MyLifeWell

MyLifeWell

Holistic health and wellness platform recognized as a “Top Emerging Employee Wellness Company for 2022” by HR Tech Outlook

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Security Type
Convertible Note
Min Investment
$100
Location
Battle Creek, MI
Expected Close Date
February 27, 2023
Amount Raised
$27,900
Target Raise
$25K-$700K
No. Investors
9
Security Price
$1
Number of Employees
2
Cash
$53,357
Revenue
$16,164
Short Term Debt
$35,762
Cost of Goods
$1,176
Long Term Debt
$0
Net Income
$-451,715

Company Description

In today’s post-pandemic world, employee wellness has become a key topic of discussion within the business world. Regardless of size and area of operation, many organizations have started to undertake various measures to promote healthy lifestyles among employees and their dependents.iii But why has employee wellness become an integral part of the corporate strategy? The COVID-19 pandemic has been cited as a primary driver influencing the decision to focus more on well-being.ivIn the present situation, businesses without a proper employee wellness strategy may struggle to hire and retain talented people.v With hectic schedules at the workplace and busy lifestyles, well-being can take a backseat, leading to stress, anger, anxiety, depression, and other disorders.vi There is support for a holistic approach to well-being in order to encapsulate every facet of employee health, from physical to mental and emotional well-being.vii  MyLifeWell looks to be an all-in-one wellness programming and rewards/reimbursement platform that offers solutions at each stage of a client’s wellness journey. The company’s wellness program looks to improve personal and social well-being for organizations’ workforces via three core pillars: Live Well, Travel Well, and Shop Well. Each of these pillars allow employees and members to focus on end-to-end well-being across physical, mental, social, and emotional wellness. MyLifeWell’s solutions were designed to bring wellness back into everyday life and make it accessible, enabling employees to embark on a seamless journey toward optimal health. Their per-employee subscription service allows organizations of many sizes to participate.MyLifeWell’s progress has not gone unnoticed, as the company was recognized as a “Top Emerging Employee Wellness Company for 2022” by HR Tech Outlook.viii The company’s Founder and CEO, Gaurav Goomer, has a notable background which includes an MBA and over 15 years of business experience highlighted by work at the Kellogg Company – a Fortune 500 company. Doug Grosso, the Chief Corporate Wellness Architect, has more than 25 years of experience in designing corporate wellness programs. MyLifeWell intends to use the proceeds from this round towards expanding sales and marketing activities, general working capital, and supporting future wages.

Key Deal Facts

The company was recognized as a “Top Emerging Employee Wellness Company for 2022” by HR Tech Outlook, one of the largest publications within the HR tech spacei, Membership includes instructor-led on-demand classes that include yoga, HIIT, barre, kettlebell, dance, kickboxing, mediation, cycling, breathwork, pilates, and even ballet, The company has developed a diabetes prevention program and hopes to be named to the CDC’s list of recognized diabetes prevention program registry members by the end of 2022ii, The company has conducted 60 product demos in 2022, up from 13 self-reported demos in 2021

Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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