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Niek Versteegde team 14
Niek Versteegde Uitgeest, NL

GOAL 3 - We All Health

The GOAL 3 monitoring system enables health workers to provide better care with limited resources. Join us to revolutionize healthcare where it is needed most!

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Small_thumb_niek GOAL 3 - We All Health
The concept

Click here to watch our video!


Every year, more than 3 million children in low- and middle income countries die from conditions that are easily treatable. Affordable treatment, costing less than a dollar, is usually available, but the conditions are recognized too late to be treated effectively.

To detect these critical conditions in time it is essential to monitor vital signs like heart rate and breathing rate continuously. In many low-resource settings (e.g. African settings), this is not possible due to shortage of staff and lack of suitable equipment. Up to 70% of existing monitoring systems are not functioning and there are 10 times less health workers in Africa compared to western settings.

Consequently, the staff monitors the vital signs manually , which is less accurate and time consuming, or is unable to monitor the vital signs at all. This causes delays in diagnosis, increased number of deaths and leads to overburdening of health workers. This is a big shame because the number of deaths can be reduced by 10% for every hour saved.

Image 1: Two major problems occuring in the market resulting is the lower quality of care.

Therefore there is an urgent need for smart monitoring systems that enable health workers to diagnose critical conditions in an early stage and to identify the patients with the highest medical priority. This will save time by bringing the focus to the right patient at the right time.

Image 2: Comparison in diagnosis between Western and African settings for infectious diseases.

At this moment, existing patient monitoring systems are designed for high-resource settings and do not function (well) in low-resource settings due to their complexity in use and maintenance as well as their high costs. These systems break down easily and can’t be maintained. There are affordable monitoring devices but those lack many functionalities needed in the high- and intensive care wards. For example they are meant for short measurements instead of continuous monitoring to detect deteriorations early. There are no monitoring systems with predictive algorithms that support health workers.

We believe that these algorithms will be a game changer in getting an early diagnosis in situations with low numbers of staff with lower training levels.


The system GOAL 3 is developing addresses these challenges, the IMPALA monitoring system (Image below) is developed with and for its users. The most important requirements are robustness and usability.. Our tablet-centered design enables us to develop and integrate software applications and algorithms that support health workers in their work. Through algorithms and decision support we help clinicians to take better decisions around diagnosing and treatment. 


By developing this smart, yet simple monitoring system we will reduce the number of children dying from treatable diseases. In addition, it will reduce the pressure on the health system by reducing the number of admissions and promoting early discharge. Our partners from the Amsterdam Medical Centre have calculated that our solution can save the lives of up to 1 million children per year.

Image 3: Simple representation of the GOAL 3 IMPALA monitoring system

Business model

To ensure the growth and sustainability of GOAL 3 and to make these systems available and sustainable within these settings we need to innovate in the business model. This requires a business model that is tailored to LMIC to guarantee the service, support, maintenance, and installations needed for functioning and continued development of this system. GOAL 3 aims to provide this innovative service for an all-inclusive subscription model that starts at $1 per system per day.

Partnerships and development

Our main partners in the development of the system are the department of paediatric (children) intensive care from the Amsterdam Medical Centre (professor Job van Woensel) and the neonatal (newborns) intensive care department from the Radboud MC Amalia Paediatric hospital (professor Willem de Boode). Together with them we have formed the IMPALA and the IMPALA-NEO consortiums respectively to co-develop this system. World-class research institutes from the Netherlands, the UK, Malawi and Zimbabwe as well as key stakeholders like governmental and non-governmental organisations are represented within these partnerships.

We currently have a functioning prototype monitoring system which can monitor 10 patients at the same time. In the coming 6 months this system will be tested in two pilot studies in Malawi and the Netherlands. In addition we will start the development of the predictive algorithms based on historic data-sets. Following development we expect to launch our first product at the start of 2023.

Mission & vision

GOAL 3 is a social enterprise with a vision of fair and accessible healthcare for everyone. Health workers are the key to achieve that. That is why our mission is to enable and empower health workers at places where it is needed most. To achieve that we are developing the user friendly and algorithm enhanced IMPALA monitoring system that is specifically designed for low resource settings. By supporting health workers in prioritization, monitoring and risk assessment we will prevent children from dying from treatable conditions and we will reduce the pressure on the health system. Our goal is to improve access to care for 100 million people by 2030.

Image 4: Reference from professor J.C.W. van Woensel on GOAL 3

Summary of the issuance

Potential investors should read this summary as an introduction to the information memorandum. Every decision to invest should be based on studying the full information memorandum, including the attachments.

  • Issuing entity: GOAL 3 Coöperatie U.A.
  • Website issuing entity:
  • Type of issuance: Convertible bond
  • Issuance amount: Minimum €250.000 - Maximum €750.000
  • Minimal nominal value per participation: €200
  • Issue price: €200
  • Conversion option: Under certain circumstances the bond can convert to certificates of issuing entity
  • Conversion discount:
  1. 3 to 12 months after issuance of the convertible bond: 15%
  2. 12 to 18 months after issuance of the convertible bond: 20%
  3. >18 months after issuance of the convertible bond: 30%
  • Use of funds: Software development, hardware, market research, commercialization of the product.
  • Risk profile: Very high (Risk profile Very High because the issuing entity exists no longer than 3 years, click here for more information on Symbid risk profiles)
  • Interest: 6% (single, accrued)
  • Collateral: None
  • Repayment: After 5 years, but issuing entity has option for extension of another 2 years
  • Early repayment option: No
  • Symbid costs issuing entity: 2%-6% success fee (Excl. VAT)
  • Symbid costs investor: 1% administration fee (Excl. VAT)
  • Target group issuance: Retail investors
  • Expected return: Not fixed, depends on performance issuing entity

Unique Selling Points

Company USP’s - Why GOAL 3:

  • For health workers, by health workers - GOAL 3 originated out of the need and experiences of health workers, working in LMIC settings. These origins are deeply intertwined in the way products, business models and services are designed. This makes GOAL 3 unique in the field. These values are carried throughout its team.
  • A strong and multidisciplinary team with an entrepreneurial spirit and dedication - within a year the GOAL 3 team has expanded to 10 mission-driven and committed people with a complementary background. All team members are investing significantly in cash and in-kind to make a success out of GOAL 3.
  • Striving for collaboration instead of competition - GOAL 3 has taken a leading role in creating consortia with research institutes, hospitals, and private organizations, to collectively solve the problems around the enormous child mortality. This has resulted in a network of strong and unique partners, funding and talent that share our mission.
  • Focusing on places where it is needed most - The mission of GOAL 3 is to focus its activities on the places where it is needed most. This mission makes GOAL 3 unique and creates an expert role in understanding, designing, developing and collaborating at these places.

