Legal Blog

A Video Conversation with Luke Cooper, CEO of Fixt on How It Works- Part 3

Click here for Part 1, Part 2 Revolutionizing the mobile phone and tablet replacement process luke cooperLuke Cooper is the founder and CEO of Fixt, which he calls the “Uber for device replacement.” When a smartphone, tablet, or other device stops working, Fixt allows users to push a button and receive offsite repair in 30 minutes, onsite repair in 1 hour, or a full replacement in 12 hours. The Fixt.co platform also offers detailed device repair analytics and enterprise-level cybersecurity. The company aims to change how consumers and businesses think about retail insurance. Formerly known as Peach, Fixt changed its name last month, November, 2015. Tell us about your service. How does Fixt work? LUKE COOPER: At its essence, it’s an app. That’s how individual users are interacting with this. It sits on your phone and monitors when you break your device. And when you break your device, we’re immediately giving you options, repair options or replacement options, exactly when you need it. So the app opens up. You can select a repair shop that’s close by or you can communicate with us directly and have a repair tech come to you. The best part about our technology is how we’re tying together this intricate web of repair technicians and repair shops all around the country. For large businesses that have this problem at a mass scale, we’re giving them a tremendous amount of back-end data that shows them exactly how these devices are moving through their IT lifecycle, and taking away the pressure that they experience in their IT departments that don’t have the infrastructure to support mobile devices. For one of our biggest customers, we’re able to show 50% cost reduction in how they manage their mobile devices. We think that we have an offering that sits right in the middle between traditional IT infrastructure support, help desk support, and traditional insurance. What has your fundraising experience been like? Fundraising to date—yes, it’s been a fun ride. I feel like, as a CEO, you’re always fundraising. I get jokes all the time because I’m such a product guy. I like to be in the product, and I like to be with the product teams, helping out. But I think as a CEO you’ve got to be focused on fundraising all the time, and it’s certainly something that I spend a lot of time doing. We raised our first seed round about a year and a half ago—about a year ago, really—and it was for about $650,000. We had a funny thought the other day. We’re just together as a group, and I began to think about some of the other startups that are like us and where we are in the revenue ramp. We’ve been very successful, fortunately. And when you look at the fundraising to sales ratio, our ratio is tremendously higher than a lot of other startups that have raised a lot more capital. So, we’re just getting going. We raised our additional round about a year ago, and we’re going to be opening up a new round pretty soon that we think will be very attractive to the angel investor community here in Baltimore. We hope we’ll be successful there too. Tell us about the name change. Where did the name Fixt come from? Our value proposition is dead simple. You push a button, and you get help with your device, get it replaced or repaired. We wanted the name to reflect that. We wanted the name to instantly resonate with our core customer, so they have no misalignment or misunderstanding about what we do. The original name for Peach really came out of personal interest in that name. About a year and a half ago, before we got to Boulder and before we raised our round, my daughter was struck with stage IV cancer. You know, one of the sad realities of running a startup company is that the world isn’t kind to you. It’s harder, as a matter of fact. There are things that happen to you everyday that tell you to quit, to stop, “don’t continue,” and that was one of them. She was struck with stage IV cancer. She went through two surgeries and she began radiation and chemotherapy. During her chemotherapy visits, after we would go to the farmer’s market, either in Towson or down in Baltimore—you know, we live in Waverly—and she loved peaches. And so, she’d pick out peaches, and that was her fruit of choice. I said, “That’d be a fine name for the company.” We’re just getting going, and so it made sense. People loved the name. It’s a fine name, but it didn’t clearly tell people what we did, and so we wanted to make that very clear and now we think the name reflects that now. And, she’s a 100% cancer-free, and doing very well, and a normal 6-year

ABOUT OFFIT KURMAN

As one of the fastest-growing, full-service law firms in the mid-Atlantic region, Offit Kurman is well positioned to meet the legal needs of dynamic businesses and the people who own and operate them. At Offit Kurman, we are our clients’ most trusted legal advisors, the professionals who help them to maximize and protect their business value and individual wealth. In every interaction, we consistently strive to maintain our clients’ trust, further their objectives and help them achieve their goalsTrust. Knowledge. Confidence. In a partner, that’s perfect.  Please contact us for more information on Offit Kurman’s comprehensive Legal services. You can also connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn.

WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA | NEW YORK