ScreenCoach Signs $300k Investment Term Sheet

ScreenCoach is a behaviour and rewards platform that uses screen time to drive success

This article is from Family Harmony project for Software, IT & Telco

"23 February 2022

Milestone: $300,000 term sheet signed

LifeTech Balance Pty Ltd, the creators of ScreenCoach, have, with the assistance of Funding Strategies, negotiated a $300,000 investment term sheet with a new investor.

The investor has experience in both investing and advising startups. He originally committed to a $250,000 investment, but after an extensive review of the company, increased his commitment to $300,000. Since then, he has rolled his sleeves up assisting the tech team as they complete the Beta trials and committing to join a product advisory group.

Gary Borham, the Company’s Business Development Manager, says “It was very encouraging to have someone of this caliber conduct a detailed audit on the business and increase their investment as a result; it shows we have a great product, amazing team and huge market opportunity”.

ScreenCoach is a behavior and rewards solution that uses screen time and pocket money to help deliver its outcomes. Cleverly designed, it helps take the nagging out of parenting and teaches kids how to self-manage their screen time.

The term sheet secures a large commitment of LifeTech Balance’s current capital raise. The Company maintains its ESIC status.

Since commencing, ScreenCoach has celebrated several significant milestones including:

  • Receiving two Accelerating Commercialisation (AC) Grants totaling $1 million: $330,000 in 2020 and $670,000 in 2021;
  • Completing successful alpha and beta trials in Australia;
  • Achieving pre-sales of $100k.

‘Go live' is planned for March 2022.

Funding Strategies’ Managing Director, Dr Mark Rainbird, congratulated LifeTech Balance on the signing of the term sheet and said that the investment would enable the ScreenCoach milestones and company objectives."

Gary Borham

Founder/Director                     

Explainer video (3mins) https://youtu.be/WCizZgGHSKY

Founder video: (3mins) https://youtu.be/rbZIN26Og7I  

About the Family Harmony Project

The Family Harmony project (ScreenCoach) is an Australian company that has developed a gamified solution in response to the growing issue of kids' obsession with screens.

The goal is to support parents to manage their kids' screen time while encouraging healthy life-tech balance. This solution has been created with the advice and support of educators and psychologists. These insights centre around changing children's behaviours and attitudes relating to the use of electronic devices to create positive life-long habits. This lays the foundation for more active and healthier lifestyles improving both mental and physical wellbeing and makes life a lot easier for parents.

For more information about the Company’s plans to complete Beta trials and launch into the Australian market, please click here.

About Funding Strategies

Funding Strategies is an Australian based capital markets firm providing venture equity capital and finance services to small business and companies seeking capital for growth and expansion in the unlisted and pre-IPO capital markets. We work with predominately private and public companies, and sophisticated investors. If you would like more information about the Family Harmony Project, please email brisbane@fundingstrategies.com.au or phone +61 7 3160 2840.      

Related Attachments

February 25th, 2022

ScreenCoach | Announcement | 24 February 2022 ( 198.73 KB )