Case Study: How Mode Mobile Filled a $5M Raise

February 26, 2024

Transforming the Smartphone Economy

In today's digital landscape, consumer data has become an invaluable asset. Our smartphones generate vast amounts of data with every tap, swipe, and interaction—data that powers a multi-billion dollar industry where companies profit from our usage patterns and behaviors.

Mode Mobile emerged with a revolutionary concept: if companies benefit from your smartphone usage, you deserve to share in that value. Their innovative EarnPhone technology enables users to earn up to $1,200 annually through everyday activities like listening to music, reading news, and even simply charging their device.

Mode Mobile's capital raise platform powered by DealMaker

The Challenge: Beyond Traditional Capital Raising

Despite having successfully raised over $40 million from angel investors and venture capital firms in previous rounds, Dan Novaes, co-founder and CEO of Mode Mobile, recognized an opportunity to approach capital formation differently this time.

Dan envisioned a capital raise that would serve dual purposes:

Securing growth capital

Obtaining the necessary funding to scale their technology and market reach

Creating a customer acquisition channel

Converting investors into product users and brand advocates

Building brand community

Developing a loyal community of shareholders invested in the company's success

To achieve these objectives, Dan needed a capital raising solution that would give Mode Mobile complete control over their investor experience. After six months of vetting solution providers and an entire year of due diligence, Mode Mobile selected DealMaker to power their online capital raise.

Testimonial Module

"When you're raising money, nobody wants to be first—but people also don't want to be last. Once people were in our funnel or became investors, we kept up constant communication, but at a more human level. Every email had my name on it. People built a relationship with me as well.

When people are making these investment decisions, putting thousands of dollars into a company, they want to believe in more than just the product. They want to believe in the journey, the founder, the whole vision."

Dan Novaes

Co-founder and CEO, Mode Mobile

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We have this new idea, this new technology and category of device, and we wanted to educate people on it. So we picked the channels in which we felt we could go after those consumers. That’s what attracted us to crowdfunding in the first place.

— Dan Novaes, Co-founder and CEO of Mode Mobile

Why They Chose DealMaker

According to Dan, there were five main reasons he went with us:

Track record

Dan sought out the platform that had powered the biggest offerings in the industry.

DealMaker Reach

He knew that Reach was a top marketing agency for crowdfunding campaigns, and says the team helped him move faster and eliminate false starts.

Customizability

Dan wanted to offer custom share structures to different users (more on that later). He says other platforms were interested in trying, but "the scope was chaos." DealMaker was able to scope and deliver this feature much more easily.

Increased ROAS

An online campaign requires digital marketing—and Dan didn't want his ad spend to drive traffic to a marketplace-style platform or to share his customers. With DealMaker, every dollar he spent came back to him.

Full-funnel visibility

Dan wanted a solution that would allow him to push people through his funnel. None of the other platforms he spoke to had robust IR solutions.

Innovative Investment Structure

Mode Mobile's tiered bonus share structure

DealMaker's flexibility enabled Mode Mobile to implement a sophisticated bonus structure that rewarded larger investments with additional shares. This tiered approach helped drive higher average investment amounts and accelerate the capital raise.

The customized investment tiers included:

$2,500 investment: 40% bonus shares
$5,000 investment: 60% bonus shares
$10,000 investment: 100% bonus shares
$25,000 investment: 160% bonus shares

This strategic structure incentivized investors to increase their commitment level while maintaining compliance with regulatory requirements.

The Results: $5 Million Raised in 5 Months

$5M

Capital Raised

Months to Completion

100%

Target Achieved

Mode Mobile's first online capital raise was a significant success, achieving their maximum Regulation CF goal of $5 million in just over five months. The campaign's effectiveness stemmed from a combination of strategic factors:

Community Engagement

Mode Mobile activated their existing user base and community, converting them into investors who were already familiar with and enthusiastic about the product.

Strategic Marketing

By leveraging DealMaker Reach, Mode Mobile expanded their investor outreach, gaining valuable exposure in premium publications like Morning Brew, which drove additional investment interest.

Personalized Communication

The Mode Mobile team maintained consistent, personalized communication with potential investors, building trust and credibility throughout the fundraising process.

Mode Mobile's placement in Morning Brew, facilitated by DealMaker Reach

Looking Ahead: The Million-Shareholder Mission

Following their successful Regulation CF raise, Mode Mobile isn't slowing down. The team is already preparing for their next phase of capital formation under Regulation A+, which will allow them to raise up to $75 million from both accredited and non-accredited investors.

"I don't see the CF as 'one and done.' I see this as making an investment into multiple rounds of this—so I can basically build the first company with a million shareholders. We see this as an investment in the future.

One of the biggest trends we're going to see over the course of the next two to three years is the development of brand community. Community means building value amongst every single participant in a network and thinking beyond just the raise. In the long term, how do you provide a deal that's so good that people genuinely love your company and get value out of it? If you're successful on top of all that, that's an incredible bonus."

— Dan Novaes, Co-founder and CEO of Mode Mobile

Key Takeaways

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Community Building

Online capital raising creates more than investors—it builds a community of engaged brand advocates who have a financial stake in your success.

