TORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Please note this release clarifies a statement in the second paragraph from the prior release issued on February 9, 2021 by Livelii. The corrected release follows:
Livelii, Canada’s first community-based platform that intersects Insurtech and Fintech to provide affordable Health Insurance and critical Financial tools to Independent workers is listing a securities offering via the online crowdfunding platform, FrontFundr. Sunil Sharma, Managing Director, Techstars Toronto, labelled the solution as a “cutting edge and much-needed product for Independent workers, with the team in place to truly make a difference in this space.”
Livelii -- a recent graduate of Techstars Toronto -- aims to provide affordable Health Insurance and other critical Financial tools to the 59 Million Independent Workers that are currently underserved in the North American market today. Acting as a plan sponsor, the company will offer Freelancers and Independent workers group insurance benefits and financial products typically only accessible through employment relationships and employer-sponsored benefit plans. The company’s platform connects personal life and health benefits (including Health & Dental Insurance Coverage) and wealth (Paid Leave Planning, RRSP Contributions) to day-to-day business activities (Estimating, Invoicing, Payment Processing).
With a suite of free and paid tools that cater to the ebbs-and-flows of independent work, Livelii contributes 50% of net profits earned on paid platform activities directly to the participating member. The Company sees this as a forced savings mechanism to help members reach their livelihood goals.
As it stands today, the overwhelming majority of Freelancers, Consultants, Contractors, Side-hustlers and On-demand gig workers are challenged by a siloed work experience and limited access to affordable Insurance & Financial tools that recognize the uniqueness of their work. Contrary to full-time employment, their livelihood is dictated on a payment-by-payment, job-by-job basis as opposed to a fixed monthly salary. Despite the growth of the Independent worker industry, which could account for over 50% of the workforce by the end of the decade, the available services and products have largely left behind those Independent workers.
“We created Livelii to meet the Independent worker community’s overwhelming demand for affordable Insurance & Financial tools. Their input and support for our services have been, and continues to be, integral to our mission,” said Anya Switzer, CEO of Livelii. “We are grateful for the community’s confidence in our team’s expertise and ability, which positions us to extend our services across the country and ultimately strengthens our competitive advantage.”
The security offering on FrontFundr allows accredited and retail investors an opportunity to invest in Livelii in exchange for equity in the company. With the total goal met, investors would hold about 14% of the company's equity.
Funds from this crowdfunding campaign will bolster additional growth, allow the company to focus on enhancing its core proprietary technology and make the platform accessible to Freelancers and Independent workers throughout Canada.
More information about Livelii and how to participate as an investor can be found at: https://www.frontfundr.com/livelii.
Details of the offering can be found in the Offering Memorandum at FrontFundr.com. This communication is for informational purposes only.
Livelii helps Independent workers access and fund a first-of-its-kind group Health & Dental Insurance plan, save for paid leave and set aside for retirement by allocating funds from their payments. They engage members in proactive planning and provide end-to-end business services from estimates and invoices to payment collection and automate savings to help them reach their livelihood goals.
FrontFundr is Canada’s leading online private markets investing platform and an exempt market dealer. It provides startups and growth companies access to capital, and gives investors access to private companies they believe in and want to support. It provides a community of over 20,000 investors with the ability to review and complete private placements on one digital platform. The company’s revolutionary technology allows users across Canada to invest in innovative growth businesses in under 12 minutes, starting from as little as $250. To date it has helped more than 50 companies raise over $50 million.
CORRECTION: this media release supersedes the Feb. 9, 2021 version of this communication.
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