{"id":14054,"date":"2023-03-17T14:42:36","date_gmt":"2023-03-17T14:42:36","guid":{"rendered":"https:\/\/www.seedrs.com\/insights\/?p=14054"},"modified":"2023-03-17T14:49:23","modified_gmt":"2023-03-17T14:49:23","slug":"armdmeetthefounder","status":"publish","type":"post","link":"https:\/\/europe.republic.com\/insights\/blog\/armdmeetthefounder","title":{"rendered":"Behind The Scenes With ARMD Co-founder Devin"},"content":{"rendered":"\n<p class=\"has-white-color has-text-color has-background\" style=\"background-color:#373737\"><strong>Don\u2019t invest unless you\u2019re prepared to lose all the money you invest. This is a high risk investment and you are unlikely to be protected if something goes wrong. <a href=\"https:\/\/www.seedrs.com\/pages\/risk-warnings\">Take 2 mins to learn more<\/a>.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.seedrs.com\/armd1?utm_source=wordpress&amp;utm_medium=blog&amp;utm_campaign=inv_armd1_meetthefounder\">ARMD<\/a>&nbsp;is a startup that is focusing on a heavily under-protected and underserved community \u2013 tradespeople \u2013 representing a \u00a36.5+ billion market opportunity in the UK alone. ARMD\u2019s research shows that less than half of tradespeople have tool insurance, and for those that do, it can take weeks for insurance companies to settle claims, often leaving them unable to work. So ARMD is reinventing the way tradespeople protect their livelihoods using a combination of digital technology, smart alarms and insurance.<\/p>\n\n\n\n<p>We got to know ARMD\u2019s founder Devin Chawda better in an exclusive interview. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Tell us about the business \u2013 what it is and what it aims to achieve?<\/strong><\/h4>\n\n\n\n<p>ARMD is an insurtech for tradespeople. The idea came from customers of our previous IoT business who asked us for a solution to help them prevent tool theft. In my last IoT business (which I sold in 2019) tradespeople came to us with this problem. When we dug deeper, we realised how big it was and with our combined technology skills we could build a solution.<br><br>Then after some further research and focus group work, speaking to literally hundreds of tradespeople, we realised that a deterrent and smart alarm was only part of the solution, and the main problem was not being able to work. It then became our mission to not only better protect, but to get these people back to work as quickly as possible. ARMD was then born!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Could you tell us about your mission? <\/h4>\n\n\n\n<p>In a nutshell ARMD exists to better protect tradespeople and their livelihoods. We are doing this by creating an ecosystem of technology products that can be used independently, thus creating multiple entry points and revenue streams for the business, or when combined provide superior levels of control and protection. Our unique proposition consists of 4 core elements:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Record \u2013 A free tool inventory app for tradespeople to digitally record their tools and receipts.<\/li>\n\n\n\n<li>Protect \u2013 The ARMD Guard smart van alarm and tracker (launched Dec 2022).<\/li>\n\n\n\n<li>Insure \u2013 Digital tool insurance that\u2019s easy to buy and submit claims in 6 simple steps.<\/li>\n\n\n\n<li>Replace \u2013 An online shop selling power tools from the major brands.<\/li>\n<\/ul>\n\n\n\n<p>This innovative solution simply combines IoT and insurance to help prevent theft in the first place and to get them back on the tools quickly if a theft occurs. Tool insurance claims can take weeks to settle but we have settled next day proving that our technology works.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.seedrs.com\/armd1?utm_source=wordpress&amp;utm_medium=blog&amp;utm_campaign=inv_armd1_meetthefounder\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"539\" src=\"https:\/\/www.seedrs.com\/insights\/wp-content\/uploads\/2023\/03\/The_ARMD_Ecosystem_2x-1024x539.jpg\" alt=\"\" class=\"wp-image-14140\" srcset=\"https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13154454\/The_ARMD_Ecosystem_2x-1024x539.jpg 1024w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13154454\/The_ARMD_Ecosystem_2x-300x158.jpg 300w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13154454\/The_ARMD_Ecosystem_2x-768x404.jpg 768w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13154454\/The_ARMD_Ecosystem_2x-1536x808.jpg 1536w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13154454\/The_ARMD_Ecosystem_2x.jpg 1547w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">After a very successful raise on Seedrs 2021, could you tell us some of the advances ARMD has made since?<\/h4>\n\n\n\n<p>The last raise really helped set a number of balls in motion. We&nbsp; focused on improving our core offering, with the key development being the ARMD Guard smart alarm and tracker that launched in December \u201822. Now, for the first time, we can leverage and sell the full ARMD proposition via our launch partners.<br><br>We are proud to announce that we have over 3,500 registered users and over \u00a31 million worth of tools registered on our platform. Our industry-first \u201cQuick Claim Settlement Promise,\u201d backed by RSA, has been a game-changer for our clients, providing peace of mind and streamlined claims processing.<\/p>\n\n\n\n<p>In addition, we have successfully launched our first strategic B2B sales partnership with CSL, Europe\u2019s leading secure connectivity provider. These innovative products have been widely recognised, and we were recently voted \u201cProduct of the Year 2022\u201d by Professional Builder, and featured on BBC News platforms.<\/p>\n\n\n\n<p>ARMD has also graduated from the prestigious Lloyd\u2019s Lab after being selected from over 120 insurtechs globally to join the Lloyd\u2019s of London accelerator. We have worked tirelessly to scope and secure support for our new embedded and parametric insurance products, as well as agreed upon a number of exciting new sales partnerships.<\/p>\n\n\n\n<p>It has been all go!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How big is the market opportunity for ARMD?<\/h4>\n\n\n\n<p>The initial sector is tool insurance, which we believe is fundamentally flawed from the perspective of both the tradesperson and insurer. Currently there is a massive protection gap for tradespeople. There are multiple ways to help protect the circa 3 million tradespeople in the UK and we are starting with tool insurance as that\u2019s where the immediate problem lies, however we can expand in a few different directions including other complimentary insurances, strategic partners and expanding into other countries. We are planning to seamlessly embed our insurance together with tools at checkout, and the global power tool market was worth $45B+ in 2021 and is growing.