MEDIGOO Oyj plc’s solution to health concerns
MEDIGOO offers people a quick answer to their health concerns with rapid health status tests and well-being gene tests. The current portfolio of dozens of active products offers solutions for several target groups. The tests give the consumer the opportunity to test things on themselves or their loved ones that were previously only possible to do with a doctor’s referral in laboratories. Consumers can test themselves for diseases that are sensitive (venereal diseases) and confirm the importance of seeing a doctor (CRP, Borreliosis blood drop test, Helicobacter known as stomach ulcer bacteria). The best-selling tests at the moment are the STD test category and drug tests. The tests are easy to use, the test results are quickly visible at home, and the reliability is in the same category as tests performed in laboratories.
MEDIGOO’s products are supported by two trends: Consumers today are very interested in their own health and they take more responsibility for measuring their own health. Corona has introduced self-testing to everyone.
Consumers taking responsibility for their own health and the development of self-testing products will take market share from the market of traditional laboratory testing services regarding the testing of basic issues. In addition, according to our findings, self-tests create a whole new market with products that were previously only possible to test in a laboratory, if even there.
The company started commercializing self-testing products in 2015. Since then, the distribution network has been systematically expanded and currently covers well over half of Finnish pharmacies, and the products are also available in ten online stores in Finland, Sweden, Great Britain, Spain, Italy, France and Germany. The Medigoo.com website has more than 20,000 organic (non-paid) visitors per month and almost 30,000 organic page views per month.
MEDIGOO’s goal is to continue to increase sales in Finland (pharmacies, wellness stores) with targeted marketing. An equally important goal is to develop distribution channels in Europe in addition to Finland. Discussions are underway with distributor candidates in Europe.
The long-term goal of the company’s early stage shareholders is to get the company’s shares listed on a suitable market place. As a result, in order to increase capabilities, the company changed its corporate form from a limited company to a public limited company in December 2021. This brought significant additional demands on financial management, and it was possible to respond to it with the excellent work of our financial team. The advantage is that due to the higher share capital requirement, the company has better credibility in the domestic market, and especially in the foreign market, where abbreviations can be used, e.g. PLC (Public Limited Company) and AG (Aktiegesellschaft) and instead of having to settle for the abbreviations Ltd and GmbH.
MEDIGOO Oyj’s core team has worked together for a long time. The team has expertise in sales, technologies, financial management and international sales and marketing. The key people have previous experience in building online stores and promoting their business.
Last year, 2022, the company’s board of directors succeeded in recruiting top experts who have confirmed the company’s knowledge of the consumer market, marketing and sales, financing, internationalization, and strategic business development. As a whole, this strengthens MEDIGOO’s know-how and supports the operational work of the core team.
Below is the presentation of the CEO and the board:
CEO Mika Karilahti, Ph.D. in technology, has long experience in leadership positions in Nokia Sourcing business and Samsung sales, and he has also managed a Web hosting company and later sold that business to Nebula. Previously, he also managed an accounting firm, the business of which he later sold to another accounting and auditing firm. His skills are in the fields of technology, procurement, sales and financial management.
Satu Seppälä, chairman of the board since 2021, previously member of the board since 2020. He works for the Planmed company in sales duties to South America. She brings expertise in sales and medical devices.
Jussi Kivikari, board member, works at Suomen Messut Oyj as development director. He brings know-how to event marketing and B2B sales.
Teemu Seppälä, board member, works in business development projects at the Newco small business center of the City of Helsinki. He brings expertise to business development.
Jukka Jokinen, member of the board, works in financial positions at Helsinki Partners. He brings know-how to finance.
Riitta Jantunen, member of the board, works at Nokia in change tasks. She brings expertise to consumer marketing.
Kai Kunnasmaa, member of the board, works in international positions. He brings expertise in internationalization and development of distribution channels.
Issue of shares:
Medigoo Oyj’s general meeting has decided on the general share issue under the following conditions:
-In the general share issue, a maximum of 600,000 shares are offered for subscription at a price of EUR 0.90/piece, corresponding to a sum of EUR 540,000, and the subscription price of the shares will be subscribed in full to the company’s invested unrestricted equity fund.
- The minimum subscription is 500 shares, corresponding to 450 euros that must all arrive in the company’s bank account.
-The voting right of the new shares will come into effect after the end of the share issue, when the shares have been registered in the company’s share register without delay. However, the new shareholder’s right to participate in the annual general meeting without the right to vote is as soon as the new shareholder has paid for his shares.
-Investments from citizens and residents of these countries cannot be accepted at this stage, as we have not obtained waivers from the tax offices of the countries to accept investments from citizens and residents of those countries: USA, Canada, Hong Kong, Japan, Australia.
Proceed to make a share subscription: