November 27, 2017

CarePredict tracks seniors’ health for caregivers in a natural way

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Startup Spotlight: CarePredict of Plantation, founded by health-technology veteran Satish Movva, provides an AI-driven platform for elder care that uses deep learning to surface insights based on the activities of daily living of seniors.

Company: CarePredict

Headquarters: Plantation; also has an office in Silicon Valley.

Concept: Elder care powered by artificial intelligence.

Story: Health-technology veteran Satish Movva founded CarePredict to help him take care of his now 90- and 80-year-old parents. They live 10 miles away from where he lives in western Broward County, and because of their advancing age, he could not rely on one to keep an eye on the other.

He noticed that changes in activity and behavior patterns showed up well before the underlying issues manifested into medical conditions and sought a system to observe his parents continuously and let him know of these changes early enough to intervene.

Finding the existing technologies inadequate and outdated, Movva set about creating a first-in-the-industry system to observe the daily activity and behavior patterns of each parent individually and with privacy, and alert him to anomalies. Movva has worked in technology for 30 years, 23 of them in healthcare, including being the founding CIO for Sheridan Healthcare and creating its first mobile EMR device on the Palm Pilot. He also created the first web-based home-care platform at Interim Healthcare.

CarepredictBM STARTUP SPOTLIGHT CARE P_2CarePredict is an AI-driven platform for elder care that uses deep learning to provide insights based on the daily activities of seniors. It starts with a wearable — a bracelet — that collects data that is sent to an app.

“We collect our data through lightweight sensors for contextual cues and a wearable,” Movva said. “We detect activities a senior is performing such as eating, drinking, bathing, cooking, sleeping, functional activity, and we couple that with contextual cues to surface insights like self-neglect, for example, due to depression, unusual toileting patterns, for example, due to UTIs, malnutrition and dehydration, all without any self-reporting by the senior or need for any other human observer.”

That includes fall prediction, too: “This whole industry has been fixated on fall detection ... but the issue is when someone falls it is too late. Falls are the single biggest inflexion point in aging, ... if you can prevent those falls you are better off. We are probably the pioneers in figuring out fall prediction rather than fall detection.”

CarePredict has been commercially available to senior group living facilities and home care agencies since March. Four senior living chains are already using the platform. CarePredict, now a team of 17 engineers and data scientists, has hired a sales team to ramp up business development in 2018. The company plans to address the direct-to-consumer market in the future.

“This company has the DNA to be enormously successful — the right team, the right market and the right solution. It’s not going to happen overnight, but they have all the right things going for them,” said Peter Livingston, a CarePredict investor and board member.

Launched: Company formed in May 2013

Website: www.carepredict.com

Management team: Satish Movva, founder and CEO; Greg Zobel, chief growth officer.

No. of employees: 17

Financing: $5.2 million in prior rounds that included South Florida-based Las Olas Venture Capital.

Recent milestones reached: Started commercializing product in 2017; four commercial assisted living and memory care enterprises signed up in the U.S. and Canada in 2017; three U.S. patents granted in 2017; one of two U.S. companies selected by Google for their “Google for Entrepreneurs” mentorship in deep learning and AI in Waterloo/Toronto campus; opened office in Palo Alto, CA in 2017.

Biggest startup challenge: Building the team and funding the mission.

Next step: Scaling the company. CarePredict is raising funds to expand company operations for installations and training and bringing on experienced industry sales leaders to increase outbound sales.

“CarePredict is solving a big problem, in a rapidly growing market, in a novel way,” said Dean Hatton, a founding partner with Las Olas Venture Capital and a CarePredict investor/board member. “The company has built a robust pipeline of interested prospects. Interestingly, this has been accomplished without sales or marketing efforts, principally through word-of-mouth in the assisted living facility ecosystem. Recently, Satish has added sales resources and will soon launch an outbound sales effort. The demand will be immense. Meeting that demand will be the greatest challenge ahead.”

Follow @ndahlberg on Twitter.

READ MORE STARTUP STORIES

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November 16, 2017

Miami is fertile ground for world-class product design

By Gessica Tortolano

GessicaWith 20 yrs of experience building and leading User Experience (UX) teams from Boston to Silicon Valley on projects for Google, Facebook, Gap, Samsung and other exciting brands, I am bringing my expertise back to South Florida as head instructor of UX/UI Immersive, an intensive 8-week program at Miami’s Wyncode Academy.

