A lot has changed in the world in the last two months. The Elkstone Venture Team has put most of our focus into supporting our existing portfolio companies in every way we can during these difficult times. For some, their business models and capacity to conduct business has been severely challenged and these obstacles will remain for many months to come. However, others have been presented with great opportunity and have stepped up to help fight the pandemic. We are in constant dialogue with all our portfolio companies and are advising and assisting them to the best of our ability.
In positive news, our recent deal Robotify was oversubscribed by the Venture Cub within 90 minutes. Robotify enables robotics coding education to enter the virtual world and finds itself in a compelling place given our new normal. We reintroduced Thirty Madison, a US direct-to-consumer healthcare company to the Club. Thirty Madison is also helping to fight the pandemic by launching its Urgent Care telemedicine services. This deal had strong demand and we are happy to confirm it has now closed. We recently launched Evercam to our members which is progressing well. LetsGetChecked raised $71M in a Series C funding round, the first of our Club portfolio companies to reach this stage.
We hope you continue to take care of yourselves and your families during these challenging times.
Paddy Dillon is a Venture Investment Associate at Elkstone.
VENTURE CLUB COMPANY NEWS
LetsGetChecked has released a Coronavirus Test (COVID-19) in the US and Ireland, which will be made available to healthcare professionals on the frontline and those most at risk first. The company has committed to 250,000 tests in the first batch, with the goal to scale testing to 100,000 at-risk patients every day for the foreseeable future. LetsGetChecked has partnered with global giants such as UnitedHealth Group, UPS and Salesforce to fight the pandemic and get this test into people’s hands. The company is working with the FDA in the US to approve its novel two-part test for at home use. Read more here.
You can watch LetsGetChecked’s Chief Medical Officer Dr Robert Mordkin discuss what LetsGetChecked are doing in the US in this six-minute Fox News interview. View here.
The company, raised $71 Million in funding in a Series C Round last week with high calibre healthcare investors Illumina Ventures and HLM Ventures. It was also very nice to see Nasdaq publicly congratulating LetsGetChecked on a billboard in Times Square, New York. We think there is an exciting journey ahead for Peter Foley and the team, with plenty more successes to come.
Manna Drone Delivery began testing drone delivery of critical medical supplies to the vulnerable in Moneygall, Co. Offaly. The company has partnered with the HSE to fight the pandemic with this initiative and has completed hundreds of real-world test flights in the last two weeks – Read more here, or watch a BBC piece showing a drone delivery of critical pharmacy supplies to cocooning individuals – Watch here.
Output Sports has responded to professional athletes having to move their training to their homes by launching the #OUTPUTCOMBINE, where athletes are competing across six exercises using the company’s technology. Watch Ireland rugby player Dave Kearney come third in the countermovement jump here.
Flipdish expects to have an additional 100 restaurants signed up by the end of the month as a result of bars and restaurants which had to shut due to Covid-19 shifting to home deliveries as a means of keeping their businesses going. Read more here.
In this Fora.ie article, Conor McCarthy, CEO and co-founder of Flipdish advises how restaurants can change, adapt and overcome their current challenges. Flipdish put their expertise and knowledge to use as they offered their first webinar to offer a practical guide to managing a restaurant through the Coronavirus. Read more here.
Congratulations to Dr. Patricia Scanlon, Founder and CEO of SoapBox Labs who was listed in Silicon Republic’s ‘20 women doing fascinating work in AI, machine learning and data science’. Read more here.
SoapBox Labs also announced a Series A investment of $6.5M from Elkstone, Astia, and a number of private investors. Read more here.
“Stay determined, stay upbeat and keep working hard”, a good practical insight for start-ups on how to get on the radar of angel investors and Enterprise Ireland by William Conaghan co-founder of Change Donations. Change Donations (changedonations.com), is a Dublin-based startup that lets donors round up their purchases and donate their spare change to the causes that they care about. Read more here.
This month’s article is from PYMNTS.com, which discusses how the current volatile business and economic climate may have an impact on venture capital, but new analysis suggests startups shouldn’t fret too much about their investment prospects. In fact, B2B FinTech Embraces VC Amid Market Uncertainty. Read the full article here.