    Image 5: The GOAL 3 IMPALA monitoring system in co-development in the Queen Elizabeth Hospital in Malawi. The sensitive pressure (ballistographic) sensor is lying below the soft mat children lie upon during their admission to measure heart rate and breathing rate. Due to these characteristics it is very patient friendly and easy to handle for caregivers and health workers.

Product USP’s - Why the IMPALA monitoring system

  • The system is being designed with (Malawian) hospital technicians to make it robust and reliable in a setting in which currently most of the equipment fails.

  • The user interfaces are co-developed with the users to make the system easy to use and learn and increase productivity.

  • The very sensitive pressure (ballistographic) sensor we use is durable and easy to use and is very suitable for this context. It is put underneath the patient without direct contact and measures breathing rate and heart rate in high quality.

  • The tablet with monitoring software provides an intuitive interface with a central patient overview and enables health workers to monitor 10-20 patients at the same time.

  • It is an integrated system in which all parts work seamless together through a software and data backbone.

  • Our system will have predictive algorithms that support health workers in getting an early diagnosis and making a risk assessment. We are developing these algorithms with world-class research partners from Europe and Africa.

  • Through the tablet additional supportive software applications and algorithms can be added over time by ourselves but also partners. We have contact with several parties who are developing tools like this that are suitable for future integration.

  • GOAL 3 aims to offer a complete solution to the hospitals, supporting with providing education, installation, service and maintenance. This can be done via innovative business models that work via a subscription model, making sure the systems stay up and running.

  • The IMPALA monitoring system will have an intuitive interface that is very easy-to-use and fit for purpose for health workers in African settings.

Image 6: The GOAL 3 IMPALA product USPs compared to high-end and low-cost solutions.

Revenue model

  • Our initial target markets are hospitals in Africa and large non-governmental organizations (NGO) such as MSF, Unicef and Save the Children. There are approximately 5,000 hospitals in Africa that need an estimated 15-60 monitoring devices per hospital.
  • The main customer-segments for our product are financially stable LMIC hospitals, ministries of health from African countries, and non-governmental organizations (NGO) involved in healthcare.
  • GOAL 3 sells its monitoring systems either via direct sales to hospitals with an innovative all-inclusive, monitoring as a service, business model starting $1 per system per day, or via traditional tender processes from consortia of local governments, NGOs and organizations such as the UN and WorldBank. For the latter, payment will be done upfront ensuring GOAL 3 with a more stable cash position.
  • The subscription model ensures a lock-in via close collaborations with the customer, the hospitals, and adds many future possibilities for delivering more services such as electronic patient records and supplying other medical equipment.
  • The traditional tender processes provide big, secure and stable project-based funding containing upfront payments for service and maintenance providing GOAL 3 with the financial stability to scale.

Image 7: Schematic overview of the GOAL 3 revenue model

Achieved so far

  • Secured € 55,000 pre-seed investment from founders
  • December 2019: secured a € 40,000 take-off subsidy for the first pilot study in Malawi

  • September 2020: Secured a € 20,000 MIT feasibility subsidy (September 2020) for market exploration and the testing of an innovative sensor technology

  • Created a multi-disciplinary team of 10+ members that are committed to bringing GOAL 3 to a success

  • Nominated for 8 start-up and design awards, a finalist in 5 of these and;

  • Winners of the University of Technology Eindhoven start-up contest (€ 5,000) and the Everis Netherlands Start-ups awards (€ 10,000) in 2020

  • Co-founders Bart and Jelle were named among the 25 most promising entrepreneurs below the age of 25

  • Initiated a research consortium with world-class research institutes in paediatric intensive care around the IMPALA monitoring system. EDCTP grant from the European Union, € 3.42 million, results expected January 2021

  • Initiated a € 3.9 million research consortium around the IMPALA-NEO with world-class research institutes in neonatal care. NWO perspective subsidy, € 2.48 million grant, currently second stage (of 3) results expected early 2021

  • Active partnerships with 5 research institutes (4 Dutch, 1 Malawian), 3 development partners and 2 African hospitals (Malawi and Tanzania) established

  • Partnerships in progress (pending on funding) with an additional 6 research institutes (2 Malawian, 1 Zimbabwean, 3 Dutch)

  • Started with first field pilot study November 2020, to be continued January-March 2021 in the Queen Elizabeth Central Hospital Malawi

Required investment and purpose

  • Developing next IMPALA iteration - 2nd prototype

  • Initial development of predictive algorithms

  • Setting-up a validation multicenter pilot study in Africa end-2021

  • Manufacturing of next 50 prototypes for multicenter pilot study

  • Market field research together with African representatives, getting soft commitments and pre-orders

Niek Versteegde

As a tropical doctor I experienced first hand what it means to make an impact. Unfortunately I have also seen dozens of children die from conditions which could have been treated easily. These experiences drive me every day to make a success of GOAL 3.

Annelot van Halder
Head of HR & Communications (MSc)

During my studies in Organizational Psychology, I developed a fascination for new ways to form teams based on employees’ talents and needs. As Head of People within GOAL 3, an organization that has such an inspiring mission, my professional ambitions meet my personal aspirations to make an impact.

Martin Macharia
Senior full stack developer

My passion for technology started the first time I interacted with a computer. I knew it’s what I wanted to do. Build solutions that help improve or in one way or another, have a positive impact in people’s lives. GOAL 3’s mission and product are inline with my objectives and has provided me another.