UX is about solving real problems and addressing pain points, not just making something cool as a product or a feature. It is about storytelling, screen composition and clear paths to completion, while removing friction, not just rearranging elements on a screen. As a problem solving framework, UX puts the user at the heart of the process. It results in a better experience thereby producing better products.

With IOT, voice user interfaces, the blend of digital and physical experiences, and new devices entering the market daily, it is critical to realize a connected, holistic experience.

Miami is a beloved vacation destination, but I truly believe it is so much more. A creative and diverse culture like Miami’s is fertile ground for world-class design. This program will help nurture a new generation of product designers who will lead the charge in quality design in our ecosystem.

As a former resident of Miami, I worked with aspiring designers through community initiatives at University of Miami, IT Women, Honey Shine Inc., and Urgent Inc. I was overwhelmed and humbled by their interest in UX, it was palpable.

Since the beginning of my career I’ve worked with many of the world’s biggest brands, including Burger King, Instagram, IBM, the NBA, Chrysler, Coca-Cola, GM, Norwegian Cruise Lines and Carnival Cruise Lines.

It is after all these years, and diverse experiences that I am compelled to share and teach my expertise. I recall telling Johanna Mikkola, co-founder of Wyncode, it was time for me to foster a new generation of designers. Together with Wyncode that is what we will do.

It was clear, I had to partner with a school that was just as committed to quality in their programs as I was about design. I had to ensure the future UX designer would marry their skills with a methodology.

In the valley, large brands are anxious to blur the lines between physical and digital. They are running experiments and adopting Design Thinking, a human-centered methodology that reveals truths about how confident we are in a feature or product.

Product designers grasp the importance of being flexible, nimble, and are experts in team inertia and momentum. Most will hone their skills, but with a solid foundation, they can own end-to-end product development.

The Googles and Facebooks are looking for agility and iteration. Value over deliverables became my world and I am thrilled to help build an ecosystem rich with designers who practice true product development.

Curious to learn more? Join us at our UX/UI Design Workshop: Bridging The Physical & Digital World event December 7, 2018 7:00 - 9:00 PM. Classes start Jan. 22, 2018 Program details at wyncode.co or email weare@wyncode.co

Gessica Tortolano will be head instructor of  of UX/UI Immersive, an intensive 8-week program at Miami’s Wyncode Academy.

November 08, 2017

Powerful, a fast-growing Miami food & beverage startup, attracts $4 million in funding

By Nancy Dahlberg / ndahlberg@miamiherald.com

CarlosPowerful, a Miami-based food and beverage startup offering all-natural, high-protein products for active lifestyles, has been on a growth tear the past year, doubling the number of U.S. stores the product is sold in. Now the company has raised $4 million in funding as it expands into additional product categories.

The Series B funding was led by River Hollow Partners, a lower mid-market private equity firm focused on consumer and retail brands in the natural products space. The company has also secured ABL financing through a partnership with Gerber Finance, a leading asset-based lending financial company with headquarters in New York City.

Carlos Ramirez launched Powerful (then called Powerful Yogurt) in March 2013 after years as a marketing and strategy consultant for global companies. He helped launch or expand other food products around the world, including Greek yogurt, and wondered why no one was branding the product for athletes. Although it has since expanded its focus, Powerful was the first company to market dairy products to the needs of active men, said Ramirez, a Venezuelan native who received his MBA from the University of California Berkeley.

 “The idea of a dairy product designed with active men in mind was a very controversial concept to many. It completely disrupted the dairy category and put us in the spotlight, but most importantly, it proved very successful,” said Ramirez.

 But women were big buyers too, more than half of sales, and now Powerful is a multi-category active lifestyles brand for both genders. Its  products are in 10,000 U.S. stores -- up from 5,000 less than a year ago -- and they include Walmart, Target, Kroger, Stop n’ Shop and Shoprite, as well as Amazon and the company’s website. On its own website, powerful.co, Powerful offers a subscription where customers can create a custom recurring product bundle at a discounted price.

Powerful Yogurt, Powerful Drinks and Powerful Oatmeal are part of the lineup now, all of which are high in protein and made with natural ingredients, and there's more to come, including new product lines and international expansion, Ramirez said.  “The capital provided gives us the additional resources we will use to reach our ambitious goals as we continue to expand the product offerings and increase our footprint in the U.S. and beyond.”

In early 2018, Powerful plans to add a smoothie to its lineup, in a convenient on-the-go pouch format. Each all-natural smoothie will serve up 22 grams of protein in flavors like banana, mixed berry and vanilla.  

River Hollow is Powerful’s first institutional investment partner. The new funding will further support product development, manufacturing, and sales and marketing.

