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Easee Holding B.V.

Netherlands
Convertible
MedTech
Highly Scalable
Health

Making eye care accessible to everyone


Marketing content

Key investment highlights

Easee offers a scalable solution to a growing eye care problem. There is a clear commercial demand for the product from the market.

By investing in Easee, you are part of the battle against myopia and its consequences.

An attractive annual return of 9% until conversion, paid quarterly. At the time of conversion, you are given a choice to convert the bond into shares at a 15-30% discount, or have the bond paid off. 

The opportunity to enter this rapidly growing company on the same terms as co-investors.

Easee already has commitments that predict it can secure €1.5 million in equity by early 2024, after which investors will have the option to convert directly to equity. Potential exit opportunities include acquisition by leading medtech companies, large telehealth companies and optical retailers, with the goal of an exit within 3-5 years.

Rebekah Braswell, CEO

"Recognizing the need for change in the eye care market, we are dedicated to creating an online eye care platform, to ensure accessible eye care for all.

Easee is on the verge of the next big step with its platform: diagnosis and management of myopia in children.

With this offered convertible bond in Easee, you have the unique opportunity to co-invest with existing professional shareholders including Nimbus Ventures, who have already invested €425,000 in this round outside of this platform.

We invite you to join Easee in our mission to make eye care accessible to everyone."

Yves Prevoo – Founder & CEO

Investment information

Type:
Convertible Bond
Subordinated:
yes
Invested so far:
€549,250.00
Price per bond:
€250.00
Min offer:
1 Unit
Discount at conversion:
30.00 %
Base interest rate p.a.:
9.00 % p.a., quarterly
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Overview

Company profile

Easee Holding B.V. (Easee) was founded in 2016 with the ambition to push the industry of eye care forward and making the appropriate eye care for everyone accessible at any time, everywhere.

Myopia (nearsightedness) is a growing problem due to an aging population and increasing screen use among children. Severe myopia is an irreversible disease, which for 1 in 3 people can lead to even worse visual impairments such as blindness. With early diagnosis, however, myopia is easily treatable. But care capacity falls short in this regard. In the Netherlands, the average waiting time for a visit to an ophthalmologist is 91 days.

Easee offers a scalable solution to this growing problem: online eye testing. Easee is the world's first online eye testing platform to receive medical certification and has built a loyal user base since its launch in 2020. The unique and innovative platform enables eye clinics to serve 3 to 4 times as many people and significantly reduce wait times.

After seven years of product development, successful medical studies and an intensive certification process, Easee has established a solid foundation. Besides existing partners such as the leading university centers Oogziekenhuis Rotterdam, UMC Utrecht, and UMC Maastricht, and commercial partners such as Synsam, Zilveren Kruis and Hans Anders, Easee has recently concluded many new interesting collaborations, such as Harvard Medical School and Xpert Clinics. The promising software, impact and commercial possibilities of Easee do not go unnoticed. After winning the Rabobank Sustainable Innovation Award earlier this year and the recent announcement of the shortlist listing for an EIC-grant, Easee may now also share that they have been nominated again for the prestigious WSA Global Award 2024 in the category Health & Well Being.

Bagger

Drohne

Product

Online Eye Exam
Easee’s online eye exam is a web-based tool for assessing visual function including visual acuity and refractive error. Users sign up, provide necessary info, and follow instructions to calibrate their screen, usually a laptop or tablet. They use their smartphone as a remote control during the test.

Exam Process
Users are shown images and questions, and are instructed to respond from a distance. Their answers and visual experience feedback are used to calculate visual acuity and refractive error based on set parameters.

Measurement Data
Refractive error measurements and visual acuity results are stored in a patient account. Qualified and contracted optometrists can access our doctor platform and use the measurement data to issue contacts/glasses prescriptions.

Business Model

Easee's clients are eye clinics and hospitals and Easee's business model is designed such that the average clinic can achieve a return on investment within just five months. Easee's contracts are structured on an annual basis, with monthly upfront payments. Additionally, Easee apply a one-time setup fee to cover initial startup and integration expenses.

Adressing Myopia and Cataract
Currently only 10% of patients with progressive myopia are being treated. Besides awareness, capacity is a challenge to help more patients. Cataract surgeries are a common surgical procedure with around 4.4M procedures yearly in Europe alone (and 9M including US). This number is - due to the aging population - increasing with 4% every year. After the surgery is performed, patients need 3-4 follow-up screenings currently done in-person with an ophthalmologist or optometrist. 