Bart Bierling

I started designing the first patiënt monitor for low-resource settings, because I believe there is a need for medical devices designed specifically for that context since the current systems don’t suit their needs. I want to create user-centered systems that help to diagnose patients earlier.

Jelle Schuitemaker

As a young entrepreneur and innovation manager, I am passionate about social-technical innovations that can make a real long-term change in the world and disrupt a market. For me, with GOAL 3, we can make this change towards a world where fair and accessible healthcare is the standard!

Kevin Gerrits

During my 15 years in financial services, my personal urge arose more and more to contribute to society with my acquired knowledge and experience. As my interest in various sustainable development goals has grown strongly during this period, GOAL 3 came at the right time.

Tijs Versteegde
Systems architect (MSc)

While working on purely commercial products has been a fun challenge, visiting Niek in Tanzania some years back, put the idea in my head that I wanted to contribute more to the world. So when he told me about this endeavor he started with Bart, there was no doubt that I'd love to use my experience to do exactly that!

Rachel Loop
Head of Quality (MSc)

As a Biomedical Engineer and Industrial designer, I strive to build a bridge between the work of health-workers, designers and engineers to create innovative health-tech solutions through collaboration in multidisciplinary teams. At GOAL 3 I found a unique path to do exactly what I aspire for a very good societal cause.

Balt Leenman
Business advisor (ing)

During all of my career, I have been working on innovative technology. At this phase of my life, I enjoy sharing my experience with young entrepreneurs. GOAL 3 is a great idea, a paradigm shift for healthcare! I especially appreciate the focus on the least fortunate people. I can leverage my experience and network in East Africa.

Jori Spierings
Graphic design

In 2015 I visited Niek in Tanzania and followed him during his clinical duties. This made me aware about the huge challenges of these settings. Unable to contribute at that time I was happy to join GOAL 3 to help to visually communicate the inspiring mission.

Legal structure

The issuing entity (GOAL 3 Coöperatie U.A.) is a cooperative with excluded liability. Chamber of Commerce: 80825052. The Cooperative holds a 100% participation in GOAL 3 B.V. Chamber of Commerce: 75834553. The company has its office in the JADS building which is located in Sint Janssingel 92, 5211 DA 's-Hertogenbosch.

The company website:

Contact person: Niek Versteegde, via

The issuing entity is managed by Niek Versteegde (CEO), Bart Bierling (CTO), Jelle Schuitemaker (COO) and Kevin Gerrits (CFO).

Legal structure as of December 2020:

Slicing Pie

To attract talent and to motivate and reward GOAL 3 team members, GOAL 3 works with a slicing pie structure for splitting certificates internally. This structure rewards GOAL 3 members based on their time, roles and economic value to GOAL 3. This slicing pie structure is not affecting external participants for this crowdfunding.

Human development

Management coaching from Scale-up Impact

Management follows the Impact Habits course provided by Pieter van Osch from scale-up impact over a period of 12 months. This method is based on the principles of scaling-up and entails courses on: strategy, implementation, people, cash, quarterly, sustainable impact, and personal growth. 

Support from angels, advisors, and consultants

Through several advisors and consultants, we  gather as much information as possible, on both product development as well as organizational matters. For instance, our non-dilutive funding assessments and applications are processed in cooperation with FFUND, and for our product development we collaborate with experts from Philips Medical and Australian medical design agency IDE. These collaborations will also lead to a more formal formation of a multidisciplinary board of advisors.

Networks, communities, trainings, events

We aim to build an active GOAL 3 community that will collaborate on product development, exchange scientific and clinical knowledge, discuss organizational topics such as strategies and structure, and generate business development plans. The community will be activated through (online) meetings, parallel pressure cooking sessions, and events.

Training and development

We believe every team member thrives when personal ambitions as well as professional talents are nourished and when they are positively challenged in their work. By encouraging development on a professional as well as on a personal level, we believe the team can grow, as the company grows, to make sure we stay ahead. Our strong internal company culture can elevate this process.

The product

GOAL 3 is developing a patient monitoring platform that fits in the workflow of healthcare workers (HW) in LMIC. The daily practice in hospitals in LMIC is that there are too many patients and not enough health-workers and equipment to give the quality of care the patients need. Therefore the system should be easily integrated into the workflow of the HW and help them to be more efficient. The core of what GOAL 3 wants to achieve is the following:

  • Create a robust and user-friendly bedside monitoring system

  • Help identify patients that require immediate medical attention and aid health workers to prioritize their efforts and attention to the right patient at the right time

  • Assist with detection of clinical deterioration over time through algorithms to enable a timely diagnosis

  • Assist with clinical decision making through making decision support tools which are easily accessible and integrated with the monitoring system

  • Easy record-keeping by connecting our system to an existing Electronic Patient Record database or offer a light local version.

The monitoring system GOAL 3 is developing is shown in the first image below. That system has two components:

  1. A monitoring device that has several sensors to monitor the most important vital signs. The HW will be able to get basic information about the situation of the patient. The system will need to have the following sensors:

    1. Electrocardiogram (ECG)

    2. Electromyogram (EMG)

    3. Pulse oximeter sensor

    4. [Optional] Ballistographic (BSG) sensors monitor all movements of the patient's body and can measure the respiration rate and movements of the patient. The sensor suits LMIC very well since it is reusable and non-invasive. It is placed underneath the cover of the mattress, and therefore requires little time from the HW.

  2. A software application running on a tablet for additional functionalities. The app will provide other functions like:

    1. Central overview of multiple patient's vital signs

    2. Good data visualisations to provide insight into the trends in the vital signs of individual patients s for in-depth analysis

    3. Integrate existing clinical decision support applications (Noviguide and Neotree are good examples)

    4. Electronic patient records

We expect that Machine learning algorithms will be essential in assisting the HW to interpret the data from the patient monitoring systems. We are focusing on two types of algorithms:

  1. An algorithm that makes an assessment about the severity of illness of individual patients based on vital signs, clinical data and demographic data. This will aid HW with decisions around admissions, diagnostics, treatment and discharge. Furthermore it will help in prioritization.

  2. An algorithm that could help to diagnose specific infections/diseases that can easily be treated if detected early. In a Dutch study, it was shown that an algorithm can indicate which newborns have a high chance of having severe infections 6 hours before it was diagnosed.