“We partnered with Powerful because it is uniquely poised for success,” said Charlie Baynes-Reid of River Hollow Partners, noting Powerful's seasoned management team and clear brand vision and mission. “You typically see new companies come in and try to create their own niche specialty, but what Powerful has done really makes a significant impact through disruption in an already successful category, and that is something l saw as very compelling as a private equity partner.”

Last December, Powerful's Ramirez was the fifth Miami food and beverage entrepreneur selected to join the global network of Endeavor, a nonprofit that selects, mentors and accelerates high-impact entrepreneurs. In an Endeavor Miami study in 2015, Endeavor found that food and beverage is one of five areas that could sizzle for entrepreneurial activity in South Florida because the ingredients are already here: a foodie culture, expertise, a talent base and educational opportunities, as well as a strong healthy and green trend to ride upon.

READ MORE ABOUT POWERFUL HERE.

Follow @ndahlberg on Twitter.

 

Powerful

November 07, 2017

Real estate software startup Gridics raises $1.6 million

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Gridics, a Miami-based real estate software startup, announced it has raised $1.6 million in additional seed capital.  

The round was led by BH3, a real estate developer with projects in South Florida and New York City, and includes existing investor Dune Road Capital. It builds on the $1.1 million Gridics raised in April and brings its total funding to  $3.74 million.

The company will use this investment to accelerate development and sales of the Zonar.City platform to cities and real estate developers.

Gridics, short for grid analytics, was founded in 2015 to change the way cities and real estate developers interact with zoning codes.  By bringing 2D text to a visualized 3D interface, the company is streamlining an antiquated process. Miami developer Avra Jain is also an investor in the company. 

 From applications on its platform, users can visualize real estate data in order to make smarter investment and development decisions while streamlining inefficient processes in the real estate world, the company said. For example, the Zonar.City application, launched earlier this year, helps bridge the gap between the private sector development community of architects, developers and attorneys by automating development feasibility analysis and streamlining the development plan approval process.

 CEO Jason Doyle said Gridics is seeing strong early adoption of the application by city and county planning, zoning and economic development departments as well as developers, architects, commercial brokers and land use attorneys in the private sector.

 “In the coming months, we will be opening all five boroughs of New York City on the platform and expect to add several direct city contracts," Doyle said.

In April, Gridics announced a contract with the City of Miami to use Zonar to streamline the analysis and processing of development plan reviews.  

 "Using Zonar, we are able to identify new development opportunities, quickly run custom scenario analyses and view applicable variances and waivers.  That analysis used to take us days to complete and cost thousands of dollars but can now be handled in a few minutes with Zonar, " said BH3 Principal Daniel Lebensohn, in a news release.

 

November 06, 2017

Boca Raton drone software company has eye on Florida's public safety

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On the left: Rex G. Ciavola Jr., co-founder and president of EagleEye Intelligence On the right: Scott H. Adams, co-founder and CEO of EagleEye. (EagleEye Intelligence / Courtesy)

 

By Marcia Heroux Pounds

Imagine a drone swooping in to identify a kidnapping suspect’s car on a road, potentially saving a child. Or identifying a shooter targeting a crowd, such as in the recent mass murder in Las Vegas. And after a storm like Hurricane Irma in Florida, documenting damage or even helping in search and rescue.

All of those and other applications are being pursued by EagleEye Intelligence, a two-year-old Boca Raton software company co-founded by long-time entrepreneur Scott Adams.

EagleEye’s drone security systems are catching the attention of public safety and law enforcement agencies, while also attracting investors.

READ THE SUN SENTINEL STORY HERE

November 04, 2017

Nuvola brings digital white-glove service to the hotel industry

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By Ana Acle-Menendez

Perhaps no other industry relies as heavily on customer service as the hotel industry.

So, imagine if there was a way for guests to communicate to staff directly and conveniently through the touch of a button on their mobile phone. And imagine if guests would be notified of happy hour specials while walking by the bar in real time, allowing hotels to gather behavioral data and provide better service.

Juan-Carlos-Abello-NUVOLA-2That communication platform was imagined and created. Now, it is offered by a guest service management software developed by Nuvola, a Miami-based company founded by Juan Carlos Abello, who worked as a manager at various hotels.

But while Abello developed a solution for hotels, he needed solutions of his own to grow his new startup business.

