Good morning. The third company selected as a 2019 Startup to Watch is the only one I didn’t know much about before it was nominated. Having only recently emerged from stealth mode, MyHealthMath has already gained traction with its pitch to improve how employees select health insurance plans. The Portland-based startup currently employs 15 and is projecting $1 million in sales this year, about 2x growth over its 2018 numbers. Check out Caitlin Gilmet’s profile of the five-year-old company below for more.
(The Startups to Watch list was created to promote Maine-based, early-stage companies that are poised to have a breakout year and deserve some attention. We ended up receiving 62 nominations for 35 companies. The selection committee and I whittled the list down to five companies, all of which have or are prepared to hit major milestones this year. If you want to learn more about how the committee selected the Startups to Watch, here’s the explanation.)
Startup to Watch 2019: MyHealthMath Emerges from Stealth Mode to Demystify Health Insurance for Employees
Every enrollment year, employees across the country start with a noble goal—to review their health insurance plans and make the most informed choice possible about their coverage. Most emerge from the labyrinth of premiums and formularies and co-pays more confused, and many succumb to inertia and just stick with the same plan they had last year. Worse, many never begin the research in the first place.
MyHealthMath, a Portland-based startup, aims to demystify the process of selecting a health plan. The five-year-old company, which only recently emerged from stealth mode, is tackling the problem by combining the power of big data and machine learning with a personal touch. The company gathers relevant details from employees and, using a proprietary algorithm, crunches the numbers that matter, allowing people to better understand their options and make choices in their own best interest.
Read more on Maine Startups Insider >>
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Wallit raises $2.6M seed round to fuel growth
Wallit, the fintech startup in Westbrook, has raised $2.6 million in a new round of fundraising to ramp up its sales and marketing efforts. The company, which bills itself as a “smart digital wallet for families and their teens,” reports that it currently has more than 20,000 monthly active users. The round was led by Boston-based fintech investors BlueIO, Mendoza Ventures and BoxOne Ventures.
Read more on Maine Startups Insider >>
Funding Corner
+ GO Lab Inc., a Belfast-based company that’s developed a wood-fiber-based insulation product for the building products industry, has raised nearly $4 million from a combination of debt and convertible notes, according to a SEC filingdated Sept. 20, 2019.
Briefly Mentioned
+ MedRhythms, a startup in Portland working at the intersection of music and digital therapeutics, was selected as the Most Innovative Company within the Digital Innovation Showcase at the 2019 Healthcare Analytics Summit held earlier this month in Salt Lake City.
+ The Grow Maine Show, which began as a podcast hosted by Martin Grohman that featured conversations with Maine entrepreneurs, has been picked up by WGAN. The show, which is sponsored by the Maine Technology Institute, will air on FM105.5 on Sunday mornings at 11 a.m.
–> Got a news tip or something of interest to Maine’s startup ecosystem? Send me an email.
ICYMI
A few recent MSI articles you may have missed:
- Cerahelix Tackles Water Conservation by Helping Industries Recycle It
- CourseStorm Finds Traction as Interest in Continuing Education Grows
- Startup Maine sending eight startups to TechCrunch’s Disrupt SF in October
- Lawsuit with former CTO sinks Chimani’s equity crowdfunding campaign
- Founder Forum: Jennifer Monti of Shock Analytics
- Certify acquires San Francisco corporate-payments startup
- Founder Forum: Charley Friedman of Flowfold
- Legislature fails to expand Maine Seed Capital Tax Credit, meaning a run on 2020 credits is likely
- New Maine noncompete law is a game changer for both employers and employees
- ZipLine acquires gift-card payments company
Jobs
If you apply for a job you see here, let them know you saw the opportunity in Maine Startups Insider.
+ HighByte, a new B2B software startup in Portland, is hiring a software developer as it emerges from stealth mode and begins to grow its team.
+ DAVO Technologies, a Westbrook-based fintech startup developing sales tax automation software for small and medium-sized merchants, is seeking motivated, startup-oriented developers and senior developers with experience in Typescript, Node, React, and AWS for immediate openings on its team. If you would like to learn more, please send a resume and cover letter to recruiting@davotechnologies.com.
+ MyHealthMath, an insurance-technology startup based in Portland, is hiring a senior director of technology.
+ Constant Energy Capital, a Portland-based fintech company, is hiring a director of digital marketing, a software quality assurance tester, and a strategic accounts associate.
+ Defendify, a cybersecurity startup in Portland, is hiring full-stack developers and inside sales reps.