  • Medical - Cataract: Recurring monthly fees paid upfront to eye clinics and hospitals for follow-up checks after cataract surgeries. The payment structure currently involves monthly payments upfront, but Easee has the expectation of transitioning to yearly upfront payments for at least half of the clients in the future.
  • Medical - Myopia: Similar to the cataract segment, this stream involves recurring monthly fees paid by eye clinics and hospitals for online checks using easee's platform for children with myopia. The payment mechanism is the same as that of the cataract stream.
  • Set-up Fees - Cataract and Myopia: The Company charges a one-time set-up fee of €20,000 to €25,000 for new eye clinics or hospitals joining the platform, both in the cataract and myopia segments.
  • Optical Retail: Revenue generated from optical retail clients.

With the support of Easee’s platform, more patients can be identified sooner and clinics can ramp up capacity, while reducing cost per patient. Remote testing ensures in-person visits are reserved for when they're truly necessary, reducing patient costs and time burdens while enhancing overall access to care.

Value proposition

  • Saves time of ophthalmologist and support staff per patient
  • Reduces waiting lists increases capacity at clinics to help more patients
  • Improves patient experience and lowers costs
  • Better data insights and better selection of progressive patients
  • Reduces CO2 footprint

Market

Bagger

Easee's immediate attention is focused on the EU's medical and optical sector for online vision testing, which they estimate to have a value of €1.6 billion.

Drohne

The current level of competition within the market is moderate. However, entering and establishing a business model similar to Easee's presents certain barriers. 

The global vision care market size was valued at approximately $125 billion in 2018 and is forecasted to expand to approximately $193 billion by 2026, reflecting a compound annual growth rate (CAGR) of 5.6%. Within the Serviceable Available Market, encompassing the vision testing markets of the US and the EU, the user base exceeds 490 million individuals.

Easee's focus market of €1.6B can be segmented into three distinct use cases, each with its estimated obtainable market size outlined below:

  • Pediatric myopia: Utilizing Easee's online eye exam for remote screening and monitoring of pediatric myopia patients. Given an annual need to screen 30 million patients in the EU, Easee estimates an obtainable market of €1.4 billion. 
  • Cataract surgeries: Replacing the current in-person follow-up checks for cataract surgeries with easee's online examination. With an annual count of 4.4 million procedures within the EU, Easee approximates an obtainable market of €0.2 billion.
  • Optical retailers (refraction): Transitioning the eyewear journey from in-store to online for refraction testing. With 115 million eyewear wearers requiring refraction tests in the EU, we estimate an obtainable market of €0.1 billion.

In the Netherlands, the obtainable market for cataract surgeries amounts to €11 million annually, stemming from approximately 230,000 yearly surgeries. As for Pediatric Myopia, the end-goal for Easee, the market size is notably larger—five times that of cataract surgeries—equating to €55 million annually. This estimation is based on the requirement to screen 1.5 million children annually in the Netherlands.
 

Go to market

Market focus & prioritization
Easee targets eye clinics and hospitals, with an emphasis on post-cataract surgery and paediatric myopia patients due to the immediate impact and potential for substantial revenue.

Dual sales approach

  • Dedicated sales force will focus on the top-tier clinics emphasizing the cost savings, efficiency gains, and improved patient experience that easee offers.
  • Specialised distributors with existing relationships and multi-year supplier contracts.

Marketing 

  • Targeted online campaigns
  • Hosting educational round tables, advisory boards and webinars
  • Patient and health care professional testimonials: Positive experiences from early-adopting clinics will be showcased to build trust and prove the platform's efficiency

Ensuring short sales cycles

  • Streamline onboarding by offering clinics a simplified integration process, immediate training, and initial trial periods, with the aim to reduce hesitation and expedite decisions.
  • Offering interoperability with leading EHR’s such as with TimeFF (market leader in eye clinics) and patient portals will further reduce integration time. Partnering platforms are Founda Health, Emma and Luscii.

Sustainable Development Goals (SDGs)

The Sustainable Development Goals (SDGs or 'Global Goals') are part of the UN 2030 Agenda for Sustainable Development and constitute the international framework for sustainable development until 2030. These SDGs are intended to put an end to poverty, inequality, and climate change.

