"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.