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">What can you tell us about the market and how ARMD is positioning themselves for success?<\/h4>\n\n\n\n<p>Our USP is that we have created a solution that aims to both prevent crime and reimburse quickly in the event of a theft so that any impact to the customers\u2019 livelihood is minimised. Other solutions are fragmented \u2013 either insurance or alarm &#8211; but we wrap it all up in one package for a small monthly subscription. We are also developing non-traditional distribution channels for insurance, ie tool retailers, who our customers trust more than the traditional broker channel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.seedrs.com\/armd1?utm_source=wordpress&amp;utm_medium=blog&amp;utm_campaign=inv_armd1_meetthefounder\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/www.seedrs.com\/insights\/wp-content\/uploads\/2023\/03\/Distribution_2x-1024x596.jpg\" alt=\"ARMD Ecosystem \" class=\"wp-image-14108\" srcset=\"https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13155023\/Distribution_2x-1024x596.jpg 1024w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13155023\/Distribution_2x-300x175.jpg 300w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13155023\/Distribution_2x-768x447.jpg 768w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13155023\/Distribution_2x-1536x895.jpg 1536w, https:\/\/newsroom-cdn.seedrs.com\/newsroom\/wp-content\/uploads\/2023\/03\/13155023\/Distribution_2x.jpg 1547w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Now in 2023, what are the aims of this raise and why is now the best time to launch your campaign on Seedrs?<\/h4>\n\n\n\n<p>We have achieved a lot with a small team and in a short space of time. We have identified an unaddressed problem that affects millions of people. We have built a unique solution of \u201cproactive protection and reimbursement\u201d that truly protects tradespeoples\u2019 livelihoods whilst making tool insurance commercially attractive to the insurers and now is the right time to take it to the next level.<\/p>\n\n\n\n<p>The funds raised from this round will:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enable us to scale the business by recruiting the first key hires we\u2019ve identified.<\/li>\n\n\n\n<li>Develop the distribution channels beyond the exciting partnerships that we have already agreed and continue to build the ARMD brand.<\/li>\n\n\n\n<li>New Product development \u2013 we have capacity and investment for 2 new game changing tradesperson insurance products, one embedded the other parametric, which will also enable us to move the point of distribution to retail point of sale eg tool resellers where tools are bought.<\/li>\n<\/ul>\n\n\n\n<p>Watch the space &#8211; it is going to be an exciting year!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">What have been some challenges?<\/h4>\n\n\n\n<p>Getting ARMD off the ground with limited resources and only 4 of us. I am really looking forward to more hires coming onboard and sharing the mission of building ARMD into the go-to insurtech for tradespeople.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">What do you love to do in your free time?<\/h4>\n\n\n\n<p>Running an early stage business and having a young family means I don\u2019t seem to have much spare time nowadays! However whenever I get a chance I love to run. I\u2019m lucky to live in a part of London that is near to the river and some beautiful parks, which makes it even more enjoyable.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">What\u2019s the biggest lesson you\u2019ve learnt so far building ARMD?<\/h4>\n\n\n\n<p>There have been quite a few learnings so far and I\u2019m sure there will be many more! One of the standout ones is the level of mistrust and just how badly let down tradespeople feel. I recall on an early Zoom focus group a plumber mentioning that he gets up two or three times every night to check on his van from the bedroom window, waking up at even the slightest noise. He felt vulnerable and didn\u2019t know what else to do to combat the spate of burglaries in the area. All the others in the group were nodding in agreement. This issue is literally stopping these guys from sleeping and impacts all areas of their lives!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">If you could give some advice to your younger self, what would it be?<\/h4>\n\n\n\n<p>Enjoy the ride. It\u2019s easy to get caught up in the day-to-day throes of life, especially as a startup founder, but be happy and thankful for what you have achieved, which is very often a lot more than you think.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a href=\"https:\/\/www.seedrs.com\/armd1?utm_source=wordpress&amp;utm_medium=blog&amp;utm_campaign=inv_armd1_meetthefounder\">ARMD<\/a> is overfunding! ARMD is a great opportunity to invest in an award-winning solution that uses smart tech and insurance to help prevent theft and get trades back to work quickly if the worst happens. <\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.seedrs.com\/invest\/raising-now?sort=trending_desc&amp;sort_collection=campaigns\">See all campaigns<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ARMD&nbsp;is a startup that is focusing on a heavily under-protected and underserved community \u2013 tradespeople \u2013 representing a \u00a36.5+ billion market opportunity in the UK alone. ARMD\u2019s research shows that less than half of tradespeople have tool insurance, and for those that do, it can take weeks for insurance companies to settle claims, often leaving<\/p>\n","protected":false},"author":76,"featured_media":14163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[303],"class_list":{"0":"post-14054","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blog","8":"tag-founder-interviews"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Behind The Scenes With ARMD Co-founder Devin - Republic Europe Insights<\/title>\n<meta name=\"description\" content=\"Meet the founder of ARMD Devin Chawda, gain behind the scenes insight to his journey building ARMD and the future of the business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/europe.republic.com\/insights\/blog\/armdmeetthefounder\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Behind The Scenes With ARMD Co-founder Devin - 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