Nachhaltigkeit

Health care for all
By offering accessible online eye exams, pediatric myopia care and cataract care, Easee contributes to people's well-being by ensuring early detection and appropriate treatment.

  • Online eye exams performed for early detection - tracking the number of online eye measurements performed contributing to overall well-being.
  • Pediatric myopia effectively treated - Measure the success rate of pediatric myopia treatment to ensure that children receive proper care for their eye health.
  • Cataract pre- and post-operative cases - measuring the efficiency of managing cases of cataract both before and after surgery.
  • Patient satisfaction rate - measuring patient satisfaction rates that indicate the effectiveness and positive impact of accessible eye care on people's well-being.

Infrastructure for sustainable industrialization
Innovative approach to remote eye care and specialized focus on pediatric myopia and cataract care meet the need for advanced healthcare solutions and technology.

  • Carbon reduction - Per saved hospital visit, per patient 5-8kg CO2 is saved. This calculation holds several variables, to calculate exactly: The easee CO2 calculator.
  • Introduction of technological innovation - tracking the integration of innovative technologies within remote research and care solutions.
  • Extension of services to underserved regions - evaluating the company's reach to underserved regions in line with the SDG 9 goal of providing access to quality infrastructure and services for all.
  • Telemedicine accessibility metrics - measuring the number of joint research projects or studies with relevant industry institutions or organizations to advance eye care practices and contribute to research-based solutions.
  • Collaborative research initiatives - measuring the accessibility of online eye research, demonstrating progress in telemedicine infrastructure to support high-quality eye care services.

Reduced inequalities
As a company offering remote and accessible eye exams, easee has the potential to contribute to reducing inequality in several ways

  • Accessibility - by offering online eye exams we bridge the gap between rural and urban areas
  • Cost-Effectiveness - Traditional in-person eye exams can be expensive. easee offers more affordable options, making eye care services accessible to a wider range of people, including those with lower incomes.
  • Time and Convenience - Online eye exams can save people time and effort by eliminating the need to travel to a physical clinic. This convenience can be especially beneficial for those who have busy schedules, transportation limitations, or mobility challenges, ultimately leveling the playing field for individuals who might struggle to make it to in-person appointments

Partnerships for the goals
As a company offering remote and accessible eye exams, easee has the potential to contribute to reducing inequality in

  • Awareness and Education - Partnering with NGOs provides a lot of awareness and education around eye health that easee can build on. In addition, our two missions reinforce each other.
  • Partnerships and Funding - Collaboration between Easee and NGO’s is leading to joint initiatives and research projects aimed at advancing eye health and supporting individuals with visual impairments.

Management

Yves Prevoo

Yves Prevoo

Founder and CEO

Ex-Pfizer commercial leader. Extensive experience with digital health and patient solutions as well as market access. Doctor Veterinary Medicine, MSc Corporate Finance and Kellogg EMBA.

Tessa Slomp

Tessa Slomp

COO

Commercial and operational experience in scale-up companies. Specialized in integrator role and business scaling. Holds a Bachelor of Business Administration from Hanzehogeshool Groningen.

Robert Wisse

Robert Wisse

Chief Medical Advisor

Associate Professor and Ophthalmologist specialized in corneal pathology, surgery and Digital Health. 

Rebecca Taylor

Rebecca Taylor

Head of Product

Ex-CPO MyGuide, VC backed MedTech scale up. 10+ years experience in strategy, product & UX design roles. 

Company structure

Shareholder

Ownership 

1 Maestrale Invest B.V. 43,55%
2 STAK Easee Holding 29,30%
3 EaseeSun B.V. 16,88%
4 De Vaart der Voleren C.V. 6,89%
5 Van der Velde Beheer B.V. 3,38%
TOTAL 100%

Use of funds

The total funding requirement is EUR 4.500.000, of which EUR 500.000 to EUR 1.250.000 will come from the current crowdfunding round. Most of the total investment will be focused on sales, marketing and strengthening the team. Among other things, the investment will be used to facilitate the commercialisation and expansion of the new development / solution for child myopia over the next two years.

Financial figures & growth

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Conversion & exit scenarios

Documents

Investment related documents

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Updates

Notice:

In this update section you will find, among other things, answers to investor questions that reach us. The answers shown originate from the respective entrepreneur and are therefore marked accordingly. Invesdor does not undertake any separate verification of the information received after the start of the financing phase.

If you have any questions about the company, send them directly to us at service@invesdor.com.