About Us
SpaceBands create wearable technology solutions that make workplaces safer. After gaining extensive press coverage and 1k+ customers with their social distancing device, they are now pivoting towards general workplace safety. With new product development almost complete, they are now raising for their next big launch.
Investment Highlights
£450K Revenue in Y1 (EBIDTA £226.3k) as a team of 2, entirely self-funded
Featured on: BBC, ITV, Sky & Apple News, The Independent, Hello! Magazine & more
1000+ Existing Customers, including NHS, MoD, ITV, Amazon, Sony & Panasonic
Recently joined the Global #1 Tech Business Incubator
Vision and Value Proposition
SpaceBands’ first device helped over 1k businesses, across the world, operate seamlessly throughout the pandemic – by aiding social distancing & contact tracing.
They’ve been consistently profitable since their 3rd month of trading.
They’ve worked closely with customers across various sectors to build the new SpaceBands device and pivot – an all-in-one wearable, mobile & desktop app with multiple functions.
This new device will help minimise potential health and safety risks in the workplace.
Wearable technology to make workplaces a safer space.
SpaceBands’ first device helped over 1k businesses, across the world, operate seamlessly throughout the pandemic – by aiding social distancing & contact tracing.
They’ve been consistently profitable since their 3rd month of trading.
They’ve worked closely with customers across various sectors to build the new SpaceBands device and pivot – an all-in-one wearable, mobile & desktop app with multiple functions.
This new device will help minimise potential health and safety risks in the workplace.
Wearable technology to make workplaces a safer space.
The Problem
Workplaces can be dangerous with sickness & injury-related absences costing the UK £77.5bn a year.
People care more about their safety & well-being at work than ever before.
Minimising health & safety risks & reducing hazards is currently complex & expensive.
Technology can simplify these risks, but options are sparse. Until now.
Target Market and Opportunity
We will focus on B2B sales within manufacturing, construction, health care and production.
The industrial wearables market is set to grow to$2.78 Billion by 2024.
The Solution
SpaceBands’ workplace system manages employee safety and welfare using a wearable device that collaborates with their free mobile application (iOS and Android) and website portal. The non-intrusive and straightforward technology tackles an extensive range of safety and wellbeing issues, designed with both the employee and employer in mind. Features monitor social distancing and contact tracing, risks to lone workers, hazards from machinery blindspots, and many more. The device even notifies employees if they have been sitting or standing in a stationary position for too long and should therefore stretch.
Existing safety systems are expensive and complicated. Working closely with over 1000 businesses and health and safety professionals, SpaceBands are launching their second product, an innovative and comprehensive solution for businesses. SpaceBands technology performs continuous monitoring, allowing businesses to efficiently prevent widespread employee sickness and injury, and use data to inform their PPE protocols. Businesses can also collect a complete paper trail and avoid litigation. As a completely customisable product, SpaceBands also surpasses other solutions as businesses can tailor the device entirely to suit their workplace needs.
Business Model
There are many opportunities to exit with partnerships or acquisitions. SpaceBands will become the marketplace for all things health, safety and well-being at work. By this, there is scope to be bought by an insurance company, payroll system, HR platform or white labelled by our customers for complete customisation. We’ve built a working model of our product but as our business grows and opportunities arise, we can take this business in a range of directions…
Traction and Validation
Raising £600k to support launch of new product 3 Year Revenue Target £14.1mil £8.2mil profit
£450K in Y1 with first product (£218K EBITDA)
Proven record selling across multiple sectors globally
Trusted and credible brand
Marketing and Sales Strategy
Targets:
Seeking investment to grow team and drive big marketing push
Hire 3 further full time members of staff (in addition to our existing team of 4):
Head of Sales (x1) Sales & Marketing Executive (x1) Operations (x1)
Sell at least 6,000 devices in 2021 (Oct-Dec) – generating £315K revenue (165K net profit) .
Sell 230,000 units by the end of Y3 with ongoing subscription revenue.
Do You Have A Question? If you need any more info, you can contact the entrepreneur directly.
Team
Ronan Finnegan
Co-Founder
An award winning (TalkTalk’s Digital Hero) startup founder and TED speaker, who, at 26, has run a marketing agency and sold two previous businesses (WAKEorDONATE + GYMorDONATE). Nominated for the Great British Young Entrepreneur of the Year 2021 award.
Harry Kimberley Bowen
Co-Founder
Santander Young Entrepreneur of the Year 2019, Harvey Goldsmith Young Entrepreneur 2019, won The O2 Think Big Award, presented at 10 Downing Street and led sales for two successful start-ups. Nominated for the Great British Young Entrepreneur of the Year 2021 award.
