Windchime Health

Windchime Health

Windchime is a SaaS solution for dentists to fill their cancellations and openings.

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Security Type
Crowd Note
Categories
Technology
Min Investment
$1,000
Location
Danville, CA
Offering Date
July 13, 2018
Expected Close Date
October 11, 2018
Target Raise
$500.00K-$1.25M
Deal Notes
  • Security Type: Crowd Note
  • Conversion discount: 20.0%
  • Valuation Cap: US $3,500,000
  • Interest rate: 6.0%
  • Note term: 24 months
  • Minimum investment: US $1,000
  • Target Minimum: US $500,000
  • Maximum Raise Amount: US $1,250,000

Company Description

Windchime saves patients money on dental care and fills dentists' schedules in one seamless platform. Dental practices have a costly reoccurring problem: cancellations and scheduling gaps prevent dental practices from realizing their true profit potential. In addition, dental practices need to spend money on marketing efforts to attract new patients, replacing those that are inevitably lost from year-to-year through general attrition. Consumers expect to use technology to make informed decisions when shopping for services, but dentistry has lagged behind in offering patients this convenience. As a result, patients lack insights into costs before arriving at a dental office, and scheduling a block of time in the future for an appointment is a guessing exercise for many --one that often leads to cancellations. Windchime solves these problems with an open marketplace that matches dental practices' needs to fill their empty chairs with a patient's desire for convenience and savings. Patients can see open dental appointments for last minute time slots at nearby dentists, and can book it on the spot (with a discount) with Windchime. Already have a dentist? The Windchime Rewards system lets patients connect with their dentists to earn discounts and rewards for booking last minute appointment openings. The Windchime marketplace and rewards platform has effectively created a win-win situation both for practices that need to improve their bottom lines and for patients that are increasingly going without dental insurance or just want more flexibility with their busy schedules.

Perks

Quarterly email updates about Windchime's progress.
If you are a practicing dentist or practice owner, you will receive free lifetime access to Windchime for your practice.
Access to one of two investor events in Fall 2018, hosted at an exclusive winery in Napa / Sonoma.
Access to one of two investor events in Fall 2018, hosted at an exclusive winery in Napa / Sonoma.
Airfare to event.

Key Deal Facts

Platform successfully launched in San Francisco in January 2018
23 dental practices signed with no sales team and limited marketing budget; over 2,000 app deployments since launch.
Unique platform to address excess capacity issue in $134 billion dental industry.
Third successful healthcare startup for CEO, experienced team who have worked together at two previous startups
Investors include Mike Gregoire CEO of CA Technologies and member of World Economic Forum

Use of Proceeds

  • 42% Sales and marketing
  • 33% Staffing
  • 7% Product development
  • 5% General expenses
  • 4% Legal
  • 4% Entity fees
  • 3% Conferences and shows
  • 2% Infrastructure and services

Management Team / Advisory Board Bios

Joseph Storm
CEO & Co-founder
With over 30 years experience working with start-ups and young companies, Windchime CEO and Co-founder Joseph Storm is a veteran in the healthcare space. He has extensive experience in raising capital, building a management team, working with investors, and problem solving the many obstacles that plague early stage companies. He has had multiple successful exits (acquisitions) while his last venture continues to thrive.

Vivek Dhar
CTO & Co-founder
Windchime CTO and Co-founder Vivek Dhar has worked in multiple business verticals like healthcare, energy, retail, and e-commerce in the last 18 years. His experience in building solutions and managing teams for companies and clients across the globe of varying sizes has given him valuable insights into the unique needs of early-stage companies.

Deal Notes

  • Security Type: Crowd Note
  • Conversion discount: 20.0%
  • Valuation Cap: US $3,500,000
  • Interest rate: 6.0%
  • Note term: 24 months
  • Minimum investment: US $1,000
  • Target Minimum: US $500,000
  • Maximum Raise Amount: US $1,250,000
Amount Raised : $318,587
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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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