Lumoback Secures $1.1M Worth of New Funding

Lumoback, an innovative start-up that came up with the unique idea of a mobile app to help improve posture, has recently scored $1.1 million worth of seed funding.

The generous investment was participated in by Russel Siegelman, as well as  Innovation Endeavors and Morado Venture Partners..

Lumoback’s CEO Monisha Perkash shares more about the company’s recent milestone in this recent e-interview with Lead411:

Who are your competitors and how are you different from them?

Main competitor is your mom or spouse telling you to stop slouching. This is a first-in-category product that combines sensor, smart phone, and cloud-based technologies to provide people with real time feedback on their posture and movement.

What percentage of your marketing budget are spent on the following?

A. Advertising

B. Social Media Marketing

C. SEO

D. PR

E. Direct Marketing

F. Other

N/A, we’re currently in product development. Will launch later this year.

What do you plan to spend your new funding on? Product development? Marketing?

Product development and marketing.

If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?

Countless hours, fundraising is a full-time job.

If you are the CEO, what are your biggest challenges?

Keeping all the balls up in the air at the same time. Knowing what you don’t know and making sure you have the right people to fill that gap.

How many employees do you have?

5.

When were you founded?

2011.

Want to know more about Lumoback’s recent funding? You can read more about it in this news release.