He heard about the Miami Herald Business Plan Challenge, a contest for startup entrepreneurs, through Florida International University (FIU), his alma mater. While creating the video presentation for the contest, Abello then learned about the Florida SBDC at FIU — the small business development center at the College of Business, which provides no-cost consulting to entrepreneurs and small-business owners.

“My biggest obstacle was closing on my first customers,” said Abello, who earned an MBA from Emory University and a bachelor’s degree in international business from FIU. “In technology, if you don’t have references and you’re selling software that’s intangible, it’s a tough sales pitch. Closing on my first 20 to 30 customers was the biggest challenge.”

He specifically wanted guidance on finding an investor.  “In my particular case, I was looking to accelerate the growth of the company,” he said. “I was looking for funds and I was assigned to an advisor who had experience as an investor.”

For the next six months, he met with the expert consultant every two weeks on Saturdays, going over spreadsheets, sales pitches and the program to grow more capital.

It soon paid off.

“I was extremely satisfied because I was able to raise additional funds for the company,” Abello said. “I closed with two investors and now basically I’m living my dream.”

What started three years ago with business development and sales of $30,000 doubled every year. Now Nuvola is well over $1 million in sales this year, Abello said.

What’s more, his one-man team has now grown to 18 full-time employees.

“I would recommend the SBDC,” Abello said. “First, because they understand that you’re an entrepreneur — you don’t have a flexible schedule — and most of the time they were able to accommodate my needs.

“Second, I felt that every single member of the organization that I interacted with was professional, willing to assist and the advice they gave was definitely significant in terms of the objective that I had,” he continued.

“Lastly, it’s a free service,” Abello said. “They do understand that starting a business is not easy and you’re going to face a lot of obstacles. Most of the time they know what obstacles you’re going to face so you can anticipate them, which is great.”

Additionally, he said he made friends during the process and still keeps in touch with his advisor. He is also mentoring others so they can sell to their first 20 to 30 customers before going to investors.

By the way, in case you’re wondering, Abello and his team won first place in that Miami Herald Business Plan Challenge in the FIU Track category. That’s another feather in his cap that he can use for marketing purposes.

 

Ana Acle-Menendez wrote this article for Florida SBDC at FIU, which gave Starting Gate permission to post it.

 

READ MORE about Nuvola here. 

 

October 26, 2017

Endeavor taps Miami-based Chargello to join global network

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By Nancy Dahlberg / ndahlberg@MiamiHerald.com

Your phone is dead – again.

In our world where a dead phone is a catastrophe, Miami startup Chargello has a solution for that. Its proprietary battery device, already available at thousands of venues worldwide, can simultaneously charge six phones three faster than a wall charger and four times faster than a battery pack.

ChargelloteamThis week, the entrepreneurs behind Chargello, co-founders Johnny Bosche and Freddy Sidi, were selected as Endeavor Entrepreneurs at Endeavor’s 75th International Selection Panel held in Sofia, Bulgaria. Endeavor is a global nonprofit organization that selects, mentors and accelerates high-impact entrepreneurs.

Bosche and Sidi, both born in Latin America, founded the ad-tech company in Miami in 2015 and began selling the product last year. Chargello is focused on building a platform to solve the low-battery problem in public places, such as restaurants, hotels and airports.

The batteries not only charge phones, but serve as an advertising platform. Chargello’s batteries can be found in about 5,500 businesses across 22 countries, and the startup is working with global brands such as Diageo, Heineken and Uber. Locally, the devices can be found at Casa Tua, Cipriani, Prime 112, Morton’s, W Hotel, Confidante, One Hotel and the Collection car dealership, among many other businesses, said Bosche, in a phone interview from Sofia. Former Miami Heat star Alonzo Mourning is a shareholder and brand ambassador.

Chargello is a team of 14 in Miami, but it has more than 200 employees through partnership businesses in the countries it sells in, Bosche said.

“We’re looking to scale globally and get access to top-tiered talent. Our goal is to be in 100 countries by the end of next year,” Bosche said. “We believe Endeavor will be an undeniable resource to us as we expand.”

Endeavor Entrepreneurs receive services that include mentorship and access to capital, global markets and talent. Based in New York City, Endeavor operates in 27 countries in Europe, Latin America, North America, Africa, Asia and the Middle East, and supports more than 1,000 entrepreneurs.

Endeavor Miami launched in September 2013 with the support of the John S. and James L. Knight Foundation as the first U.S. affiliate of Endeavor Global. Endeavor Miami’s entrepreneurs are now generating close to $130 million in revenues and employ 1,600 people, according to its impact report released earlier this month.

