Last year, teleCalm launched a crowdfunding campaign to help expand its team and tech offerings. Now, the company has hit a milestone in that effort.
The Allen-based developer of a managed phone service for people living with dementia has hit its Wefundr crowdfunding campaign goal of $100,000, surpassing it by more than $9,000. And it is leaving the initiative open until April 19. Previously, the raise was set to close last month. So far, 131 investors have joined the raise.
“We combat problems often seen with Alzheimer’s and dementia – problems like caregiver fatigue, senior isolation, and elder fraud,” teleCalm wrote on its Wefundr campaign page. “We’re excited to scale to serve the growing market demand.”
The fundraising counted Kathleen Washawsky, the publisher of Seniors Blue Book, as the lead investor. Washawsky invested $1,000 in the round and has previously invested $25,000 in teleCalm.
The company was launched in 2016 by Tavis and Jill Schriefer after the pair acted as caregivers for Tavis’ mother, who had early signs of dementia for six years and witnessed the harassment by telemarketers scammers looking to exploit her vulnerability. Its technology, which has received three patents, offers enhanced blocking of scam phone calls and helps to filter outgoing calls. Caregivers can track all the data through an app, which teleCalm is looking to launch a mobile version of the new funding. The company said additional funding raised would be used for operational costs, the building out of its tech and hiring additional team members.
“Calls with trusted contacts pass straight through, while suspicious calls and know bad guys are blocked immediately,” the company wrote.
Before the Wefundr effort, teleCalm has previously raised more than $530,000, as well as a $100,000 award from MassChallenge Texas. TeleCalm counts the Southwest Angel Network and Capital Factory as previous backers.
The fundraising campaign gives financial insight into teleCalm’s growth. The company said it has a pre-money valuation of $5.48 million. In 2018, it reported a little more than $32,000 in revenue, increasing that to more than $204,000 in 2019. Despite a temporary slowdown in new growth at the beginning of the pandemic last year, teleCalm said it saw an average of 7.2 percent month-over-month growth in 2020 and is now generating $385,000 annually recurring revenue.
The company also reported having more than 700 subscribers across 44 states. As teleCalm looks ahead, it sees a larger portion of its business coming from its mobile service, which is expected to launch in Q3 this year, eventually allowing it to hit a projected $5.8 million in annual recurring revenue by the end of 2023. The company also said it sees potential to expand beyond its current focus on dementia patients and caregivers to those with other cognitive conditions.
“Continued growth will make teleCalm an increasingly attractive acquisition target - especially for companies that need access to teleCalm’s IP,” the company wrote.
