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HealthBox

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Healthbox Software is building products designed for the post COVID healthcare landscape.

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Funded 31 Dec 2020
£120,001 target
£144,265 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.myhealthbox.co.uk/
Sectors Healthcare Digital Mixed B2B/B2C
Company number 12485469
Incorporation date 26 Feb 2020
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Investment summary

Type Equity
Valuation (pre-money) £3.1M
Equity offered 3.69%
Tax relief

SEIS

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Business highlights

  • ClearPass product deployed with 400k end users on the platform
  • Launching new digital product, MyHealthBox, at the start of 2021
  • Designed to give users a comprehensive overview of their health
  • Digital health market £100bn, expected to grow 30% YoY to 2026
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Key features

  • Secondary Market
  • Nominee investment min. £12.52 +

Idea

Introduction

HealthBox Software is a technology company building products for the post-COVID healthcare landscape. Our first product, ClearPass, is a simple “back-to-work” tool for businesses, designed to help them get their employees back to the office as safely as possible.

We will soon launch MyHealthBox, a new consumer-facing digital health app which will allow users to securely store their medical records, easily accessible 24/7. We intend for the app to have an array of features, including AI health assessment services, dietary advice and data-powered lifestyle guidance, all designed to provide users with peace of mind when it comes to their healthcare. The app will also seamlessly integrate with other vendors such as Apple Health and Allscripts as well as wearables such as Garmin and FitBit.

With the global digital health market expected to be worth $600bn by 2026, MyHealthBox will sit at the heart of an expanding ecosystem by providing users with a data-led healthcare journey.

Substantial accomplishments to date

While our digital health app is not yet in the marketplace, we have already built and deployed our first B2B product and have customers across the UK and the US.

The ClearPass tool asks the employee a series of screening questions related to possible signs of, or exposure to COVID-19 including evidence of fever, fatigue, dry cough, shortness of breath and loss of sense, taste or smell. It also captures social interactions in the last 24 hours and records historical body temperatures.

This platform is live and now has over 400,000 end users on the platform from companies including Johnson Controls, Remy Cointreau and the San Diego School District. This tool is now generating over £40,000 a month in recurring revenue*.

We also intend to launch MyHealthPassport, an add-on to the ClearPass tool which will enable travelling executives and salespeople to work and travel with essential medical data available in a single medical file and accessible by a single QR code.

Development of the MyHealthBox app is well underway with the public launch expected for January 2021.

We have signed up Katie Piper as our first brand ambassador and are in conversation with a number of other brand ambassadors in the wellbeing and TV Doctor space.

* Source: Unaudited management accounts.

Monetisation strategy

HealthBox Software operates a simple subscription model for its suite of products. This has enabled strong revenue growth in our first year of operations and provides the business with consistent, reliable cash flow.

Business customers using the B2B ClearPass tool pay a monthly subscription fee per user or a one off annual fee. This monthly fee is tiered according to the number of end users on the platform. We also earn additional revenue from our support services and ad hoc consultancy fees for B2B clients.

MyHealthPassport, the ClearPass add-on tool, will also follow a monthly subscription fee per user or one off annual fee. Similarly, this fee will be tiered according to the number of end users on the platform.

Our B2C digital health app, MyHealthBox is targeted to launch in early 2021 and all users will be able to benefit from a one month free trial to get to grips with the app and will pay a small monthly subscription fee after that.

Use of proceeds

We are raising funds to invest in our technology and development as well as grow our sales and marketing capabilities as we look to publicly launch the MyHealthBox app in early 2021.

47% Technology & Development costs:

Expand the engineering team to further develop the iOS and Android mobile app for MyHealthBox.
Strengthen technology infrastructure to support growing user base
Hire specialist security software engineer to further protect user data.

53% Sales and Marketing:

Strengthen the team’s digital marketing capability to further improve our targeting and unit economics.
Expand the sales team to incorporate PR and direct advertising specialists and launch a new customer satisfaction team to work closely with our community.

Key Information

The company entered in to a £50,000 loan in May 2020 accruing interest at 2.5%. Repayment is due to start in May 2021.

Funds raised as part of this round will not be used to repay this loan.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £3,130,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

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Direct investment

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

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Security Token

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