JUNOFEM

JUNOFEM is a medical device company. femfit® is their pelvic floor training system powered by advanced biofeedback technology, and backed by a decade of clinical research.

Minimum investment: $10,000 NZD

$984,000
Offer live
$516,000 still available
Min target: $800,000 Max target: $1,500,000 Equity offered: SAFE Note
18 days Time left
(unless fully subscribed prior)
$984,000 Offer live
$800,000 Min. target (0.00% equity)
$1,500,000 Max. target
$516,000 Still available
18 days Time left
(unless fully subscribed prior)

Further detailed information is contained in the Information Memorandum

Investor Notice

This syndicated offer is only available to wholesale investors.

With a syndicated offer, we are giving our members the opportunity to participate in partially funded raises. Typically the company will have already received investment from a mix of new and existing investors. As such, we don't have the same level of engagement with a company as it prepares its offer materials, so you may notice differences from our standard format and disclosures. We encourage investors to ask questions, meet with the key people involved with the company, and to seek out all of the information they need to make an informed investment decision.

The online offer provides a summary of the information contained in the Information Memorandum which is available to download via the 'Offer' tab. The 'Offer' tab also provides access to additional information on the company that may be useful to investors as part of their due diligence process.

If you would like an introduction to the JUNOFEM team, please contact [email protected]

Executive Summary

JUNOFEM is a medical device company providing a trusted solution for improving women’s pelvic floor health and relieving symptoms of urinary incontinence. Built on 10 years of university research, JUNOFEM is now on a path to commercialisation, with a product that is backed by science and grounded in research.

Urinary Incontinence (UI) is a problem no one talks about, yet one in three women suffer from involuntary urinary leakage, it affects both their physical and social wellbeing. Many women curtail or stop their normal activity, cannot continue employment, and the cost burden is huge. We believe women deserve better.

JUNOFEM have created the femfit® system; a combination of a thin, flexible intravaginal sensing device which connects to an interactive mobile app to help women learn the skill of pelvic floor muscle contractions and guide them through a proven pelvic floor exercise training programme. Custom support improves the likelihood of the exercise programme being effective, leading to better outcomes for women who successfully complete the programme. femfit® and the exercise programme delivered via the app can resolve up to 70% of urinary incontinence symptoms in just 12 weeks.

Due to the proprietary nature of our femfit® system, IP is integral to our success. We have a portfolio of patents, built around the multi-sensor array providing a pressure profile which informs users, in realtime, of their pelvic floor exercising technique. Correct technique is key to effective exercising and symptom resolution. Patents are now granted in Australia, US and China. Europe, Canada and Hong Kong are still under review. As a medical device, approval to sell is country specific, and we have completed regulatory approvals in NZ, AU and UK. We will file our US FDA submission in Q4 2022.

JUNOFEM is early-revenue, which is not unusual for a medical device company, as it can traditionally take up to five years for substantial revenue generation. femfit® is in the market with revenue for FY2022 of NZ$41K. We have evidence of healthcare professionals’ confidence in the ability of femfit® to help their patients, with 35 professional healthcare practices in New Zealand and Australia onboarded already to refer patients to use femfit®.

Having validated the market and contracted key suppliers capable of large-scale manufacturing, the focus now is on growth and we forecast revenue of $414K in FY2023 and $2.5m in FY2024. Our growth strategy is to build credibility with health care providers in Australia and the UK and develop targeted sales channels to market, first to new mums, via Direct to Consumer (DTC). JUNOFEM will build the health economics evidence to support reimbursement from health insurers in the future.

Achieving market uptake metrics and FDA 510(k) clearance prepares JUNOFEM for a Series A raise in Q2 2023 and for expansion into the US. JUNOFEM is looking for $1.5M of growth capital through the issue of SAFE Notes with a 20% discount and a valuation cap of $8M. Existing JUNOFEM investors GD1, NZGCP, UniServices, and Icehouse Ventures, have already committed ~$1M to the round.

Investment Highlights

  • Research and development complete, product in the market
  • Clinical efficacy established. Product trialled on 400+ women
  • Seed funding (1M) raised in 2021
  • Quality management system implemented and ISO13485 certified by BSI
  • Regulatory approval completed in NZ(WAND), Australia (TGA), and UK (UKCA)
  • Core IP has been granted in 5 jurisdictions.
  • Product is in market with modest sales. Revenue FY2021 NZ$42K

Our Team

Our team comprises global clinical experts in urogynaecology, pelvic floor function, wireless medical devices, intellectual property, and commercialisation. Spun out of the Auckland Bioengineering Institute, our senior team has worked effectively together for 8 years.

