Investors back 'global potential'
‘Time capsule’ firm Miigen beats cash target
Craig Lemmon: ‘delighted with the speed of fund-raising’
Miigen, an online social platform for older adults across the globe, has exceeded its target in a first round fund-raising exercise.
The company, which provides older people with a digital “time capsule” of photos and other personal information, set out to raise £150,000. Instead it has drawn £250,000.
This is on top of bootstrapping investment – without outside help or capital – of £200,000 by Craig Lemmon, its chief executive, through his software development company, 2e-volve.
He said: “When you have been leading successful businesses for as long as I have and you come up with a new concept like Miiigen that fires the imagination of people, it’s not unreasonable to expect some of those you know well to support it with funding.
“All the same, I have been touched and really quite delighted by the speed with which the funds have been raised.”
The site is one of the first companies to focus on a retrospective social platform which is fully private unless users want to share a memory.
It is integrated with global social media giant Facebook whose posts can be converted to Miigen Moments with added voice tags.
One high-profile investors in Miigen is Tony Banks, founder and chairman of the Balhousie Care Group. He said: “Age is an asset because it brings with it years of priceless lived experience – lose sight of that and we lose something of immense value.
“When I hear of a new product that enhances the lives of older people and keeps afresh their relationships with family, friends and future generations I get energised and excited. Miigen is just such a breakthrough. A ‘digital time capsule’ created here in Scotland and with the possibility of changing lives across the globe.
“That’s why I am so delighted to invest in Miigen. It is the start of something that will have a positive impact on the lives of older people and their families across the world. Anyone, like me that believes ageing should bring new possibilities should back Miigen.”
Sandy Kennedy, chief executive of Entrepreneurial Scotland, said: “Congratulations to Craig on the next phase for Miigen, an exciting Scottish firm with global potential.
“As a member of Entrepreneurial Scotland, Craig has benefited from the advice, inspiration and investment of his entrepreneurial peers. He is, in turn, a great supporter of his peers’ interests as well as a mentor to the next generation of entrepreneurs and personifies a supportive peer network in action.”
Miigen plans to acquire 10 million older adult customers in its target demographic – which numbers in excess of a billion – by 2022.
Mr Lemmon is building a portfolio of strategic partnerships. He is also forging links with age-related third sector organisations and organisations such as the Scouts who will be encouraged to help their grand-parents and older people with the project.
He said: “There are 1.71 billion over-50s around the world, of whom 47% are internet-connected.
“Of that percentage, 74% use social media – a target demographic of 602 million people. The potential for a platform such as Miigen, which is tailored to their needs, is huge.”