The federal government has just announced a $670,000 second stage Accelerate Commercialisation (AC) grant with ScreenCoach, a SaaS based electronic rewards and screen time management product. ScreenCoach is designed to get kids more active, help out more around the home and reduce nagging for parents.
The government was impressed with the Alpha trials in late 2020 that were a result of their initial $330,000 first stage funding. They particularly liked the improvements ScreenCoach delivers to the family dynamic and the positive behaviour change in children. Founders and current investors also love that the $1,000,000 support is not only a strong vote of confidence from the government but comes with no equity and no payback.
As the AC grant is a dollar matched program ScreenCoach has launched an immediate capital raise. They are raising $1.5 million in both equity and SAFE notes over the next 3 months.
This funding round will see the completion of Beta trials in the next couple of months and take the product to launch in late 2021.
“ScreenCoach is at a level of maturity that will see us scale and grow rapidly once we turn on the revenue tap at the end of the year” says CEO and Co-founder Stephanie Kakris. “With covid having significant impacts on children’s screen time, parents are crying out for a solution like ScreenCoach. It’s a perfect time to launch”
The company has strategically aligned itself with strong industry B2B partners. Letters of intent have been received and conversations are progressing with potential distributors and affiliates such as Harvey Norman, NiB, Belong, Garmin, public/private schools, the law courts (for separated families) and other government departments.
The AC grant also endorses ScreenCoach’s ESIC status, giving investors 20% tax rebate and capital gains tax exemption.
You will see ScreenCoach present at the upcoming Venture and Capital conference in Sydney.
ScreenCoach manages kids screen time and helps get kids more active, do their homework and help out more around the home. ScreenCoach is a SaaS product that uses hardware and software to help solve a global problem.
It is a world-first gamified electronic rewards system where kids can earn time (or pocket money) on their devices from the chores, tasks and movement they do around the home.
This raise is not only a testament of government support; it’s a step towards providing our kids with an invaluable tool that will teach them to positively self-manage and thrive in a attention-consuming device-oriented society that we live in.
They have built their technology to scale rapidly with plans for Global expansion in 2022. They are still an ESIC compliant company, granting investors a 20% tax rebate and capital gains tax exemption on their investment.
Their goal is to create a highly profitable company that reduces stress for parents, teaches kids how to self manage their screen time, improves parent-child connection and boosts harmony in homes all over the world.