Motivo Completes Series A Funding Led by Individual Wisconsin-Based Investor
MILWAUKEE--(BUSINESS WIRE)--Jun 5, 2018--Motivo, Inc., a company dedicated to enhancing independence through design, today announced it has completed a $950,000 Series A round of financing led by local Wisconsin-based investor and former CEO of Mortara Instrument, Justin Mortara. The investment brings Motivo’s total funding to $4.8 million, comprised primarily of individual investors and the remainder from Wisconsin Economic Development Corporation and Milwaukee Economic Development Corporation business development loans.
This new round of funding will help the company further develop and scale its all new in-house manufacturing capabilities, while supporting the national launch and advertising campaign for its 2018 Motivo Tour ® Walker. The Tour® was created to not only reduce back and neck pressure by up to 60 percent through a revolutionary design that allows the user to walk naturally inside and upright, compared to walking behind and hunched over a fixed seat rolling walker, but also provide the convenience features and modern design that enables users to live life to the fullest.
“This funding represents an important growth milestone for Motivo,” said Jeremy Knopow, co-founder, Motivo. “With this Series A complete, our team has been able to scale up manufacturing with new equipment, hire new employees and has allowed us to solidify our go-to-market strategy for the national launch of the new 2018 Tour® this summer.”
The global personal mobility devices market, which has seen little innovation over the last 70 years, is expected to reach approximately $7.55 billion by 2022 according to a study conducted by Crystal Market Research. With an aging baby boomer population, approximately 18 percent of the total population has moderate, extreme or severe difficulty with walking. As the population grows, this number is expected to further rise with 10,000 additional boomers turning 65 every day, inexorably growing the demand for mobility aids along with it.
“The more time I’ve spent with the Motivo team, the more impressed I became with their design philosophy, manufacturing and marketing acumen,” said Mortara. “The Tour® is a solution to a real issue that impacts so many, and I’m pleased to lend my support to assist in developing the scale and reach this solution deserves.”
Inspired by the needs of family members, Motivo’s product designer co-founders identified an unmet demand in the market for new innovative mobility products designed for people’s lives, not just their medical conditions. With a broad patent portfolio recently independently valued at approximately $22.5M, the Motivo Tour® dramatically enhances the quality of life for the user and sets it apart from any other mobility device on the market.
Inspired by the needs of our own family members, Motivo was founded on the premise that independence enabling products should be designed for people’s lives, not just their conditions.
Headquartered in New Berlin, Wis., the Motivo founders leverage their combined 40+ years of product design experience to bring that mission to life. Following hundreds of hours of user testing, countless prototypes, and nearly four years of research and development, Motivo is proud to introduce the all-new 2018 Tour® – the revolutionary mobility product for seniors, veterans, those suffering from Cerebral Palsy, Parkinson’s, and anyone else that just needs a little extra help getting around. For more information, visit www.motivolife.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180605005496/en/
CONTACT: For Motivo, Inc.
Nicole Koremenos, 414.224.0210
KEYWORD: UNITED STATES NORTH AMERICA WISCONSIN
INDUSTRY KEYWORD: SENIORS HEALTH OTHER HEALTH MANUFACTURING OTHER MANUFACTURING CONSUMER MEDICAL SUPPLIES GENERAL HEALTH PHYSICAL THERAPY
SOURCE: Motivo, Inc.
Copyright Business Wire 2018.
PUB: 06/05/2018 09:30 AM/DISC: 06/05/2018 09:31 AM