The second image below shows how we expect how the algorithms would be integrated with the system.

Image 8: The IMPALA monitoring system with main sensors, USP’s and applications

Image 9: Our system in the process of health workers

Unique Selling Points

Our USP’s are that we provide an integrated solution designed for these circumstances. This includes a robust, user-friendly and context specific monitoring system, with a connection to tablets to make the management of patients and work more efficient. This system can be updated with additional eHealth applications and supportive algorithms. Altogether, with an innovative business model, we offer a total solution to hospitals.

  • Design suited for low resource settings (robust, durable)
  • Easy to maintain and repair
  • Modular system design (easy to apply in other settings, add sensors)
  • Interface adjusted to education levels of staff (more intuitive, easy-to-understand)
  • Software platform that will use algorithms developed by GOAL 3 with its partners, and open-source algorithms.
  • Platform that will be developed to enable others to develop sub-functions and interfaces needed in their context.
  • Affordable due to innovative sensors and smart business model (cut out expensive upfront payments)
  • Designed and created with and for LMIC healthcare workers
Future innovation

GOAL 3 believes in collaboration instead of competition. Following this philosophy, GOAL 3 wants to build a platform in which research institutes, doctors, software- and hardware innovators, Ai companies, and other stakeholders can work together to offer solutions to problems occuring in the context. This platform will enable others to develop sub-functions and interfaces needed in their context. Also, this platform can bridge the gap between research and practice in the healthcare industry.

Image 10: Reference from Dr. Alex Stevenson on GOAL 3

Revenue model

Our initial target market consists of non-governmental organisations and healthcare organisations in Africa providing neonatal and child care. There are over 5,000 hospitals in Africa that need an estimated 20-30 monitoring devices per hospital for these newborn and child care departments. 

We aim to offer monitoring as a service at $1 per system per day, growing to $2 per system per day when new applications are integrated, bringing the annual market value at $73 million. Since the medical systems are acquired in different ways we expect to have two options; hospitals paying a monthly fee, but in case of a sponsor (NGO, GOV) the system and service would be paid for the full 5 years. We expect to launch our first products at the start of 2023. There are currently no integrated monitoring systems offering comparable functionality or services. Currently we are actively exploring other markets, in both the developing as well as the Western world.

The fee that hospitals pay for the systems provides GOAL 3 with a steady income to deliver the service and support needed to maintain the system, and still generate margins for further product development. GOAL 3 estimates that the costs for development of the system are acquired back in the first year, after which GOAL 3 expects to generate margins every day that the systems are running perfectly.

Next to the Monitoring as a service business model, works GOAL 3 also via the more traditional tenders for selling medical equipment. These tenders often offer bigger quantities of product which can enable GOAL 3 to receive big projects that are paid upfront. These projects will provide for a stable additional income and could function as an enabler for integration Monitoring as a service model at places where these tender projects are held.

Image 11: Value Proposition for our GOAL 3 systems


Scalability is key for GOAL 3 in designing products for the LMIC healthcare market. Our vision is not only to make a better patient monitoring system, but to make healthcare more fair and accessible around the world. With this philosophy as backbone, many options for scale are being explored, both vertically (different settings f.e. out-of-hospital care) and horizontally (different products, different departments).

The key in our scalability is that GOAL 3 is dedicated to designing software and data solutions for medical products that are not solely for GOAL 3 hardware. This means that GOAL 3’s future software and algorithms can also run on the hardware systems of other healthcare companies.

Next to this scalable approach, other factors improving scalability that are pursued and explored are:

  • Scaling by acquiring and winning bigger projects. Big tender projects where 100+ systems are bought by governments and NGOs and are deployed in a full district/county/country at once.
  • Scaling to many new countries. Empowering African/LMIC entrepreneurs to create sustainable healthcare servicing businesses. Creating a franchise model for African entrepreneurs for selling, installing, deploying and maintaining our medical technology.
  • Scaling in departments of hospitals in which our systems can be used. By making our system modular, the systems can be deployed at both neonatal, pediatric intensive care, as adult intensive care units. Also, lower levels of care, such as high care wards are relevant for our product. This means that in-hospital deployment of our product can grow, starting with 10 systems to up to 60 systems per hospital.
  • Scaling in services and products offered to hospitals. The GOAL 3 business model, supply chain, partners, local presence and LMIC expertise creates a strong foundation for GOAL 3 to offer multiple services. Many ‘frugal’ (making technology more simple) innovators creating innovations for the LMIC healthcare market struggle to commercialize these products. GOAL 3 can help and support these innovators with bringing their products to these markets, using the GOAL 3 channels.
  • Our initial product is still too expensive for many of the smaller hospitals. We already have a concept and prototype for an ultra low-cost system, however, we believe for this product to be successful we will need a first (predictive) algorithm.

Current status

Image 12: The image above shows the current prototype when we visited Malawi for the first time in November. We will test this prototype for 3 months starting in January. Two sensors are visible here; a pulse oximeter on top of the green gel mattress and the ballistography sensor underneath the green gel mattress.

Note to reader: now starts some of the technical mumbo jumbo you (don’t) need to understand.

Since we have started GOAL 3 we have now developed the first version of IMPALA, which is now ready for the first tests in Malawi for which we have approval from the medical ethical committee. This study will start in january 2021 and will take 3 months. We believe this study will help us go through one last iteration before we will decide on the final specifications of the first product.

In the current situation, GOAL 3 knows that a product that is affordable, relevant and innovative can be made, but still some hurdles exist at what costs this can be developed, and at what numbers it can be sold. If these hurdles can be taken it will significantly improve the clinical processes in critical care in low resource settings. This will be mostly done in the first stage of this study. In the later phase the system will be evaluated in a real-life situation to improve the system into a commercially viable product.

The hardware uses a board with the standard sensors from another company and uses our circuit for the Ballistography sensor. We have developed a PCB for this circuit and to communicate with the other parts of the system.

We have developed a local server based on a raspberry pi which gathers data from the bedside monitoring system and transmits it to the tablet application. Both the bedside monitoring device and tablet User interface have been tested with clinicians in the Netherlands and will now be tested in Malawi.

