🤑 22 January 2024: Lumio, Anathem

STARTUP PICKS

Lumio

Blurb: Established in 2017 in London, Lumio is reshaping financial management for cohabiting couples. Their award-winning product, Shared Spaces, offers real-time tracking and automated savings. The team are showcasing impressive growth having scaled subscriptions from 1,014 to 2,275 and MRR by +97% over the last four months. Lumio is looking to raise up to £2m to further accelerate this trajectory, as well as make key technical hires. This investment taps into the large and underserved market segment of non-traditional financial solutions for modern relationships.

Highlights:

  1. Lumio's Shared Spaces offers a focused solution for cohabiting couples, tackling pain points such as shared expenses, saving goals, and automated savings. The platform's unique features, including AI-driven financial planning and transaction sharing, set it apart from competitors like Ivella, Emma, and Splitwise. It has scaled subscriptions from 1,014 to 2,275 and increased MRR by +97% over the last four months.

  2. Lumio is led by a seasoned team, including Charlie Richardson, former Head of Product Growth at Chargifi, Tom Richardson, an experienced investment manager with extensive product management and UX design experience, Adrian Shedden, a leading fintech lawyer, and Anton Zagorskii, CTO with a background in open finance startups.

  3. 75% of Millennials believe joint bank accounts are better suited for married couples rather than for modern relationships. Today's couples seek a single source of truth for their shared finances, want to see projected spending across their accounts and need assistance in staying on track with their long-term goals. Although this group arguably controls the largest share of consumer spending, they lack a viable way to manage their finances beyond outdated joint accounts.

  4. The Total Addressable Market (TAM) in Europe is estimated at £7 billion, with a Serviceable Available Market (SAM) of £2.24 billion and an initial Serviceable Obtainable Market (SOM) in the UK of approximately £22 million.

  5. Lumio is raising up to £2 million through an Advanced Subscription Agreement (ASA) with a pre-money floor of £4.5 million and a £6.5 million cap. £1.3 million of this target has already been secured.

Deal Stage: Seed (ASA)
Valuation: £6.5m post-money cap with 10% discount
Round Size: £2m
Minimum Ticket: £2.5k
Fees: 4% fee + 20% carry
Deadlines: commit by 28th Jan - close by 30th Jan

Anathem

Blurb: Anathem is pioneering in the mental health sector by developing an AI co-pilot designed to assist mental health clinicians. Their unique technology significantly reduces administrative time, enabling practitioners to focus more on patient care. By contextualizing patient records and consultations, Anathem's AI tool facilitates quicker, more effective decision-making by clinicians. This innovation is particularly crucial in the current healthcare climate, where long wait times and clinician burnout are prevalent. With their AI co-pilot, Anathem achieves a 75% reduction in clinical admin tasks, greatly enhancing productivity. The company, led by an expert team and conducting trials in multiple UK NHS trusts and private clinics, is seeking £750k at a valuation of £3.66 million. Anathem's approach presents a compelling investment opportunity, addressing a critical need in mental healthcare.

Highlights:

  1. The AI co-pilot tool is designed to contextualize patient records and consultations, aiding clinicians in decision-making and allowing more time for patient care.

  2. Healthcare services are grappling with unprecedented wait times and clinician burnout. Currently, 1.2 million people in the UK are waiting for community services, facing an average wait time of 2.5 years for non-urgent cases. Mental health assessments, especially complex ones like autism (requiring 9 hours) and simpler ones like anxiety (3 hours), contribute significantly to the clinical administrative burden.

  3. ⁠In 3 clicks, Anathem’s AI co-pilot can reduce clinical admin by 75%, dramatically boosting clinician productivity and allowing them to focus on their primary role - patient care. Anathem provides a standalone solution that analyzes consultation recordings and notes. It reviews and amends the analysis output, identifying risk factors and condition diagnostics, and then auto-populates standardized documents for clinician sign-off.

  4. The team consists of experienced professionals in finance, technology, and psychiatry, including CEO Richard Apletree, CTO Ina Hanninger, and Chief Medical Officer Dr. Guy Northover.

  5. The NHS mental health workforce has remained relatively unchanged over the past decade, facing high demand and vacancy rates, which Anathem's solution aims to address.

Deal Stage: Seed
Valuation: £3.66m
Round Size: £750k
Minimum Ticket: £2.5k
Fees: 3.95% fee + 20% carry
Deadlines: commit by 26th Jan - close by 28th Jan
Co-Investors: Round led by Ascension VC, Tiny VC.