Scottish social media platform for older adults secures £250,000 in seven days

Miigen, a Scottish-based online social platform for older adults across the globe, has easily exceeded its funding target within seven days in a first-round investment exercise backed by 11 Scottish business owners and associates of owner, Craig Lemmon.

Miigen set out to raise £150,000 for its secure and private platform with the aim of funding the first year of operations before becoming profitable in year two.

In the event, it has raised £250,000.

This is on top of bootstrapping investment - without outside help or capital - of £200,000 by CEO Lemmon, through his software development company, 2e-volve.

He said: “When you have been leading successful businesses for as long as I have and you come up with a new concept like Miiigen that fires the imagination of people, it’s not unreasonable to expect some of those you know well to support it with funding.

“All the same, I have been touched and really quite delighted by the speed with which the funds have been raised.”

Miigen said it “provides older people with a safe, secure space to digitally store the memories that matter - and leave a lasting legacy for their families and friends”.

The site is one of the first companies to focus on a retrospective social platform which is fully private unless users want to share a memory. It is integrated with global social media giant Facebook. Facebook posts can be converted to Miigen Moments with added voice tags.

One high-profile investors in Miigen is Tony Banks, founder and chairman of the Balhousie Care Group.

He said: “Age is an asset because it brings with it years of priceless lived experience – lose sight of that and we lose something of immense value.

“When I hear of a new product that enhances the lives of older people and keeps afresh their relationships with family, friends and future generations I get energised and excited. Miigen is just such a breakthrough. A ‘digital time capsule’ created here in Scotland and with the possibility of changing lives across the globe.

“That’s why I am so delighted to invest in Miigen. It is the start of something that will have a positive impact on the lives of older people and their families across the world. Anyone, like me that believes ageing should bring new possibilities should back Miigen.”

Sandy Kennedy, CEO of Entrepreneurial Scotland, said: “Congratulations to Craig on the next phase for Miigen, an exciting Scottish firm with global potential.

“As a member of Entrepreneurial Scotland, Craig has benefited from the advice, inspiration and investment of his entrepreneurial peers. He is, in turn, a great supporter of his peers’ interests as well as a mentor to the next generation of entrepreneurs and personifies a supportive peer network in action.”

Miigen plans to acquire 10 million older adult customers in its target demographic - which numbers in excess of a billion - by 2022.

Mr Lemmon currently is building a portfolio of strategic partnerships while forging links with age-related Third Sector organisations and organisations such as the Scouts who will be encouraged to help their grand-parents and older people with the project.

He said: “There are 1.71 billion over-50s around the world, of whom 47% are internet-connected. Of that percentage, 74% use social media - a target demographic of 602 million people. The potential for a platform such as Miigen, which is tailored to their needs, is huge.”