Supporting documents

Key Capital Raising Offer Details

JUNOFEM is seeking to raise $1,500,000 by offering a SAFE note with the following terms:

  • 20% Discount
  • $8m Valuation Cap

JUNOFEM's current investors have already committed approximately $1M to the round and we are now giving new wholesale investors the opportunity to participate.

In 2021, JUNOFEM raised $1M with a post-money valuation of $4.5M. We anticipate that the progress since 2021 combined with the use of this bridge round funds to obtain FDA approval, show good market traction (% growth) and lead expansion to other off shore markets, in particular the UK, will had added substantially to this valuation. The valuation cap is set at $8M to further incentivise investors to participate in this SAFE note round.

Type of Shares on Offer

The SAFE note will convert into Conversion Shares at the time of the next capital raise (with discounts applied). Conversion Shares will be the same class as issued at the next capital raise.

Disclosures

Conflicts

There are no conflicts of interest to report. Senior executives are on a salary with ESOP incentives. Nonexecutive directors are not receiving remuneration.

Over Subscription

If the round is oversubscribed, the board reserves the right to accept additional funds for the purpose of preparing for Series A.

Shareholding Structure

In 2022 JUNOFEM went through a share restructuring process to prepare the cap table to be attractive to a Series A investor. The goal was to show that the key executives were incentivised sufficiently. This was achieved by creating a sizable ESOP (and direct share transfers from other founders) allocated to Kruger and Budgett. Non-executive founders were also bundled into the nominee company JUNOFEM Shareholders Limited.

The Companies Office reflects the Shares on Issue in the cap table, however, it does not have visibility of the ESOP allocation.

UniServices is the tech transfer office of the University of Auckland. They received some shares for assignment of IP. The bulk of their shareholding is assigned for the cash investments from the Auckland Inventors Fund – they are also participating in the Bridge Investment.

Governance

The JUNOFEM Board has remained stable over the last 12-months. Chair of the Board, Simon Malpas continues to provide guidance and support for JUNOFEM and keeps the executive team focused. Vignesh Kumar has applied his experience and expertise of high growth tech heavy startups and facilitates access to a range of resources at GD1. Both have used their networks to introduce relevant expertise. We have also have the benefit of Kent Lee (UniServices) as an advisor – he has been a JUNOFEM supported from its inception. Jenny Kruger and David Budgett, Executive Directors, round out the governance team, and they continue to live the dream of driving a high tech startup on a pathway to change the world.

We welcome non-executive directors as capital is taken on. There is also a role for an advisor to the Board with experience in medical device marketing to provide an independent perspective. Discussion are underway with potential thought leaders who fit the criteria.

Future Funding

Series A funding will be sought in Q2 2023. The plan is to raise $4M based on a pre-money valuation of $15M. This Bridge Investment is primarily focused on achieving the key milestones identified to strengthen the Series A pitch.

We have three VC companies who want to know about our Series A positioning and timing.

Share Registry Management

We are currently managing our Share registry with Orchestra

Shareholder Communication

Via Orchestra.

Third Party Advisors

  • Grow and Tell provide marketing advice.
  • Oxygen Advisors provide financial advice.
  • Avid Legal provide legal advice
  • Baldwins provide IP advice
  • Glass Associates provide regulatory and quality systems advice

International investors

The distribution of this offer outside of New Zealand may be restricted by law. This is not intended to, and does not, constitute an offer of securities in any place which, or to any person to whom, the making of such offer would not be lawful under the laws of any jurisdiction outside New Zealand. This includes, but is not in any way limited to, Australia and the United States. It is the responsibility of any Snowball Investor to ensure compliance with all laws of any country outside New Zealand relevant to their subscription, and any such Snowball Investor should consult their professional advisers as to whether any governmental or other consents are required, or other formalities need to be observed to enable them to apply for securities pursuant to each offer. The failure to comply with any applicable restrictions may constitute a violation of securities law in those jurisdictions. The securities in each offer have not been and will not be registered under the US Securities Act or the securities laws of any state of the United States.

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Warning statement

It's crucial for you to understand the characteristics and risks of this investment opportunity. New Zealand law normally requires people who offer financial products to provide in-depth information to investors before they invest. The usual rules do not apply to offers by companies through Snowball Effect. As a result, you may not be given all the information you need to make an informed decision. Investing is risky. Some of the key risks include loss of capital, illiquidity, lack of returns, dilution, loss of key people and customers, and lack of control. You should only invest money that you can afford to lose.