Bart Bierling has already completed a first study (published) in the Netherlands with the Ballistography sensor in the Neonatal Intensive Care Unit (ICU for babies). From this study came the idea to use this sensor for low-resource settings.

Image 13: Render of the IMPALA prototype to be tested in Malawi

Planned developments

In the upcoming year GOAL 3 will wrap up the exploration phase and go into the product development phase. This means that the product specifications will become definite and we will engineer the system completely as required by the regulatory bodies.

Once the product is extensively tested and validated in our development phase we will enter a qualification phase. During this phase, we will apply for a CE-certification that will grant us our market-approval to start selling in early 2023. For each of these phases several milestones are defined as follows:

  • January 2021 - Pilot tests Malawi 3 months
  • April 2021 - Conclude the user- and stakeholder-requirements (design input) and form the final design (design output)
  • June 2021 - Finish the product development plan
  • July 2021 - Start the product development and testing March 2022 - Start pivot trials, validation, and verification processes.
  • August 2022 - Start audit preparation for CE-mark
  • November 2022 - Initiate market preparation/logistics and shipping
  • January 2023 - First product launch
Parallel development activities

Parallel to these first product development steps, GOAL 3 will be actively researching and developing future additions to its systems. Processes that are already initiated and will run in parallel with the product development are the studies in collaboration with Radboud UMC, for the use of the ballistographic sensor; and studies in collaboration with the Amsterdam MC, for the creation of the first GOAL 3 algorithms.

Target group

The GOAL 3 IMPALA monitoring system is initially targeted at the Neonatal & Paediatric Intensive Care Units (NICU/PICU) and High care wards of (urban) Sub-Saharan African hospitals. These are the wards and departments providing the most critical care to newborns and young children (<5 years). The end-users will be both doctors (neonatologists, paediatricians, tropical doctors) and nurses working in these departments, within these hospitals. Estimated is that there are around 5000 hospitals in these regions for which the GOAL 3 solution is relevant. 

These 5,000 hospitals can be further segmented in governmental-, foundation-, and privately funded hospitals. As first customers, GOAL 3 expects that private hospitals can be an ideal starting customer because these hospitals have more decision power in buying systems, more financial stability and a better technology environment. Kenya can be an interesting country for these first customers because a large part of the Kenyan healthcare market is privatised. Also, Kenya is an innovative African country with a relatively good GDP and stable working climate.

The decision-makers in the decision-making units of East-African hospitals are mainly a mixture of (tropical) doctors working for NGOs such as Médecins Sans Frontières (MSF) International, healthcare professionals working for the ministries of health, financial controllers of hospitals and the end-users, the health workers of the hospitals. GOAL 3 is currently actively networking in all of these groups of decision-makers to investigate their needs and requirements in more depth. 

Next to these specific types of hospitals, GOAL 3 expects that after successes in the starting markets, more and more markets will follow. Follow-on markets are for example the regular ICU’s, but also other low- and middle-income countries outside Africa, for example in South America. 

Thirdly, GOAL 3 also aims to sell its products in larger batches to charities, NGOs and foundations such as Save The Children, MSF and Cordaid. Expected is that these markets will mainly be project and opportunity-based.

Market size

The entry-market for GOAL 3 is estimated using the pricing of $1 per day per system. In these calculations, it is estimated that up to 20 monitoring systems can be deployed on average in the 5000 hospitals in Sub-Saharan Africa. This will make an entry-market of (5.000*$1*365*20=) $36.500.000.

In the coming years, GOAL 3 expects to add more services to its systems, such as algorithms and eHealth applications. The average price per system per day will increase in the years to $1 to an average of $2 per system when additional sensors, applications and algorithms are added. GOAL 3 aims to keep providing their services as affordable as possible to be able to serve the more rural, financially unstable, hospitals as well. By growing to more departments and more LMIC countries, 40 monitoring systems per hospital could be deployed on average in a total of 16.500 LMIC hospitals. Altogether this creates a total of the follow-on markets of (16.500*$2*365*40=) $482.000.000.

When examining the expected total markets of big data and patient monitoring by 2025, these numbers mentioned above only account for <5% of the total market. This explains why many big healthcare companies are not that active in these markets and on the other side, shows enormous room for growth for GOAL 3.

  • Total Big Data in Healthcare by 2025 $6,8bln
  • Total Patient Monitoring by 2025 $25bln


The main competitors divided into three groups: 

  • High-end patient monitoring systems by large global companies as Phillips, GE and Welch Allyn. These offer high quality but are not suited for these contexts due to high costs, fragility, difficult to use and difficult to maintain. 
  • Low-end patient monitoring systems by manufacturers in predominantly Asia (e.g. Contec). These systems are affordable (in a range of $500) but not durable and do not offer the functions that are needed. 
  • Partial solutions and small monitors designed for LMIC developed by non-profit organizations (e.g. LifeBox). These are durable and affordable but offer limited functionality as they do not meet important needs in high and intensive care units. 
The GOAL 3 system will be a robust and durable monitoring system that is easy to use while still offering all relevant functions high-end westerns systems have. In addition to these functions offered by our competitors, we will offer unique functionalities like decision-support systems, algorithms for interpreting the data and a user interface designed for hospitals in LMIC. Moreover, the innovative business model of the GOAL 3 system will make the systems more affordable than current solutions.

Customer feedback

Although GOAL 3 is not yet ready to sell its IMPALA monitoring system, already many partners, doctors, NGO’s, hospitals and other organizations have shown a great interest. 

Already GOAL 3 works together with: 

  • 3 Big, renowned hospitals in the Netherlands, being the Amsterdam Medical Centre, Radboud Medical Centre and Leiden University Medical centre 
  • 4 Neonatal/pediatric organizations developing complementary systems and delivering complementary services 
On the direct customer side, GOAL 3 is already in early discussions with:

  • 2 Malawian hospitals, 1 Tanzanian hospital and 1 Zimbabwean hospital 
  • 4 NGOs that are active in the field of GOAL 3 (AMREF, Cordaid, MSF, Neotree) 
  • 2 Governments and ministries of Health in African countries (Malawi and Tanzania) 
On the end-user side, GOAL 3 has already contact with: 

  • More than 40 doctors (neonatologists, paediatricians, tropical doctors) 
  • Patient representative organizations like Care4Neo 
Underlying these numbers is a quote from Sr. Dr Marie Jose Voeten, medical officer in charge Sengerema Hospital, Tanzania: 

We are very interested in the monitoring system that GOAL is developing. An easy to use monitoring device is highly needed in our setting and will help us to improve outcomes for our sick and premature neonates. 

