Australia’s Lumin Group completes $1.15m cap raise to scale offerings for sports and corporate sectors
Sets growth target of 100% in next 12 months and $100m in revenue by 2030 through move into the corporate wellbeing space
Adelaide, Australia, January 10, 2022 – Lumin Group, the Adelaide-founded start-up which owns Lumin Sports and Hoap, has completed a $1.15m capital raise from a number of investors. The raise gives the company a valuation of $12.5 million with a move into the corporate wellbeing space looming, and ahead of a launch into the US next year.
Initially targeting a capital raise of $between 750,000 and $1 million, the company oversubscribed to ensure it could welcome a number of high-impact sophisticated investors.
Lumin Group is an Adelaide-based start-up founded by former triathlete Ben Tripodi and backed by former AFL stars Matthew Pavlich and James Begley. Its first product under their Lumin Sports banner leverages accurate data collection tools and specialised visualisations to connect teams, from the athletes through to team decisionmakers.
In 2021 the Group launched Hoap, the 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 with more people working from home due to COVID-19, and particularly as more businesses look towards a hybrid work model. Now Hoap has developed into a fully-fledged performance and wellbeing platform design for businesses that are looking to improve staff wellbeing to better enable company performances to continue to grow. Hoap is ideal for the Professional Services and Government sectors, but also caters to small businesses of any kind with as few as 10 staff members.
“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,” said CEO and founder Ben Tripodi. “The investment we’ve received will allow us to build and scale the product as well as enhance our customer support.”
Both Lumin and Hoap quantify wellbeing for both sporting and corporate organisations through a mobile app for individual talent (employee or athlete) and a suite of tools that provide powerful insights for leaders (managers or coaches). High-performance coaches, for instance, can track the sleep patterns and injury recovery of their athletes or squad to help them determine risk of re-injury or performance levels.
This same level of analysis is leveraged in Hoap, in which individuals can see how they are tracking with stress, social recovery and more while managers can view the data and trends to analyse if staff need a break, assistance or more. Hoap also produces its own original content using high profile, high performing people to tell their own wellbeing journeys in addition to educational content from some of the world’s best wellbeing experts.
INVESTMENT TO RAMP UP OFFERINGS AND PUSH INTO THE U.S.
The company now counts 20 elite sports programs as ongoing clients, including Hawthorn Hawks, Adelaide United, Cycling Australia and the South Australian Sports institute, among many others. It also works with several select US-based clients including professional cycling organisations Team Novo Nordisk and Team Tibco Silicon Valley Bank, among others.
The Lumin Sports offering, initially designed for the highest-level global professional sporting teams, is now being used by amateur teams including schools and country sporting teams. Lumin Sports has also entered the armed forces industry after recently securing a large multi-year contract.
Hoap, meanwhile, has seen incredible growth in the past six months, having signed contracts in allied health care, banking, professional services, and retail.
“We’re targeting $100m in revenue by 2030, and 200% revenue growth in the next 12 months,” said Tripodi. “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.”
To enable it to continue to scale, in 2020 the company appointed former KPMG senior manager Jessica Steens to the role of Chief Operating Officer to help oversee and steer the growth of both Lumin Sports and Hoap.
“Moving into corporate wellbeing alone has significantly increased the total addressable market,” said Tripodi. “Once you factor in our expected push into the amateur sports market, we’ll target a total addressable market of more than $198bn.”
ABOUT LUMIN GROUP
Lumin Group exists to provide effective physical and mental performance tools for humans of today, to ensure they are their best selves tomorrow. They are on a mission to provide effective performance tools for two million humans to fulfil their potential by 2030.
Hoap is a software platform that quantifies wellbeing for organisations. Hoap achieves this through a mobile app for individual talent (employee) and a suite of powerful insights for leaders (managers).
Lumin Sports is a software platform that visualises key athlete and team data in real time so that technical and non-technical managers can make faster, more accurate decisions to inlock team potential.
Founded and based in Adelaide, Australia, and backed by former AFL stars Matthew Pavlich and James Begley, the company works with sporting organisations and businesses across the globe, using data and analytics to help athletes and staff be better tomorrow than they are today.
For more information, visit https://luminsports.com/ & https://hoap.com