“As we support Chargello in scaling rapidly via a robust advisory board and additional services, I am confident that Johnny and Freddy will act as role models to inspire the burgeoning South Florida entrepreneurial ecosystem,” said Laura Maydón, managing director of Endeavor Miami.

For more information on Endeavor Miami or to nominate South Florida entrepreneurs, visit www.endeavormiami.org.

October 24, 2017

Maxeme Tuchman of Caribu wins South Florida award at Demand Solutions Start-up Challenge

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Maxeme Tuchman, CEO of Caribu, was the South Florida winner of the Miami Dade College – InterAmerican Development Bank “Demand Solutions” Start-up Challenge that featured nearly 20 start-ups from Latin America and Miami, most owned by women entrepreneurs.

Tuchman took home the $15,000 prize and the “Most Innovative Startup in South Florida” distinction for Caribu, described as the place where FaceTime meets Kindle, for kids.

The education platform helps parents, family, and mentors read and draw with children when they’re not together. It provides an engaging livestream shared-screen experience in a carefully designed, platform with an in-app bookstore containing hundreds of books, in six languages, and educational workbooks with interactive drawing overlays. It was also a winner in the Miami Herald Business Plan Challenge and other contests.

 Here are the other awards:

An Ecuadorian startup that created a platform for Latin American emerging writers was declared the winner of the Inter-American Development Bank's fifth pitch competition, held as part of the Demand Solutions event in Miami last week.

The event, featuring 18 innovative startups from across Latin America and the Caribbean, was co-hosted by the IDB and Miami Dade College (MDC). Demand Solutions, the IDB's flagship event on innovation and entrepreneurship, brings together creative minds from around the world to share solutions that improve lives.

The event closed with a pitch competition featuring 18 startups from Barbados, Brazil, Chile, Colombia, Ecuador, Mexico, Peru and Miami.

Galo Vargas, cofounder of the Ecuadorian startup Inkspired, won the top prize of $30,000 for being the Creative Entrepreneur with the Highest Potential for Global Impact. Inkspired is a platform that allows emerging fiction writers from Latin America and the world to publish their books and creative series, connecting them with interested readers and providing them with metrics to improve their work and make their stories more appealing.

Ariana Green, cofounder of Couple Six from Barbados won the Disruptive Creativity for Development Award, a $15,000 USD cash prize from the IDB. Couple Six is the first videogame development studio in Barbados; it features games based on narratives of the history and culture of the Caribbean.

Ariana also won a special award by Creative Business Cup : an invitation to participate in the Global Finals competition in Copenhagen in November.

Barbara Arteaga, cofounder of Ecoplaso from Mexico, won the Creativity for Social Impact Award, a $7,000 USD award by the IDB. Ecoplaso is a Mexican startup run by 5 women who use their proprietary biotechnology to turn fruit waste into textile substitutes of leather and fast fashion fabrics.

The entrepreneurs pitched their startups' innovations to an audience of more than 300 people and a jury composed of leading specialists from Santander Universidades, the Innovation Lab of Miami Dade College, Creative Business Cup, the Cambridge Innovation Center in Miami (CIC Miami), Latam Startups, Endeavor Miami, Babel Ventures, 23 Design, Lobo Ecosystem Builders, Babel Ventures and the Inter-American Development Bank.

The startups were selected from over 300 candidates to showcase their innovative products and services at the one-day Demand Solutions event, designed to connect startups with investors, mentors and thought leaders.

One representative from each startup traveled to Demand Solutions Miami for the Pitch Competition and to take part in two days of activities with innovators, mentors, entrepreneurs and investors, organized by MentorDay.

Other awards include:

Linda Franco, cofounder of Machina, won the award for the High-Growth Woman Entrepreneur, an invitation to participate in WeXchange Annual Forum in Santiago, Chile, in December 2017.

Julio Oliveto, cofounder of Livre, won the Lean Case award: legal and accounting services directed to startups from the creative and cultural industries to expand their business to Colombia.

All 18 startups were awarded free co-working space and network connections for programmatic objectives at the Cambridge Innovation Center in Miami (CIC Miami).

The event was sponsored by Santander Universidades. Other partners included Endeavor MiamiBabson Win Lab and Americas Society/Council of the Americas.

The livestream of the startup pitches is available here.

This was the ninth edition of Demand Solutions. The next edition of Demand Solutions will take place on November 9th in Santo Domingo, Dominican Republic.

