5 Reasons to Invest in Firstcheck

A recap…

Firstcheck’s technology is revolutionising skin cancer screening by placing game-changing innovation in the hands of everyday people. With a unique and scalable platform, Firstcheck provides affordable, convenient and reliable skin checks online - connecting patients with expert skin cancer doctors for reliable, rapid and convenient care.

The Firstcheck offer has hit its minimum funding target – a whopping NZD $500K - however there is still equity available. If you’re still considering investing here’s a handy guide for 5 reasons to invest.

Large & Active Target Market

  • Large target market: Two out of three people in Australia and New Zealand are expected to develop skin cancer in their lifetime. This means it’s become an imperative that we all check and check regularly. As an online platform, Firstcheck can be utilised by millions of people across Australia and New Zealand. 
  • Active target market: A study showed that 85.4% of melanomas were detected by the patient and that most skin checks involve someone asking their GP about a spot the person is worried about. Firstcheck provides an affordable and convenient option for that process and, with additional brand awareness, could see mass adoption.
  • Unlimited target market: As a scalable platform, Firstcheck is also not limited to Australia and New Zealand with growth plans involving expansion overseas. The market is already moving in that direction with teledermatology (online skin doctor consultations) expected to reach USD 8.6 billion globally by 2024.

Multiple Revenue & Distribution Streams

Firstcheck is a for profit and purpose business with multiple revenue streams already making returns. These include:

  • In-app doctor consultation commissions which are collected before paying the doctor their fee
  • Firstcheck SkinScope sales which retail at $29.95
  • Software/Integration/Platform fees for customisation of platform for strategic partners
  • Insurance/corporate reimbursement when members or employees use Firstcheck as a health and wellbeing benefit
  • The platform is certainly not one-dimensional when it comes to distribution channels and can be used and distributed by insurers, corporates, skin cancer clinics, pharmacies, public health programs and directly to customers.

Traction

Investment

Firstcheck has secured NZ$800,000 in previous investment from strategic and Sophisticated Investors who have helped the company grow, including: Cure Kids Ventures (a high-profile health-tech fund), New Zealand Venture Investment Fund and New Zealand Angel Association angel investment groups.

In this round, $220K was invested upfront by NZ angel investment group, Enterprise Angels, and NZ’s most recognised, trusted and innovative chain of skin health clinics, Skin Institute – which you can invest alongside.

Awards

Firstcheck has received notable recognition in the NZ Innovation Awards, New Zealander of the Year Awards, and the Ministry of Health’s MedTech Innovation Showcase. Skin specialists have presented, promoting Firstcheck’s technology, at melanoma and skin cancer conferences, GP conferences, nurse conferences, health technology conferences and public health organisation events. Firstcheck recently celebrated TAL’s SpotChecker program being named finalist for ‘Best Public Health Initiative’ in the 2019 Prime Awards celebrating contributions to improving the health of Australians. TAL introduced Firstcheck's personal skin check technology to TAL SpotChecker 2019 as part of TAL’s skin check initiative helping more Australians detect and prevent skin cancer.

Partnerships

Firstcheck has partnered with some big names in the health space, including insurers, skin specialist clinics, pharmacies and other health professionals:

  • TAL Australia (leading life insurer). Leverages Firstcheck as part of TAL SpotChecker skin check campaign
  • Skin Institute (dermatology and skin clinics nation-wide in NZ) use Firstcheck as part of a pharmacy skin check initiative all around New Zealand and also promote the Firstcheck service as a workplace/corporate screening solution.
  • Pharmacy organisations (NZX-listed, Green Cross Health - including Unichem and Life Pharmacy brands) in connection with the pharmacy skin check initiative
  • Skin cancer doctors across Australia and New Zealand embracing the platform to help people access a skin and spot check service.

Growth Opportunities

  • Strong customer acquisition plans to grow market share in Australia and New Zealand and capture more of the massive market of over 20 million people 
  • Expansion overseas
  • Potential to leverage the unique dataset amassed by the platform
  • Wider applications including other skin diseases

Firstcheck Helps Save Lives

We’re now at a point where deaths from skin cancer exceed the road death toll, despite being largely preventable through early detection. Currently there barriers to ensuring early detection including a shortage of dermatologists and high costs which can prevent widespread and timely access to screening services. This can result in significant patient delay, which is often the key determinant of the prognosis and can be the difference between life and death. Simply making it easier to have spots checked will ensure more suspect moles are checked and the dangerous spots being treated early, with good results all around.

Firstcheck is that readily accessible early detection technology we need. It’s affordable, can be used from the comfort of your own home and is fast, with patients usually receiving a response within 24 hours.

Plus, it’s already saving lives.

The New Zealand Woman’s Weekly featured the story of Leah, wife and mother of two, who credits Firstcheck for saving her life when she was able to detect her malignant melanoma using the technology.

With an unlimited, large and active target market, great traction to date in terms of investment and awards, big name partnerships and distribution channel already in place and, most importantly, the ability to save lives, there’s more than 5 reasons to invest in Firstcheck. The offer closes on September 30th, so ensure you invest early to avoid missing out. View the offer here.

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