Introduction
Unum Health’s software consists of both an agency and employee interface (UI). Our platform is a way for homecare agencies to organize their operations and gives caregivers a digital solution for home care visits. Through the desktop and mobile interface, Unum provides home care owners, caregivers, and the people they care for an all-encompassing solution.
Deal Highlights
- Wallace McCain Institute - Entrepreneurial Leadership Program
- Startup Canada Atlantic Award - Entrepreneur of the Year 2018
- Startup Canada National Award - Entrepreneur of the Year 2018
- Propel ICT 2018/2019
- Unicare becomes first user of Unum Health
- Two early adopters sign on
- ALTS Accelerator Certificate
Problem
Small and medium sized home care agencies all started somewhere. Based on a large need for their services, the industry is growing faster than they can manage. The problem small and medium care enterprises (SME’s) run into is system adaptation. The systems they started with are not the systems they can grow with and the ‘Silver Tsunami’, as coined by the Canadian Home Support Association, is quickly approaching a critical mass worldwide.
They started heavily paper-based, navigating multiple systems from payroll to scheduling, and organizing daily files in cabinets. Going from 10 care workers and clients can quickly turn to 100+ in a couple of years. The home care industry is evolving as data traceability is becoming a top priority and families of loved ones want more information on the care plan remotely. As growth takes over, paper becomes time consuming, scheduling conflicts arise, and trying to find a file can become the biggest headache.
Solution
Unum is a SaaS company created with all the growing pains of small and medium sized home care agencies in mind.
We were conscious to not be robust like an EMR but the right size to fit a growing agency. Unum has two interfaces, one for the agency office team and one for the care workers who are out meeting with clients.
The Unum office UI is focused on navigating all the information that runs the agency digitally. This includes:
- onboarding new clients
- scheduling daily visits
- real-time to observation visits for the day and visits completed throughout the day, with the options for both online and offline modes available when necessary.
Our care worker interface allows all workers to see who they are caring for, access to client information even before the visit starts, additional security features during visits and even geotagging when visits are completed for location verification and billing.
Business Model
Unum is a SaaS company that utilizes a subscription-based business model. Agencies pay $20 USD per home care client per month. Based on the average agency size within the SME market (0-250 homecare clients), each agency may generate $2,500 a month at $20/client. Annually, this would mean that one agency alone could potentially generate $30,000 USD. As illustrated in our business model, this pricing strategy may allow Unum Health to reach well over the $1M mark in just three years.
Market
The home care market in Canada consists of 4,149 establishments, with 83.2% of these having between 0-99 employees, as reported by the Canadian government. Since our target market is SMEs, Unum Health has ample opportunity to gain market share. With an aging population not only in North America, but also globally, the demand for home care workers may only become larger. The UN projects that by 2050, North America’s percentage of individuals 60 years old or over will grow from roughly 20% to just under 30%. These numbers are promising since it shows an upward trend of possible users of home care services.
As of 2018, there were 11,317 home care agencies in the United States, according to Statista. When adding this to the Canadian agencies (4,149), there are roughly 15,466 home care agencies in North America. These agencies serve roughly 42M people; a number that will only grow in the upcoming 30 years.
Key Relationships
Press
Team
Use of Proceeds
If the offering's maximum amount of $1,100,000 is raised:
| Use | Value | % of Proceeds |
|---|---|---|
| Sales | $400,000 | 36.4% |
| Software Development and Support | $346,100 | 31.5% |
| Marketing | $300,000 | 27.3% |
| Intermediary fees | $53,900 | 4.9% |
Terms
This is an offering of Common Stock, under registration exemption 4(a)(6), in Unum Health USA, Inc.. This offering must raise at least $10,000 by July 26, 2024 at 11:59pm ET. If this offering doesn’t reach its target, then your money will be refunded. Unum may issue additional securities to raise up to $1,100,000, the offering’s maximum.
If the offering is successful at raising the maximum amount, then the company’s implied valuation after the offering (sometimes called its post-money valuation) will be:
Financials
These financial statements have been reviewed by an independent Certified Public Accountant.
SEC Filings
The Offering Statement is a formal description of the company and this transaction. It’s filed with the SEC to comply with the requirements of exemption 4(a)(6) of the Securities Act of 1933.
We’re also required to share links to each of the SEC filings related to this offering with investors.
Understand the Risks
Be sure to understand the risks of this type of investment. No regulatory body (not the SEC, not any state regulator) has passed upon the merits of or given its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials or information posted herein. That’s typical for Regulation CF offerings like this one.
Neither Netcapital nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.
The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company’s control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
More Info
Updates
- Apr 30, 2022Primary offering finalized, selling shares
Ask a Question
Proofread your comment before submitting: once it's posted, you can’t edit or delete it. Investors are advised to review our Discussion Board Policy before submitting a comment. For the fastest help with the web site, email help@netcapital.com instead of commenting.
Looking to raise capital?
We can help turn your friends, family and customers into investors.
Interested in more investment opportunities?
Browse all offerings currently available.