Allied health practice management startup Splose has commitments on the first half of a Series A raise with a target of $3 million.
The Adelaide-based startup has $1.5 million to open its campaign, with CEO and founder Nicholas Sanderson saying the funds will be used to ramp up automation, AI-driven research and development and expansion into three global markets.
“So far, our growth has predominantly been organic. This influx of capital will strategically magnify our marketing and brand amplification,” he said.
“We have diligently crafted a robust infrastructure rooted in an in-depth understanding of NDIS service providers’ multifaceted challenges. We have forged a scalable and flexible product through comprehensive consultations with industry experts, positioning Splose as an optimum investment opportunity.”
Splose launched in 2018, looking to help people working in allied health with software to manage the complexities of being an NDIS service provider.
The medtech previously raised $1 million in August last year.
Sanderson said features such as integration with Xero for invoicing, digital service agreements, and progress note capabilities combined can deliver an average annual savings of $30,000 per practice.
“Our platform is a custom-engineered solution aimed at NDIS providers who face a labyrinth of administrative intricacies,” he said.
“Our technology streamlines both client management and billing procedures while simultaneously ensuring adherence to NDIS compliance protocols. Our commitment lies in fortifying transparency and accountability within the sector.
“Through judicious automation of critical operational elements, we significantly expedite the onboarding process for new NDIS participants and enhance provider cash flow. This efficiency positively impacts the broader NDIS ecosystem,” he articulated.
His cofounder, and Splose chair Garry Winter, said they’d had the support of several high-profiled AFL stars and entertainers as investors, such as Nova breakfast presenter Ryan “Fitzy” Fitzgerald, Nick Chigwidden and Crows and Hawthorn player Kyle Hartigan.
Stone & Chalk Adelaide Startup Hub boss Dr Tim Mahlberg Sie said NDIS is a sector in need of innovative solutions
“Splose has demonstrated exceptional technological acumen and a deep-rooted understanding of the NDIS landscape,” he said.
“This Series A funding round is an exciting opportunity for savvy and impact-driven investors to back Splose’s proven capability to disrupt traditional frameworks and establish a new standard for practice management within the NDIS sector.”