With multiple studies pointing to a link between isolation and overall wellness, the pandemic is increasing demand for remote health solutions. And a local startup is looking to raise new funds to expand its technology’s reach.
Flower Mound-based MyndVR, a health and wellness VR content platform focused on older adults, launched an equity crowdfunding campaign, looking to raise between $25,000 and $1.07 million via the recently launched Republic Dallas platform.
"The health and wellness space for older adults represents a major growth market for the foreseeable future, and this campaign enables so many more people to participate in that growth,” said Chris Brickler, CEO at MyndVR, in a statement.
Launched in 2016, MyndVR describes itself “like Netflix,” offering curated licensed and original content, as well as headsets, controllers, and training through its VR subscription service.
The new fundraising campaign, which puts the startup’s valuation at $8 million, has already attracted more than $36,000 from 116 investors and closes in April. It would add to the $1.85 million MyndVR has raised in seed funding from backers like Capital Factory, HTC, Cope Ventures and AustinLee Ventures.
“Our entire product is streamlined for the older adult audience. We curate our content with care—to reconnect older adults with travel, nature, pets, arts, music, meditation, learning, and adventure,” the company wrote on its campaign page.
The announcement comes on the heels of rapid growth for the company. It said that Q3 and Q4 of 2020 were its consecutive best since launching and has contracted more than $600,000 in revenue. It projects revenue of $15 million in three years and $100 million in five years. MyndVR also tripled its customer base last year, working with more than 200 clients across the country. And with the new funding raise, the company said it is now expanding internationally.
“…the worldwide aging population represents a dramatic, yet underserved, growth market. The global market for elder care technology alone is projected to grow to $13.6 billion by 2022,” the company wrote.
MyndVR isn’t the only local company looking to raise funds through Republic Dallas, which launched in November. Four other startups, including home buying and selling startup Nada and off-duty gig work platform for firefighters Hidrent, are currently on its website Republic Dallas lists 11 active investors on its site.
Republic Dallas is a curated community of local startups and stakeholders created by the New York-based early-stage startup crowdfunding investment platform Republic. The platform is open to all users, with minimum investment requirements as low as $10 (although the companies set individually minimum investments). Locally, Republic Dallas is partnered with SMU, The DEC Network, Integrative Ventures, Capital Factory and Worklodge.
While the Republic Cities concept is new, with Dallas being one of the first cities, the company has more than 800,000 members. About 250 startups have collectively raised about $200 million through the platform.
“We have entered a new era of investing. Thanks to technology and regulatory evolutions, retail investors have never held more power," said Kendrick Nguyen, CEO of Republic, in a statement. "Equity crowdfunding platforms… empower retail investors to get in on the ground level and propel small companies to succeed."