And, Care4Neo a patient support group that supports children born too early, too small or sick requiring neonatal intensive care and their parents.

From a patient and parent perspective we strongly support the development of a vital signs monitoring system for low resource settings. We believe that the care of infants in low- and middle-income countries can move a big step forward through this. Therefore we support GOAL 3 in its ambition to develop this system.

New customers

To be able to sell, qualification and certification are needed, this process will be finalized in 2022. At this time, GOAL 3 expects to have the first commercial roll-out of products by 2022. In the phases before that, the product will be both technically as commercially piloted and tested. Based on experiences from similar healthcare scale-up companies and innovations, the expected sales for 2022 till 2027 are: 

  • 2022: 50 devices at 3 hospitals (pre-orders & pre-installations) 
  • 2023: 100 devices at 7 hospitals 
  • 2024: 300 devices at 25 hospitals 
  • 2025: 600 devices at 50 hospitals 
  • 2026: 1500 devices at 125 hospitals 
  • 2027: 2500 devices at 200 hospitals 
Consultancy & related services 

Next to these sales, GOAL 3 expects to have additional projects in research studies, partnerships with universities and NGOs and other companies securing additional revenue streams. This need is based on already active current pipeline projects together with companies and universities for rolling-out other LMIC healthcare products. The expertise of GOAL 3 in the combination of medical innovations for LMIC, combined with the strong (research) partnerships, makes GOAL 3 a reliable partner for initiatives, products, innovations and companies willing to research and/or enter LMIC markets. An example of an initiative that has already shown interest in working with GOAL 3 is the creation of a backpack for maternity care in LMIC. GOAL 3 is currently exploring the technical and commercial viability of this project.

Sales pitch

The GOAL 3 IMPALA monitoring system is the most robust, durable and sustainable system, created for the environment of low resource, low staff settings. With the GOAL 3 IMPALA monitoring system, workflow of health workers can be significantly increased making their work more efficient and more effective. For a hospital, this can result in 20% less admissions, a 20% shorter admission time and most importantly a 20% reduction in mortality. 

The eHealth and digitalization ready design of the GOAL 3 system by combining tablets with smart servers and systems makes the system upgradable and connected over time. This means that hospitals can add future algorithms and patient record solutions. Not only is the IMPALA monitoring system a game changer for the hospitals today, it will also stay a game changer for the hospitals in the future. By the use of a Monitoring as a service subscription model, GOAL 3 makes its monitoring systems affordable and accessible for all hospitals.

What has been done before

In the last year, GOAL 3 has been mainly active in market exploration. In this process, many contacts, reviews, support and interest in sparkled. The key actions of this process are: 

  • Interviews with 40+ doctors and health workers, more than 90% respond extremely positive to the GOAL 3 approach and solution 
  • Community building with 800+ LinkedIn followers, with many engaged health workers, policy makers, directors and stakeholders involved 
  • Piloting in hospital in Malawi, which created many new opportunities and partnerships with local companies, universities and hospitals 
  • Initial conversations with NGOs and possible African partners. The GOAL 3 team already had various conversations with major NGOs such as MSF, Save the Children, Amref and Cordaid. 
  • Partnerships and letters of interests with 5 established African businesses, research institutes and hospitals.

Marketing & sales channels

GOAL 3 expects that to sell its systems throughout Africa, many traditional marketing methods will apply. From conversations with similar businesses, GOAL 3 knows that the pilot and first sales will mainly drive the early growth of the company. In these markets word spreads fastly via ‘example setting’, ‘reference sales’ and ‘worth-of-mouth marketing’. Also, building a credible local organization doing the last-mile delivery, training and educations will be part of the strategy to ensure credibility. More concretely this means that marketing & sales will mainly be done via: 

  • Networking with doctors, stakeholders and key opinion leaders 
  • Participation in tenders, events and research studies 
  • Creating full service integrations (providing financial donor) 
  • Content marketing sharing examples, cases, numbers

Marketing objective

GOAL 3 will use marketing for 3 types of purposes, namely: 

  1. Advocating & Networking: To find the right subsidies, partnerships, consortia and financial streams, GOAL 3 has to tell its story to the right key opinion leaders, policy- and decision-makers active in the LMIC healthcare systems. GOAL 3’s networking strategy is set-up for this purpose. 
  2. Piloting, Reference sales & Example: setting The second goal for GOAL 3 in the use of marketing is finding the right spots for testing and validating the solution. From previous experiences it is known that these pilots work as references and examples for further developing and rolling-out the GOAL 3 systems, leading to sales and revenue generation. 
  3. Community building: One of the core capabilities for GOAL 3 in the current stage is the creation of the community of doctors, health workers, companies, policy-makers and other stakeholders to join in the GOAL 3 vision. The community is of vital importance for finding the right partnerships, funding, subsidies and contacts. Currently, this community is built using events, presentations, videos, newsletters and LinkedIn.


In the last year, GOAL 3 has established some major partnerships. Our strategy in developing these partnerships is to build strong relations with research institutes which have specific expertise in the areas in which we are active. In general we take the lead in these partnerships to ensure a good fit with our company strategy. Together with these partners we identify non-dilutive funding to finance our activities and to leverage these subsidies to create new partnerships.

Our main clinical partners with whom we have already scheduled clinical research projects are:

  1. Amsterdam medical centre, department of paediatric intensive care, professor Job van Woensel and Dr. Job Calis paediatric intensivist

  2. The Queen Elizabeth Central Hospital (QECH) in Malawi where our first pilots in low resource settings will be held. This will also be the location of the IMPALA study.

