Wellness Tech Company MOVABLE Raises $1.9M in Seed Funding
Seed Funding from Angel Investors, Management and State of Ohio Sources; Series A Planned
CLEVELAND, June 4, 2013 /PRNewswire/ -- MOVABLE (www.movable.com) announced today it has raised $1.9 million in seed funding to date. The company continues to show impressive growth as it moves toward Series A fundraising later this year. Increased resources will allow MOVABLE to grow its customer base, improve the software platform, cultivate valuable health population data and release its third generation monitor device.
MOVABLE's funding has come from several notable angel investors including Ray Shealy, previous General Manager of RelayHealth and board member of Healthcare Dataworks; and Joseph Laguardia, former executive with Anthem Blue Cross Blue Shield, Wellpoint and Kaiser Permanente.
Additional capital has been raised from JumpStart, Inc., which provides assistance to technology-based startups with potential to grow their businesses and create jobs for members of their communities, Great Lakes Innovation & Development Fund, Founders Factory and founding investors SeaDog Ventures and Hatch Partners.
Blake Squires, a serial entrepreneur and investor, founded MOVABLE in September of 2011 after co-founding and exiting a series of successful companies, including Findaway World, makers of PLAYAWAY® pre-loaded devices and Everstream, a software analytics company.
MOVABLE's mission is to inspire movement in groups through its simple & affordable activity MOVchallenge® program and MOVband® product. The company's online dashboard drives high engagement while optionally storing biometric data and user-reported health data via its Health Log. With rich data, MOVABLE's solution measures outcomes and provides trending reports to educate on population health related to activity levels.
"The simplicity and viral nature of the tools and program that we offer drive high engagement levels and create a widespread cultural change organically," says Squires. "With every move, we are educating individuals on the impact activity can have on their health and performance, while at the same time providing groups – companies and schools – with critical data and insights into their population activity and inactivity."
Successful MOVchallenges have already been implemented at several companies including Northwestern Mutual, Hyland Software, Penton Media, and DDR as part of their corporate wellness initiatives and at more than 150 schools nationwide.
MOVABLE will be raising additional capital and issuing its Series A offering within weeks. Interest should be directed to Joe Foley of League Park Advisors, 216-455-9985 or visit www.leaguepark.com.
MOVABLE inspires groups to move more by combining MOVchallenge, a social and rewarding group activity program, with MOVband, a fun and simple wrist-worn activity monitor. MOVABLE's corporate wellness offering gives companies a fun, easy, and affordable way to track daily movement against a group goal. The company's school products & programs inspire healthy habits that last a lifetime. Learn more at www.movable.com
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