Lumin Group completes capital raise in preparation for US expansion

Published 19/01/2022

Kicking goals in corporate wellbeing with a $1.15m raise

The Lumin Group, proud ownership of the Hoap brand are excited to announce completion of a recent capital raise to bolster capabilities and potential for both Lumin Sports and Hoap brands domestically and internationally heading into 2022 and beyond.

This content is courtesy of Ayesha de Kretser, Senior Reporter from The Australian Financial Review.

Lumin Group, a sports technology start-up backed by ex-AFL footballers Matthew Pavlich and James Begley, is eyeing expansion into corporate wellness and the US after completing a $1.15 million capital raising.

Lumin Sports counts the Hawthorn Football Club, Adelaide United, Cycling Australia, the South Australian Sports Institute and the armed forces industry as key clients. Using wearables technology it captures athletes’ data – including heart rate, GPS and sleep patterns – and delivers it back to coaches and decision makers to help them better understand their recovery patterns and readiness for selection.

Entering the US marketed with an aggressive growth strategy

Bringing in four new investors and increasing the stakes of former St George Bank and Adelaide Crows CEO Rob Chapman and EBOS Healthcare boss Pat Davies, the capital raising values the company at $12 million.

Chief executive and former triathlete Ben Tripodi said the pandemic had forced start-up brand Lumin Sports to pivot into corporate wellness as more and more sports teams went into lockdown. It launched a new arm called Hoap under the Lumin Group banner during 2021.

“Part of this capital raise is about launching Lumin Group but specifically Lumin Sports into the US market,” Mr Tripodi said.

While the group will target deep-pocketed high school and college sports teams in the US, it has also secured interest from Silicon Valley companies keen to bring high-performance concepts from the athletics field to the boardroom via the Hoap business.

“We learned from working with the world’s best sporting teams that the world’s best teams are full of people who are well and self-aware and ready to make decision about their own performance,” Mr Tripodi said.

He said with more people working from home businesses are keen for ways to connect with and support staff to get the job done even when they can’t be seen.

“Employees are no longer judged based on them being at their desk from 9am to 5pm,” Mr Tripodi said.

“Athletes are trusted to perform, they can put their hand up and say I need a day off to rest because they’re so driven by outcomes. What we’ve found is the same in corporates, where you can say let’s give employees the resources and space to make their own decisions.”

Mr Tripodi said the tool also helps empower managers to better support staff working remotely.

“It can send data back to leadership groups and managers to make the leaders better leaders. The onus is not just on employees, it’s about putting the responsibility back onto leaders to say, ‘here’s your workforce how can I make them more engaged and deal with challenges?’ ” Mr Tripodi said.

Drawing on the same kinds of heart rate and GPS and other wearables data as Lumin Sports, Hoap has been designed to improve corporate performance.

to see the full AFR Article click here

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