July 2020 Gap Fund Recipients
IDEA ventures have been hard at work, showing their ability to overcome with continued achievement despite the ever-changing reality of our world.
Five ventures in particular, Aire Fresco, Flexifabrics, Flexxbotics, Mount, and UFO recently pitched IDEA’s Advisory Board and earned an investment from the Gap Fund, a non-equity grant reserved for Go stage ventures which allows companies to receive up to $10,000 per round.
Targeted at the Hispanic market, Aire Fresco is a science-based mindfulness tool focusing on meditation currently operating with a B2B as well as B2B2C strategy. The venture plans to use their Gap Funding for further product development, specifically enabling the company to leverage machine learning and offer preventive services to their clients. An example of such services includes push notifications of recommended meditations triggered by recognition of stress patterns in the user.
Flexifabrics produces a customizable neoprene protective sleeve for boat fenders, Fendersox, to protect both the fenders themselves as well as the boat exterior. The venture will use their Gap Funding to market their product as well as for patent consultation. Flexifabrics will have a booth at the Fort Lauderdale International Boat show, which looks to be a promising opportunity to attract new customers. The venture also plans to use the funding for influencer engagement, Google ads, and search engine optimization to increase website traffic.
A venture targeting the universal robot space, Flexxbotics, generates revenue through the sales of Flexx Reference, a hardware and software solution that helps a user reprogram real world coordinates to enable collaborative robot mobility. In order to enhance their current product suite, Flexxbotics has designed Flexx Connect, which creates a digestible layer of intelligence for collaborative robots. The venture plans to use their Gap Funding to produce demonstration units, produce a marketing video, and update their website to reflect the complete product suite.
Mount has developed a patented lock hardware and software that includes Bluetooth tracking data and targets the modern electric scooter market. Mount is targeting scooter companies with fleets of around 10,000 scooters with the aim of increasing the scooter’s lifespan and associated profitability. The venture is planning on utilizing Gap Funding to produce nine sample locks, which will be distributed to pilot customers.
UFO, offers a zero additive, all-natural milk alternative, unique blend of Hemp, Chia, and Oat. Currently offered in 11 stores, per Whole Foods’ recommendation, UFO will seek Non-GMO, Organic, and Gluten-Free certifications. The venture plans to use Gap Funding to improve digital marketing efforts and product development in order to increase store sales and their footprint in the Southern California area.
These ventures have been extremely impressive in their progress, and we eagerly look forward to seeing their impending successes.
IDEA Gap Funding is a non-equity educational grant available to ventures in the GO stage of IDEA’s process. Applicants may apply on a bi-monthly basis where their business plans are reviewed by IDEA’s student Investment Committee upon being selected to pitch plans to IDEA’s Advisory Board. Applicants may receive up to $10,000 in funding.
