Story image

Medical record software startup raises over $500,000 through PledgeMe

14 Sep 17

Wellington-based software as a service startup Noted raised over $500,000 through a private crowdfunding campaign on PledgeMe over the weekend.

Scott Pearson, Noted founder and CEO, originally developed the concepts that underpin the cloud-based electronic medical record and health practice management software while looking for a better way to track the outcomes of his acupuncture patients.

“I shifted careers from broadcast design and 3D animation software development to acupuncture after selling an earlier startup, Character Animation Technologies to a Fortune 500 company in 2006,” Pearson says.

“I enjoyed my new career but was frustrated when I couldn’t take notes the way I wanted to with existing tools. In particular, practically capturing and reporting on outcome data was very limited. After some research, I realised the issues I’d identified extended right across the health sector, so I decided to develop a solution.”

Noted launched the first public version of its software solution in June 2017 to a small number of clinics, with users so far including acupuncturists, massage therapists and dietitians.

Content is also in development for psychologists, mental health nurses, physiotherapists, osteotherapists and others.

The private equity crowdfunding campaign launched on August 29, with a minimum goal of $100,000.

It hit its maximum goal of $500,000 in less than two weeks of launching the campaign.

The money raised will go towards developing and marketing the product, with a view to achieving a significant beachhead in clinics with less than 20 clinicians by mid-2018.

The entire Australasian market has over 785,000 potential users, with a potential of over $433 million per annum.

“Our biggest surprise so far has been the immediate interest from offshore,” Pearson says. 

“We are currently building relationships with influential users and organisations in the USA, UK and Australia with progress far in advance of our original expectations.”

Other successful PledgeMe equity crowdfunding campaigns in the software industry include Websoft, which was recently valued at $30million. 

PledgeMe CEO Anna Guenther says it was exciting to support Noted's private campaign.

“The team were really clear that they didn’t want to go over the 50 voting share parcel mark, so felt that a smaller private equity crowdfunding campaign would make sense for them,” Guenther says.

“It meant they could go a bit wider than their normal crowd and have a clear process for their interested investors.”

“We’re excited that they met their goal so quickly, and now have the funds they need to take their healthcare software to the world.”

Noted at a glance

  • Founded in October 2015
  • Proof of concept testing at the Newtown Acupuncture Centre began in October 2016
  • Raised $330,000 through public equity crowdfunding in November 2016
  • Raised $520,000 in less than two weeks in September 2017 through PledgeMe’s private equity crowdfunding
52mil users affected by Google+’s second data breach
Google+ APIs will be shut down within the next 90 days, and the consumer platform will be disabled in April 2019 instead of August 2019 as originally planned.
GirlBoss wins 2018 YES Emerging Alumni of the Year Award
The people have spoken – GirlBoss CEO and founder Alexia Hilbertidou has been crowned this year’s Young Enterprise Scheme (YES) Emerging Alumni of the Year.
SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.
Spark Lab launches free cybersecurity tool for SMBs
Spark Lab has launched a new tool that it hopes will help New Zealand’s small businesses understand their cybersecurity risks.
Preparing for the future of work – growing big ideas from small spaces
We’ve all seen it: our offices are changing from the traditional four walls - to no walls. A need to reduce real estate costs is a key driver, as is enabling a more diverse and agile workforce.
Bluetooth-enabled traps could spell the end for NZ's pests
A Wellington conservation tech company has come up with a way of using Bluetooth to help capture pests like rats and stoats.
CERT NZ highlights rise of unauthorised access incidents
“In one case, the attacker gained access and tracked the business’s emails for at least six months. They gathered extensive knowledge of the business’s billing cycles."