Two VCs canceled Raccoon.care investment contracts in February 2022 due to war
Svetlana Malinova · Her Devs work out of Bomb Shelters in Ukraine, $150k in Revenue for Employee Care SaaS · Jan 26, 2023 · at 10:30
Svetlana Malinova, founder of health SaaS startup Raccoon.care, describes why the company pivoted after the Russian invasion of Ukraine disrupted venture funding.
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“To get like some extra medical certification, but to like VCs, they just like consult our contracts in February because the war starts.”
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More from Svetlana Malinova
Malinova: Raccoon.care's Ukrainian back office sometimes works from bomb shelters
“I'm in New York, and our back office is in Ukraine, but they are working, sometimes out of bomb shelters, but they are safe, I hope.”
Raccoon.care pivoted from physical rehabilitation to corporate wellness
“We just pivoted from physical rehabilitation field when we sell to rehabilitation centers to corporate wellness. So we just did this, like, transformation this autumn, and before that, we, starting from 2018, we were selling to rehabilitation centers”
Raccoon.care spent 60% of its $1.5M funding on medical certifications
“We, like, in total we raised 1.5 million dollars, where, like, around 60% we spent on medical certification, evidence, we also had, like, devices, so also on manufacturing those devices, and if we are talking about how we get those money, it was our own money,…”
Raccoon.care's co-founders retain 75% equity ownership
“Right now, 75% of the company belong to co-founders, me and my co-founder.”