Adelaide-based startup Lumin Group has completed a $1.15 million capital raise to scale its offerings ahead of a lunge into the US market next year.
Lumin Group, which owns sport-tech Lumin Sports and corporate wellbeing business Hoap, says it now has a $12.5 million valuation following the raise which was oversubscribed.
Founded by former triathlete Ben Tripodi and backed by former AFL stars Matthew Pavlich and James Begley, Lumin Group’s Lumin Sports leverages data collection tools and specialised visualisations to connect teams, from the athletes through to team decision makers.
In 2021 the group launched Hoap, an enterprise-focused wellbeing application which brings the expertise in sports science and analytics developed by Lumin Sports into the corporate wellbeing market.
Hoap was launched initially to cater to businesses looking to help staff working from home to help track their wellbeing, and has now evolved into a performance and wellbeing platform design for businesses looking to support staff.
“We’ve seen incredible interest in these platforms, especially with Hoap as we continue to add businesses to our portfolio of clients particularly as lockdowns ease and businesses are looking for the edge in a post COVID world,” CEO and founder Ben Tripodi said.
“The investment we’ve received will allow us to build and scale the product as well as enhance our customer support.”
Lumin Group currently counts 20 elite sports programs as ongoing clients, including the Hawthorn Hawks, Adelaide United, Cycling Australia and the South Australian Sports Institute.
With several clients in the US, including professional cycling organisations Team Novo Nordisk and Team Tibco Silicon Valley Bank, Tripodi said he was aiming to grow Lumin’s domestic and overseas client base ahead of a proper launch into the North American market in 2023.
“We’re targeting $100 million in revenue by 2030, and 200 per cent revenue growth in the next 12 months,” Tripodi said.
“Aside from organic growth with our current offerings and a move into the more amateur markets, we’re also looking to use the investment to scale the platforms and prime them for a run at the lucrative US market.”
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