Today I’ve been accused of only writing negative blog posts, whilst I’ll admit the majority of my posts aren’t filled with positivity, I do occasionally find something to be positive about and today is one of those days.
StoriiCare pitches itself as “a care management system with life stories at its core”. In short, probably the best way to think of it is as a social media platform for people in residential and care homes. It allows residents to (with help from their care workers) connect with their families and loved ones who then share pictures, memories and such like. When put like that, it seems ridiculously simple, they do a much better job of explaining things in their pitch on Seedrs, which when I read it for the first time I found compelling.
Whilst I don’t personally know anyone in residential care, I can see how this platform could be useful for those in care, their friends and family as well as care home staff. I feel their list of benefits speaks for itself:
– Improved family interaction with those in care.
– Improve staff recognition for their care.
– Reduce paper, ink and stationary costs for providers.
– Reduce staff time spent filling in outdated paper forms.
– Improved care ratings.
I’m not sure about reduced ink and stationary costs being a key driver, the other four are probably more than enough in terms of justification. Given this is one of a few small niggles I have about the pitch, I’m inclined to let them off.
On the subject of niggles, as Seedrs investors we’re used to seeing pitch decks and projections attached to most pitches – these are notably absent in the case of this pitch. I mentioned this to them in an email yesterday, they’ve assured me that a deck is in due to be attached very soon but it’s just undergoing review – A good sign in itself. I also mentioned the fact that their accounts were due two days after the pitch closes, again they were forthcoming and have offered to share their accounts on request – another good sign.
In my opinion, the good far outweighs the bad on this one, it’s refreshing to see a compelling idea combined with a decent pitch. I’m not even going to mention the valuation (£3.3m) other than to say it seems a little high, I’m just going to invest a modest amount.