FinovateFall 2014 / FamDoo
Presenter Profile:
How they describe themselves: FamDoo is a new allowance system focused on developing life-ready kids, one task at a time. We use technology to connect parents and their kids in a way that encourages positive communication and measurable achievement. Armed with strategic partnerships and current technology, we apply proven loyalty-based methods to create a family rewards system with real-value points. Points earned can be saved, donated, or spent at numerous merchants including iTunes®, Target®, Best Buy® and Amazon.com®.
How they describe their product/innovation: FamDoo allows parents to buy FamDoo Points or transfer their existing bank and/or loyalty points to our platform, then use those points to reward kids for completed tasks. This family rewards system is The Modern Allowance, an applied learning approach to fiscal management and financial literacy. Earned points can be saved, donated, and/or redeemed for a partner’s reloadable debit card product. FamDoo is actively seeking loyalty program and banking partners.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions other FinTech companies and family-oriented platforms
Contacts:
Bus. Dev. & Sales: Michele Landis, VP Bus. Dev., michele@famdoo.com, 612-709-1724
Press: Mardi Larson, mardi@famdoo.com, 612-928-2020
Website: famdoo.com
HQ: Minneapolis, MN
Founded: April 2013
Product Demoed: FamDoo®, The Modern Allowance®
Product Launch: January 2014 (soft launch); May 2014 (2.0)
Metrics: $1.8M raised, 5 FTEs & ~4 FTE contractors, 18,000 members, rated 9 out of 10 in kid pilot
Presenters: Mark Lacek (CEO & Co-Founder),
Michele Landis (VP Business Development)
- Key Executives
Mark Lacek (CEO & Founder), Kelly Henry (COO), Scott Thomsen (CIO), Michele Landis (VP Bus. Dev.)
Key Stats
- Key Board Members
Mark Lacek (CEO & Founder, FamDoo), Charles Rose (Lawyer & Former General Counsel, Obama Administration Department of Education), Tom Wicka (CEO, Novu)
- Key Advisory Board Members
Peter Brennan (Lacek’s Business Partner & Entrepreneur), Alec Johnson (Entrepreneurship Professor, University of St. Thomas), John Lemke (VP, EGroup)
- Key Investors
Larry Schoenecker (CEO, Business Incentives), Peter Bachman (Lawyer), Don Mykelby (Former Executive, Cargill), Tom Wicka (CEO, Novu), John Wicka (Partner, Novu), Jeffrey Ament (Merrill Lynch), Chad Kilpatrick (CFO, Core Power Yoga), Trevor Tice (CEO, Core Power Yoga)
- Key Partnerships
Program Partner: U.S. Bank FlexPerks; Redemption Merchants: Target, Best Buy, iTunes, Amazon; Charity Partners: Smile Network International, Faith’s Lodge, Children’s Cancer Research Fund; Content Partner: Project Success
- Key Customers
U.S. families with kids in grades 3-8