Screenshot 2024-03-26 at 1.58.15 PM

Why Singapore-based Mito Health believes Carta is necessary for any startup


kennethlou
Kenneth Lou
CEO and co-founder
Location

Singapore

Industry

Healthcare

 

Total funding

USD1.5M, from Forge Ventures and founders/executives from Shopback, Carousell, Snapback, and more.

Number of employees

Less than 10

 

Singapore-based health-tech startup Mito Health launched in April 2023 but was already seeing enough early success  to know it needed to build a scalable foundation for future growth.

The company, which utilizes AI to recommend personalized health plans based on the health biomarkers from the clients’ bloodwork directly, already had a growing waitlist and needed a solution to support its fundraising efforts and equity program.

CEO and co-founder Kenneth Lou had built a successful company from the ground up once before – and he knew firsthand the importance of having the right tools from the beginning. 

“It’s  non-negotiable for startups to ensure their banking, payroll, and product flows are set up correctly, and it’s the same for fundraising and equity,” Kenneth said. 

That’s why Kenneth and his team chose Carta.

“Founders doing it for the first time have a lot to think about, but using tools like Carta is part of a standard template everyone should follow,” he said.

Connecting everyone on the same platform

Initially, Mito’s lead investor suggested a lighter weight approach to managing cap tables and SAFE notes, such as using spreadsheets. But Kenneth knew he wanted Mito to be built for scale and that meant ensuring every detail, from data room management to SAFE signing, was easily traced.

Founders doing it for the first time have a lot to think about, but using tools like Carta is part of a standard template everyone should follow.

Kenneth Lou
CEO and co-founder

By using Carta, not only can investors see everything – document routing, sign date, equity status, etc. –  they are also assured that Mito is operating at a high standard. As an angel investor himself, Kenneth said he expects the same of any company he invests in.

“I’ve already gone through the startup process once before, and I know what problems will come if we don’t manage our cap table properly,” Kenneth said. “All of these are administrative problems which take away more time to solve than needed  without a solution like Carta.”

Kenneth explored other options but found Carta to be best-in-class.

“Price was a factor but we tried other products and they weren’t great,” he said. “Carta gave us the best experience, which we were confident to share with investors.”

A final benefit: Carta also helps companies create a more incentivized team. That’s something Kenneth knew from previously working at a company that used Carta to administer its Employee Stock Ownership Plan (ESOP).

“The first time I saw my ESOP on a legitimate platform like Carta made all the difference in my employer’s credibility to me and made me feel like an owner,” Kenneth said.

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