  3. Radboud university medical centre, department of neonatal care, professor Willem de Boode. A first pilot study is scheduled for april 2021

Together with these main partners we have created research consortiums around our algorithm enhanced and tablet based IMPALA monitoring system. This has resulted in two consortia formed around two research projects.

  • IMPALA (applied for EDCTP grant 3,42 million euro, January final results expected)

  • IMPALA-NEO (applied for NWO grant 2,5 million euro, awaiting result 2nd stage)

In both projects we managed to create a world-class consortium with renowned research institutes which have highly relevant knowledge and experience in this field.

Image 14: List of GOAL 3 consortia partners

Without a saying these research projects and collaborations help GOAL 3 to get access to the knowledge, experience, environment and databases which are essential for the development and validation of the GOAL 3 system. In addition the involvement of key opinion leaders from around the world as well as key stakeholders will pave the road for future commercialization adoption and implementation of our groundbreaking system. Last but not least we highly value the wider impact of these projects that will lead to an increased understanding which is highly needed for addressing this challenge.

Commercial partners

Next to the research partners, GOAL 3 is also actively creating partnerships for the technical and commercial aspects of the business. Our main strategic partner in this field is FFUND which supports us with strategic advice on company development as well as non-dilutive funding.

Collaborations in development

  • IDE is a medical technology firm that supports GOAL 3 in the development of the IMPALA monitoring device and system. They have expressed interest in developing the device together in a full partnership at a later stage.

  • Zentis is a medical software firm that supports GOAL 3 in the development of software and data-infrastructure needed for the complete functions of the system as well as future growth.

  • ItoM is a medical design firm which is developing a wireless sensor suitable for monitoring heart rate and breathing rate at a high quality. We are awaiting the results of the MRE subsidy to integrate our systems. This collaboration could speed up our product development.

Other collaborations

  • JADS provides us with office space in the JADS playground and introduces us to their network

  • Technical university of Eindhoven supports us by providing infrastructure and equipment needed for prototype development

Turnover so far

The issuing entity has been active since 2020 (GOAL 3 Cooperation U.A.) and the GOAL 3 B.V. since 2019. The following financial information is the most recent information available.


The following information applies to the period 1 January 2020 - 30 November 2020 and is the most recent available information:

Grants/awards 43,598

Development costs 25,009 -/-

Indirect costs 58,077 -/-

Result before tax 39,488 -/-

Balance sheet and guarantees

The balance sheet date of this information is 1 december 2020. Total equity equals -/- € 2.425 and consists of:

Issued capital 
€ 100

Share premium account € 54.900

Retained earnings € 57.425 -/-

Total liabilities equals € 5.610 and consists of:

Current liabilities € 5.610

The following information is about the situation after issuance of the securities offered in this investment round. The equity/debt ratio is 0/100. After the issuance of convertible bonds with the minimum target of € 250,000 this ratio equals 0/100. After the issuance of the convertible bond with the maximum amount of € 750,000 this ratio will be 0/100.

Working capital equals € 246,575 (assuming minimum target amount of € 250,000) or € 746,575 (assuming maximum target amount of € 750,000) and consists of:

Other receivables € 960

Cash € 251,225 or € 751,225

Current liabilities € -5,610

GOAL 3 has outstanding loans as per 1 December 2020.

Image 15: Profit and Loss statements for 2020-2027


The issuing entity has provided no securities to the investors in the convertible bond or other current creditors.

Projected turnover

Revenue monitors 

  • 2021: € ​​0 (0 monitors) 
  • 2022: € 3,780 (50 monitors) 
  • 2023: € 45,990 (100 monitors) 
  • 2024: € 137,970 (300 monitors) 
  • 2025: € 482,895 (600 monitors) 
  • 2026: € 1,368,203 (1,500 monitors) 
  • 2027: € 3,096,660 (2,500 monitors) 
Revenue consultancy / service 

  • 2021: € ​​- 
  • 2022: € 60,000 
  • 2023: € 100,000 
  • 2024: € 120,000 
  • 2025: € 120,000 
  • 2026: € 150,000 
  • 2027: € 200,000 


  • 2021: € ​​160,605 
  • 2022: € 300,000 
  • 2023: € 250,000 
  • 2024: € 150,000 
  • 2025: € 150,000 
  • 2026: € 75,000 
  • 2027: € -


Revenue monitors 

  • 2022: 50 monitors in first pilot - $1 a day 
  • 2023: 100 monitors in clinical study - $1 a day 
  • 2024: 300 monitors sold - $1 a day 
  • 2025: 600 monitors sold - $1.5 a day (added sensors & BCG) 
  • 2026: 1,500 monitors sold - $1.75 a day (algorithm added) 
  • 2027: 2,500 monitors sold - $2 a day (added sensors / bio marker) 
Revenue consultancy / services 

GOAL 3 expects to have additional projects in research studies, partnerships with universities and NGOs and other companies securing additional revenue streams. Examples of these types of projects are current pipeline projects together with companies and universities for rolling-out other LMIC healthcare products. The expertise of GOAL 3 in the combination of medical innovations for LMIC, combined with the strong (research) partnerships, makes GOAL 3 an reliable partner for initiatives, products, innovations and companies willing to research and/or enter LMIC markets. An example of an initiative that has already shown interest in working with GOAL 3 is the creation of a backpack for maternity care in LMIC. GOAL 3 is currently exploring the technical and commercial viability of this project.  


GOAL 3 operates as a social enterprise in the field of healthcare in low and middle income countries and also collaborates with various parties from the healthcare sector. Therefore GOAL 3 had access to important opportunities in the field of non-dilutive funding in the form of grants. GOAL 3 has been awarded two smaller grants and has applied for several other smaller and larger grants in order to fund the clinical studies needed for further development of the patient monitoring system.

Invested so far

  • Share Premium Account - GOAL 3 teammembers € 55,000

Investment requirement

GOAL 3 is seeking capital of € 250,000 to € 750,000 to develop our next prototype and do a clinical study in Africa by the end of 2021. This allows GOAL 3 to take the next step towards a minimal viable product. 

No other forms of financing have been initiated by GOAL 3.

