As the finalists of the Youngstown Business Incubator’s inaugural Shark Tank event left the stage May 3, they were happy with what they walked away with: some prize money and access to the expertise of five local investors and the YBI.
But in the months since, the initial prizes – $6,000 to Augment Therapy, $3,000 to PlateMap and $1,000 to FishMySpot, all provided by the event’s sponsor, Medical Mutual of Ohio – were just the beginning for the trio of finalists.
Beyond the first-place prize money, Augment Therapy also gained $50,000 commitments from four of the five sharks at the event. Catherine Mott of BlueTree Capital Group, later upped her firm’s commitment to $150,000, becoming the lead funder.
Augment Therapy is an augmented reality service for pediatric physical therapy, combining telehealth with fun activities child patients can play. For kids, it’s a fun game, but for doctors it can provide valuable information on their health and keep them engaged.
Founder and CEO Lindsay Watson says the startup has secured $375,000 as “a direct result of the Shark Tank.” Part of that number, she adds, is $100,000 from investor Vince Bacon, who attended the event and reached out to Watson afterward.
And, says YBI’s entrepreneur-in-residence, Jim Cossler, who has been advising some of the Shark Tank finalists, Augment Therapy is nearing the end of its first seed round that will bring in even more to the startup
“We’re very, very confident that with our introductions and our assistance that she will successfully close a $750,000 round,” Cossler says.