Loyalty, insights, digital communication and personal data management integrated in one platform

Overview

MyGravity was founded with the goal to revolutionize the corporate customer personal data management and loyalty space, with the vision to create an open platform and marketplace for personal data information, on which both businesses and customers could be able to  manage, enrich, update, withdraw personal data from the different stakeholders. To build this vision, MyGravity started to roll-out loyalty programs for SMEs with a hyperlocal approach.

In 2013 they raised a large angel and F&F round that covered their initial development.

In March 2015 MyGravity appointed Fast Forward Advisors to help them reach investor-readiness and be able to raise either a Bridge Seed or a Series A round in the UK and the US.

Project
Client: MyGravity Ltd.
Sector: Loyalty, Personal Data Platform
ProductB2B/B2C Cloud app
Web: www.mygravity.co

Project summary

Service: Startup International Fundraising
Outcome: Reached investor-readiness and raised 7-figure bridge seed funding

“ Frank has been supporting us every week for over 1 year on reaching milestones and metrics to reach investor-readiness, which lead to our bridge round and subsequently to our exit “

John Goldader | Co-Founder & CEO | MyGravity

PROBLEMS & CHALLENGES

The main problems of MyGravity in early 2015 were the following:

  1.  Strong long term vision, but the path was not developed: The very first pitch deck was too much focused on the vision of the personal data management platform and little information was provided on how to concretely and milestone-based to reach that (and what business model, validation points and funding would be needed to support it).
  2.  Fundraising: Like all tech ventures nowadays, MyGravity was highly interested in fundraising, in order to survive the valley of death of the data management / marketplace model. But this model requires huge amounts of money and there is very little proof-of-market and validation that can be obtained at each growth stage, making fundraising practically impossible.

ACTIONS & SOLUTIONS

  1. Phase 1: Reaching investor-readiness: We worked with MyGravity with our standard Startup International Fundraising package, first on the Phase 1 “investor-readiness check-up”. We helped to identify, which elements in their business and investment case was not investor-ready in terms of a venture-backable business. We tried to break down the value proposition (being long-term personal data platform and marketplace) into more short-term focused, measurable and milestone-driven propositions. All of this had to be distilled into a pitch deck and financial kit at the end that would show short-term traction, but give an idea about the long-term vision and potential of the company.
  2. Phase 2: International Fundraising: As part of the Phase 2 “fundraising operations” of our standard Startup International Fundraising package, we supported MyGravity in
    1. creating a long-list of investors by crawling through our internal databases (with past transactions), investors via 2nd rank introductions and our own specific research.
    2. identifying pitching opportunities in public and closed-door event
    3. reaching out and short-listed interested investors (and managed feedback loops and arrangement of 1-1 meetings)
    4. supporting in deal closing and negotiations

IMPACT & OUTCOME

  1. Investor-Readiness & closed 7-figure bridge seed funding: MyGravity reached a maturity of investor-readiness, which contributed to raising a 7-figure bridge seed round from investors in the UK (including OION – Oxford Investment Opportunity Network, investment crowd on crowdcube.com and existing angels).
  2. Trade-sale Exit (in 2017): After a successful growth of their My360 app in the UK with the collected funds, MyGravity accepted an acquisition offer from Bink Ltd, the growing loyalty platform backed by a very strong funding from top-tier investors. The terms are undisclosed, but all shareholders got a great upside from the deal.
    Fast Forward Advisors is still a shareholder in Bink Ltd. and is still providing soft support to the management.