & CEO, EDEN GROW SYSTEMS

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L BARTON WOMACK

 

Founder and chief visionary, Bart is a proven entrepreneurial leader with multiple successful ventures, strong networking, marketing, and startup financing expertise.

Registration Over

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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:

  • Local host chapter members committed to invest at least $50,000* and local chapter forwards deal to global for syndication; 

  • Company assures at least $50,000-100,000 investible capacity;

  • Company provides at least 2 weeks for due diligence following the webinar, prior to requiring an investment decision;

  • Minimum individual investment amount is set at $25,000 or less;

  • 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.