The year 2020 will forever be known as “devastating to all businesses,” but the year has been especially brutal to industries such as hospitality, travel, retail, and restaurants. However, companies in other sectors, such as health and technology, have taken off. Here is how nine startups are thriving in the Covid-19 economy.
These 9 startup companies found ways to grow their business by making needed adjustments and serving the community during the pandemic.
Nurx is a disruptor in the telehealth industry. It connects patients with providers virtually for consultations and prescriptions for a variety of health services, including birth control, PrEP, HPV tests and migraine treatment.
The company offers patients consulting 24 hours a day, 7 days a week via text. After paying the initial consultation fee, patients can message providers for a full year. Because patients don’t have to schedule in-person doctor visits to get care, Nurx is both a more convenient and safer option during the pandemic.
With telemedicine surging in 2020, and an additional $22.5 million in new financing, the company is positioned for long-term stability and growth. While telehealth is increasing overall, its niche serving women’s intimate health issues gives Nurx a competitive advantage.
The company has the opportunity to continue expanding the services it provides and to grow beyond the 29 states in which it is currently licensed.
Databricks uses open source coding for data engineering, collaborative data analysis, and machine learning. Its platform offers clients:
- Options tailored to their individual needs
- Reduced supply chain operation costs
- Web content creation based on visitor activity
The company has raised $400 million in new funding and expanded its customer dashboard capabilities by buying Redash. LinkedIn ranks Databricks as the No. 5 U.S. startup company for 2020.
Databricks’ most significant strength is its ability to make complex data analysis easier to conduct. The information gained from these analyses helps its customers save money and offer better service to their customers.
Verkada provides enterprise building security with both hardware and cloud-based software. Its controls allow users to access its command platform from any browser with an internet connection. Integrated cameras and environmental sensors enable clients to detect changes happening across their locations and take data-driven action.
As the pandemic spread, Verkada adapted its system to highlight when and where crowds were beginning to form. This allows clients to disperse large groups and maintain social distancing. The company also created a heat map of high-traffic areas so clients could mark those for deeper and more frequent cleaning.
Verkada raised $80 million and doubled its workforce this year. The company’s advantage is its ability to see new opportunities and pivot to meet customer needs in new ways.
Nuro’s goal is to use robotics and artificial intelligence to take over delivery orders.
The company launched the first self-driving delivery car in 2016. It initially partnered with Kroger in Phoenix to deliver groceries to such customers as:
- Parents with young children
- The elderly
- Individuals who don’t drive
During the pandemic, Nuro has also used its driverless fleet to deliver medical supplies to Covid-19 patients in California.
On November 9, 2020, it announced a Series C funding round of $500 million. Nuro’s greatest strength is its bold ambition to bring robotics technology to Americans’ everyday lives, during the pandemic and beyond.
Movandi is achieving success with innovative technologies that make 5G more widely available. Its 5G repeaters are designed to improve 5G coverage in public spaces and buildings in ways that expand the signal around corners.
Movandi’s achievements have resulted in the following awards this year:
- AspenCore World Electronics Achievement Awards Startup of the Year 2020
- CNBC Disruptor 50 for 2020
- Orange County Business Journal Innovator of the Year 2020
Covid-19 has shown that the need for robust broadband is greater than ever. By finding new ways to overcome earlier technologies’ line-of-sight challenges, Movandi is making a signal contribution (pun intended).
FullStory is a provider of analytical software that enables its clients to improve their websites. The company employs heat maps and other tracking tools to discover where visitors go on a website. Its software also helps pinpoint where retail sites lose customers in the sales funnel.
FullStory’s software is so effective that one client gained $5.63 million in benefits (increased conversion rates, improved error resolution, etc.) over three years. The result was a 411% return on investment.
LinkedIn ranked FullStory one of the top startups of 2020. The company quadrupled its workforce between 2017-19 and has raised $67 million in funding since its inception.
Allowing its clients to detect pandemic-driven consumer behavior changes helps them respond rapidly and effectively to these shifts. The quality of FullStory’s service to its clients provides a benchmark to copy.
Attentive is a marketing and advertising company that uses real-time behavioral data to target customers and convert sales. Over 2,000 businesses currently use Attentive’s messaging platform to drive sales.
The company recently raised $230 million in Series D investments and has grown to over 400 full-time employees.
Attentive’s most significant strength is its consistent performance over time and deep client base. The company succeeds because its messaging platform helps its clients reach their own customers so effectively.
8. Modern Health
Modern Health is a digital benefits platform that provides mental health support for its clients’ employees. The company uses virtual visits and text messages to connect employees to certified coaches and licensed therapists.
During the pandemic, the company began offering free mental health resources, including live sessions with its network therapists, to the public at large. Its goal was to help the community as a whole get through this challenging year.
Like other top-performing startups in telehealth, Modern Health’s competitive advantage lies in finding its niche: in this case, mental health. It has raised over $42 million in venture funding and has been named to LinkedIn’s list of top startups for 2020.
FIG was founded as an alternative to traditional agency marketing. Its goal is to be the storytellers of the information age.
Among its honors, FIG has been:
- Named to the Inc. 5000 in 2019 and 2020
- Listed on Ad Age’s A-list of standout agencies for 2018, 2019, and 2020
- Designated one of LinkedIn’s top 50 startups for 2020
The company has achieved a three-year revenue growth of 150%. FIG is an inspired leadership story of how connecting with people on an emotional level can drive success.
In 2020, many startups floundered due to the ultimate “beyond their control” circumstances — The Global Coronavirus Epidemic.
The startups listed here are thriving despite the pandemic and ensuing recession.
These companies are succeeding by finding niche specialties, excelling through customer and community service, and adjusting their offerings to help the community during trying times.
Image Credit: ketut subiyanto; pexels