 

October 21, 2017

Ouch, that late fee hurt. This Miami startup wants you to never worry about parking tickets again

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From left, Jona Araujo, Charlie Melendez and Auston Bunsen of JINXD. Photo by Beyond South Beach. 

 

By Nancy Dahlberg / ndahlberg@miamiherald.com

Who hasn't forgotten to pay a parking ticket and paid the very steep price?   

Yep, been there, done that too many times. It's a fact of urban life.

JINXD, a new Miami startup, has a solution for that.

JINXD is one of only two apps in the United States that allow you to auto-pay your citations. You can simply sign up with your license plate numbers and payment info and the next time you receive a parking citation, JINXD automatically pays it, charging a small service fee.

"As you may already know, Miami is notorious for parking tickets and when you receive one, you cannot pay for it immediately on the Miami Clerk of Courts website until it populates their servers three to five days after -- another inconvenience," said Auston Bunsen, one of the co-founders.

"We're trying to be a magical background technology that you only think of when we make your life better. Our users love it when they get a notification that we saved them from getting a tow or just saved them from a $25 late fee," added Bunsen, who oversees technology. 

JINXD works with commercial clients that have large fleets such as rental car companies and automobile dealers. Braman BMW, Infiniti of Coral Gables and Mercedes Benz of Cutler Bay are customers. "JINXD for our business clients is a no-brainer as it frees up their afternoons to focus on bigger tasks at hand," said CEO and co-founder Jona Araujo, who also oversees marketing.

The  number of active customers has grown 448 percent and revenue has grown 346 percent since the beginning of this year, Melendez said. JINXD is tracking more than 2,000 license plates in Miami-Dade County among consumers and  commercial clients.

Late fees can add up quick. After two months, an $18 parking ticket rises to $63 in Miami -- ouch. And if you have five unpaid tickets, your car could be towed.

"We've found and/or paid thousands of tickets for our customers, saved our customers over $22,000 in late fees, as well as prevented dozens of customers from getting their car towed or having their registration renewal blocked," said co-founder Charlie Melendez, who oversees finance.

The team created a heat map of the most ticketed areas in Miami-Dade.

Jinxd-heat-map

Expansion to other cities could begin next year, and JINXD's market is sizable. The team said there is more than $200 million in unpaid parking tickets at any one time just in nine major U.S. cities that include Miami.  

Said Araujo, "We're laser focused on getting product/market fit for our existing product and expanding to other cities as soon as possible. We believe this product is helping businesses, consumers and government alike."

You can sign up at https://JINXD.co or download the 5 star reviewed iPhone app on the App Store here.

JINXD will be one of six startups competiting at Refresh Miami's Demo Day Oct. 27. Sign up to attend here

 

Finova Financial secures $102 million in funding

 

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Finova Financial, provider of flexible, affordable alternatives for the 70 million Americans under-served by the traditional banking system, announced this week that has secured $102.5 million in equity and credit facility funding. 

The financing was led by CoVenture with participation from existing Silicon Valley investors who funded Finova’s $52.5 million seed round. The West Palm Beach-based financial-technology company was founded in 2011.

Gregfinova“Seventy million Americans spend $141 billion on alternative financial services a year because they don’t have or want a relationship with traditional banks or financial institutions. This rapidly growing group feels that traditional financial services companies can’t solve their core financial needs," said Gregory Keough, CEO (pictured here). "Finova is using advanced technologies and designing innovative new financial products to serve the needs of this large and growing population. Finova’s proprietary platform delivers an all-digital financial product and experience that fits the lifestyle of the 28 percent of Americans — and growing — outside the formal financial system.”

Finova’s digital products include its flagship Car Equity Line of Credit (CLOC), providing fast emergency loans based on car equity; and its industry-first Automobile-Secured Prepaid Card, which accepts either cash or car equity to fund the card.

Finova’s CLOC, currently available in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona, has earned Consumer Affairs prestigious partner accreditation for delivering up to 50 percent lower cost than the national average on title loans to consumers, instant online pre-qualification, and payment-against-principal with every payment, the company said. Finova’s Automobile-Secured Prepaid Card helps consumers avoid check-cashing fees, get their paychecks faster, and better manage their finances, the company said. The new funding will be used to expand its digital financial services.

“We look at many fintech companies but Finova has built an incredible all-digital technology platform that consumers really like and has experienced amazing traction in a short period of time,” said CoVenture Managing Partner Ali Hamed. “Finova has created a customer-centric focus for Americans outside the formal financial system that is driving strong growth, rapid consumer adoption, and opportunities for rapid national expansion, which I think is what the future of banking will look like.”