Cancer patients suffer a lot, both mentally and physically. Suffering is personal, but curing can be done by helping one another and by supporting. Cancer Aid is a device for this problem.
Only one month after its formal launch, a Sydney-based firm with an app that offers a personalized approach to fighting cancer secured $1.25 million and valued the organization at $4.25 million.
The enterprise debuted on Shark Tank in June 2017. Did the Sharks appreciate the company? Read the article and gather information.
About the Founder
Nikhil Pooviah, Raghav Murali-Ganesh, and Martin Seneviratne, three doctors, joined forces and started their company, Cancer Aid. The concept arose after learning how challenging it was to monitor a cancer patient’s path from both sides of the clinical barrier.
Their cognizance of how a patient’s cancer odyssey may be lonely as well as tough to observe, along with the challenges they face working as medical physicians, inspired them to build this application.
Founding the Cancer Aid
In Australia, America, and England, Cancer Aid is the most popular oncology app. The objective of the organization is to enhance the entire therapy of those diagnosed with cancer.
The product emphasizes compassion for patients and is available to them, their loved ones, and physicians. Users can interact with various cancer victims worldwide and keep track of their prescriptions, medical records, and other medical details within the app.
Organizations that offer care for patients, they grant yearly licenses to use this application. Based on the company’s capability and goals, including a cancer institution, a research organization, or a private practice expert, different license fees exist. As a result, the patient can continue to use the tool for gratis.
Shark Tank Appearance
The group requested $500,000 for 10% stock, valuing the business at $5 million. The money would be used to launch international sales. Glen Richards, Janine Allis, Naomi Simson, and Andrew Banks each proposed $500,000 for 10%. Due to his knowledge in the healthcare sector, Steve Baxter left them.
Following discussion, the group returned with a counterproposal. Based on the networks and global presence of the Sharks, an alternate contract of 5% and $250,000 each for Banks and Richards would be advantageous to all parties.
To continue as the only sponsor, fiscal institutions returned with a $500,000 investment at 9%. Due to the smaller ownership division, he decided against partnering. To collaborate with Richards, Baxter immediately re-entered the discussion. Banks consented to the alliance with Richards under the circumstances.
The agreement with Banks was finalized, and currently, he is considered one of the nine investors and the firm’s CEO.
After Shark Tank
The company has received over one thousand downloads and encounters 17 medical facilities on the same page, since its creation. The hospitals include Chris O’Brien Lifehouse Cancer Hospital and Hong Kong Integrated Oncology Centre, the company’s initial overseas client. The recent funding was spearheaded by the Clinton Capital Partners.
The company has expanded steadily over the years and is now believed to have an overall worth of around $20 million.
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