BC Wearables Start-Up Helping Kids with Autism Raises $500K in Seed InvestmentFriday, July 10, 2015
Vancouver, BC, July 10, 2015--(T-Net)--Wearable Therapeutics Inc., developers of Snug Vest - an inflatable vest that provides anxiety relief through a clinical method called deep pressure therapy, announced today the successful closure of over $500,000 CAD in seed funding.
This is the first round of investment for the company, founded by 27-year-old first time entrepreneur, Lisa Fraser.
“It's been very exciting to see Snug Vest grow from a concept developed in design school to a full fledge product that is helping change the lives of people affected by anxiety, autism and sensory disorders,” said Fraser, founder and CEO of Wearable Therapeutics Inc. “Receiving investment from investors who have great knowledge and expertise in the industry and marketplace is a great honour and will help us grow the brand and ultimately get Snug Vest in the hands of more families who can benefit from it.”
Snug Vest is a therapeutic wearable vest, which targets anxiety and stress management for families dealing with autism.
The vest has received international recognition and awards for its design and community efforts. In 2014 Snug Vest received the Red Dot Product Design Award, was a finalist for the Medical Design Excellence Award, and its founder made a successful appearance on CBC's Dragons Den.
Collectively invested by 12 investment groups or private angel investors, the first round signifies a continued upward trajectory for the company that is 92% Canadian and 8% American owned.
Lead investment group, Arc Capital Development based in Colorado, is an early-stage venture firm that invests in companies with a double bottom line approach in the education technology and special needs marketplace.
Founding Principal Kevin Custer is also a board member of the Autism Society of America, and a recognized leader in the development and growth of successful businesses in the online, enterprise, and autism markets.
Other significant investors include VANTEC Entrepreneurs Fund, Pique Venture Investments and Sunshine Coast Venture Partners.
“Snug Vest is solving a great market need and is servicing a lot of families very well,” said Kevin Custer, founding principal of Arc Capital Development. “I've seen hundreds of people use Snug Vest and when they put it on you see results almost immediately. We are proud to be part of the team and investing in this worthwhile product. We're happy to be “Snug-Vested”!”
Snug Vest intends to use the increased capital investment to scale up operations and increase marketing efforts across North America. A portion of the funds will be segmented towards production, development of future technologies, clinical research, and general operations.
To learn more about Snug Vest, please visit: http://www.snugvest.com/.
About Snug Vest
Snug Vest is an inflatable vest that provides anxiety relief through a clinical method called deep pressure therapy. It is especially effective for individuals managing autism, high levels of stress, or sensory processing disorders. Its innovative design simulates a comforting hug and is used by occupational therapists, teachers, adults, and children.
Wearable Therapeutics Inc.
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