+ VETRO FiberMap, a software development company in Portland, is looking for a DevOps and infrastructure engineer.
+ Wallit, a venture-backed financial technology startup based in Westbrook, is hiring a QA engineering manager, a sales development rep, and a VP of sales.
+ Arkatechture, a Portland-based company that provides business intelligence and data analytics services, is hiring a director of sales and marketing.
+ Introspective Systems, in Portland, is looking for a lead software engineer and a software engineering intern.
+ Walch Education, a venture-backed company in Portland developing a cloud-based “curriculum-as-a-service” platform for education organizations, is hiring a sales engineer and a director of engineering.
+ Guideline, a California-based fintech startup with an office in Portland, is hiring senior ruby engineers, an operations associate, and customer success associates.
+ Rapid Insight, a data analytics software firm, is hiring for several positions in account management, data analysis, web development, quality assurance, and software development.
+ Taylor Stitch, a San Francisco-based online clothing retailer, is opening a Portland office and is actively hiring a customer experience associate and a senior financial analyst.
+ Theory and Principle, a new legal-tech product design and development startup in Portland (you can read about it here), is hiring a senior front-end developer.
+ CashStar, now part of the Blackhawk Network, is hiring several software engineers.
+ Dream Local Digital in Rockland is hiring for a host of marketing positions.
Seeking a full-stack engineer? A technical co-founder? A sales or biz dev superstar? Send me your job postings to make this a great resource!
Calendar
Non-Equity Financing for Startups
Wed., Sept. 25, 4-6 p.m. — Preti Flaherty’s Portland office
Many entrepreneurs, particularly small business owners, rely on debt and other non-equity sources of capital to finance their ventures. We’ll discuss the different non-equity avenues available to startups, including traditional bank financing options, awards, grants, SBA loans, GoFundMe and other sources to fund your business without selling your equity. Equally important, we’ll address the legal considerations for each of these options. For more information and to register
TechTalk: Artificial Intelligence
Thurs., Sept. 26, 4-7 p.m. — Aura in Portland
Join WEX at its second annual TechTalk. This year’s event will feature a keynote address on artificial intelligence from Huma Abidi, engineering director in machine learning / deep learning software engineering at Intel Corp. followed by a panel of experts, moderated by yours truly, on the use of AI in business. MSI readers can use the promo code “TTP2019-TAKE5” to get $5 off the ticket price. For more info and to buy tickets.
Like a Boss: Shawn Cunningham, President of BlueTarp Financial
Fri, Sept. 27, 7:30-9 a.m. — Portland House of Music and Events
The Portland Press Herald invites Shawn Cunningham, president of BlueTarp, which was recently acquired by CapitalOne, to discuss the company’s growth and success. Tickets are $10, but subscribers to Maine Startups Insider can get their free by entering the promo code INSIDER. More info and to get your ticket.
MTI’s 20th Anniversary Event
Mon., Oct. 7, 5-8 p.m. — Hilton Garden Inn in Freeport
The Maine Technology Institute hosts an evening of cocktails, networking, and dinner to celebrate 20 years in the business of helping Maine entrepreneurs. It will be an opportunity for MTI to thank the countless people, partners, and clients that have contributed to its impact over the past 20 years. It will also be a chance for the innovation community to connect and show its gratitude for those who have helped them on their journey. Tickets at $40. More info and to buy tickets.
Raising Equity Capital and Securities Law Basics
Wed., Oct. 9, 4-6 p.m. — Preti Flaherty’s Portland office
This workshop will include a general overview of applicable securities laws and traps for the unwary when raising equity capital. For more information and to register
Come to Terms: Understanding Term Sheets
Wed., Oct. 23, 4-6 p.m. — Preti Flaherty’s Portland office
This workshop will teach you the language of an equity term sheet as well as the long-term implications of the most important deal terms. You’ll learn about the four broad categories of deal terms (economics, exit/liquidity, protection, management and control) and review the major terms in each. Three sample term sheets will be reviewed and discussed: convertible note, seed, and common. Discussion will touch on implications of issues like the balance of pre-money valuation with liquidation preference. For more information and to register
Equity Compensation of Employees, Advisors, Directors
Wed., Nov. 6, 4-6 p.m. — Preti Flaherty’s Portland office
This workshop will teach you about the various methods of compensating directors and key employees. You will learn about the advantages of the compensation forms, how investors view such structures, and the pitfalls to avoid in using equity to incentivize people that are key to your success. For more information and to register
Please send me your event or calendar item for possible inclusion.
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