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Strategic Approach

Tailoring investment structures to incentivize larger commitments can significantly accelerate capital formation timelines.

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Platform Matters

A white-labeled solution provides control over branding, investor experience, and marketing effectiveness that marketplace platforms cannot match.

Ready to explore how DealMaker can transform your capital raising strategy?

Talk to Our Experts

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You can learn more about Mode Mobile by clicking here.

Monogram Case Study - DealMaker (Embed)

When VCs said no, Monogram turned to retail investors. That decision powered their rise from startup to publicly traded company—and even helped them raise an additional $13M privately after their Nasdaq debut.

The Challenge: Raising Capital on Their Terms

The Challenge: Raising on Their Terms

Monogram Technologies was founded with a bold vision: to revolutionize orthopedic surgery with a robotic joint replacement system using custom 3D-printed joints. The market for this technology is massive—approximately $19.6 billion, with over 1 million knee replacements per year. But it's a capital-intensive, regulation-heavy space—and traditional VCs weren't biting.

Instead of compromising, co-founders Dr. Doug Unis and Ben Sexson went all-in on a different path: retail capital. Why?

Control and ownership: Not only were they able to raise the capital they needed to grow the business—they did it on their own terms.
Long-term asset: They wanted to build an army of true believers who wanted to see the company succeed and would continue to reinvest over the years.
A value-add network: Raising from retail allowed Monogram to amass a waiting list of thousands of patients eager to participate in future trials.
Aligned incentives: Their mission to improve patient outcomes and build a better future for those struggling with joint pain resonated with retail investors.

The Power of Retail: Monogram's Capital Journey

Start Date	End Date	Type	Platform	Amount Raised	# Investors
3/13/19	3/31/20	A+	SeedInvest	$14,588,668	6,000
11/16/20	1/16/21	A+	StartEngine	$2,965,501	8,000
1/17/21	2/18/22	A+	StartEngine	$23,647,853	14,082
7/15/22	3/16/23	CF	DealMaker	$4,673,000	2,249
3/1/23	4/8/23	A+	Republic	$232,275	120
3/1/23	5/23/23	A+	DealMaker	$15,958,364	5,198
5/18/23	-	Nasdaq listing
7/24	10/24	Unit Offering	DealMaker	$12,990,103	2,745

Monogram Capital Raise Timeline

Monogram's first direct-to-investor raise was a $14.6M round in 2019. Since then, Monogram has raised retail capital six additional times, using Reg A+ as a springboard to a Nasdaq listing in 2023.

Each raise brought in new believers—and more importantly, kept bringing them back. That's the long-term power of retail capital. It's not just one campaign—it's a compounding asset that grows with the business.

$80M+

Raised across seven campaigns

~40,000

Investors championing Monogram's vision

20%

Of each raise came from previous investors

Marketing Excellence

DealMaker Reach provided strategic investor acquisition services, helping Monogram connect with the right audience through high-impact channels.

Premium Publications

Targeted campaigns in premium publications like Morning Brew captured qualified investors

High-Engagement Webinars

Engaging events that generated over $4.3 million in investments

Community Building

Strategic approaches that fostered a loyal shareholder base

Investment Momentum

Innovative approaches that amplified investment momentum

Monogram's Journey to Success

Monogram's journey has been defined by relentless innovation, strategic fundraising, and breakthrough advancements in robotic-assisted joint replacement. From early-stage research to a Nasdaq listing and beyond, Monogram's milestones reflect its evolution into a pioneering force in orthopedic surgery:

Filed its first patent application in 2017
Conducted clinical studies at UCLA and University of Nebraska
Expanded the team with key hires
Attracted a top-tier advisory board to guide clinical innovations
Signed their first distribution partnerships
Made headlines with cutting-edge live demonstrations
Secured 501(k) FDA clearance for the mBôs surgical system

Nasdaq Debut & Beyond

In May 2023, Monogram Orthopaedics successfully listed on the Nasdaq—a significant milestone offering liquidity and growth opportunities for the company.

For most companies, that would be the end of their story in the private markets. But for Monogram, it was just the beginning of a new chapter.

Public perception says you can't raise privately post-IPO. Monogram proved that wrong.

Defying conventional fundraising norms, Monogram raised an additional $13 million from private investors, powered by DealMaker. This move highlighted the power of a dedicated investor community and provided additional strategic growth capital. Meanwhile, strategic digital marketing for the private offering helped boost the public share price—a win-win for the company and its investors, both public and private.

This was retail capital at its best: strategic, repeatable, and aligned.

One vision. Zero compromises.

This wasn't a one-time raise. It was a multi-year capital strategy.

Retail capital helped Monogram:

Go from concept to commercialization without relying on VCs
Retain ownership and control in a high-burn industry
Build a base of loyal shareholders who invested not once, but over and over again
Uplist to the Nasdaq, and still keep raising post-IPO

This is what makes retail capital different. It doesn't expire—it compounds. And DealMaker is built to maximize that long-term value.

Ready to Raise Capital on Your Terms?

Whether you're pre-revenue or post-IPO, DealMaker gives you the infrastructure, support, and strategy to raise from the people who believe in you most.

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