Purpose of investment

The image below summarizes the minimum, medium and maximum needed investments for this current crowdfunding campaign. The general notion is that the mission of GOAL 3 requires investments and that these investments partially determine the speeds and level of development that can be reached.




The return will be single accrued interest of 6% on the convertible bond. Next to that in case of conversion to certificates there may be dividends and/ or increase in value in case of selling these certificates.


Each investor can convert his/ her full investment to certificates via a Cooperative of the issuing entity in all situations in which: 

  1. The convertible bond becomes payable. 
  2. The issuing entity issues equity to one or more third parties for a total consideration of at least € 1.000.000. 
  3. A transaction is executed as a result of which one or more third parties will become a certificate holder for more than half of the outstanding certificates in the issuing entity. 
  4. The initial or extended duration of the agreement will expire within a month.

Conversion discount 

As a Borrower in the convertible bond, you will receive certicates C in the issuing entity and as a Borrower you will receive certificates in the issuing entity on the same terms as a follow-up investor, but with a discount. This is to reward investors for the fact that you have invested already at an earlier stage. The discount applied in case of a conversion will be according to the following scheme: 

  • 15% - Conversion after 3 months, but within 1 year after making the Loan available 
  • 20% - Conversion after 1 year, but less than 18 months after making the Loan available. 
  • 30% - Conversion after 18 months after making the loan available

The lender will receive single interest for the duration of the convertible bond over the initial loan amount. This amount will not be paid but is accumulated to the initial invested amount and paid out when the loan will be repaid or converted to certificates.

Redemption of the convertible bond can take place at the initiative of the issuing entity, at the end of the duration, and only if the issuing entity is capable of doing so.

The return will not be paid from the investments of other investors.

Next to the investors there are no other persons who receive income (other than "costs") from this investment.

Exit scenarios 

GOAL 3 has large ambitions with an enormous market to serve, still on a shorter term, there are several exit scenarios for future certificate holders. 

  • Buy-out / Selling certificates in next funding rounds: GOAL 3 has a big mission that will require more funding than the money that is raised with this crowdfunding. In future rounds, money will be raised at an expected higher company valuation. GOAL 3 aims to offer early investors possibilities to sell their certificates during these rounds. 
  • Next to a buy-out of certificates, GOAL 3 is also aiming to make its certificates tradable on the longer term. This means that GOAL 3 will look for modern platforms such as Nx Change to create a marketplace for making these transactions possible.


General risks associated with SME investing

  • Risk of competition in markets where the issuing entity is active.
  • Negative impact through changes in rules and regulations by political decisions.
  • Changes in macroeconomic conditions.
  • Performance of issuing entity is dependent upon functioning of board members.
  • There is a risk the issuing entity may go bankrupt.
  • Tax risks through changes in regulations, new regulations or political decisions.

Product specific risks associated with investing through convertible bonds

  • The lender agrees that its claims against the borrower under the convertible bond agreement used on the Symbid platform rank below all other, non-subordinated, claims against the Lender as referred to in Section 3:277.2 Dutch Civil Code (‘BW’).
  • Borrower issues a (subordinated) convertible bond, which the lender can convert at a later stage to depository receipts to become a certificateholder of the company. Lender expects an (exponential) growth of value of the company with the possibility to sell the depository receipts with a capital gain. However, in most situations, such capital gains do take more than an additional five years after conversion to be realized. In exchange for the possibility of a high return in case of a scenario of exponential growth of the value of the company, there is a risk the investment will be lost in case the company is not doing well.
  • Early repayment: There is a risk of early redemption because the issuing entity may decide for early redemption before the end of the duration of the convertible bond. This means you receive interest over your investment for a shorter duration. In case the issuing entity decides to fully or partly early repayment, it has to pay a compensation over the part of the bond that was paid back early. This compensation equals 10% of the amount that was repaid early.
  • Order of payment: Payment of returns will happen after payments to creditors and redemptions have been done. There is a risk that the issuing entity has inadequate liquid assets to pay the returns. This means that (a part of) your return can't be paid, if this occurs. In case of a bankruptcy, the following payments have priority over the payments of the returns of this convertible bond: Outstanding creditors and existing loans. This means that in case of a bankruptcy the return on the convertible bond cannot be paid.
  • There is no formal secondary market for the convertible bonds, hence options for trading these convertible bonds are limited. It may be that there is no buyer in case you wish to sell your convertible bond(s). This means there is a risk you can't get your money on the desired moment and have to hold on to your investment or sell the convertible bond for a lower price.

Certification of product

A medical device needs to comply with international regulations which is a long and expensive process. Although many parts of the GOAL 3 system are already validated by earlier studies, the total system still needs to be validated and regulated. These processes require external advisors and a notified body which are costly and time consuming.

This risk is mitigated by collaborating with the experienced medtech company IDE to guide us in this process. In addition we have experts on regulatory affairs and clinical research that advise us on developing a strategy around certification, regulatory pathways.

Commercialization of our products

Developing a product for financially unstable and complex markets, is a risk for commercializing the product successfully. This could undermine our growth and sustainability GOAL 3 is mitigating this risk by currently doing a broad market exploration and market validation. The early signs from the market show much interest in the IMPALA monitoring system. The medical device market is global and we believe that our device will be an improvement in any low- and middle-income country. In addition we have an advisory network of successful healthcare entrepreneurs with experience in these settings.

Our second strategy in mitigating this risk is by exploring opportunities for commercialization of our products in other (high-income) settings. Initial explorations have indicated that our product might be in demand in out-of-hospital settings like military or home-care monitoring.

Dry out of funding

The road to commercialization of the GOAL 3 product will still have some major milestones ahead. In current planning it will take 2 years before the IMPALA system can be sold and it will take an expected 3 more years before we are profitable. To bridge this gap an estimated €7 million is needed while there are still several uncertainties. This poses a risk to run out of funding.

Our mitigation strategy is as follows:

  • Our CFO is an experienced chartered accountant capable of making financial forecasts needed for an effective funding strategy.
  • We focus on a strong non-dilutive funding strategy with our strategic partner FFUND. Because of the broad scope of our product and wide number of applications we qualify for many research and development subsidies.
  • We have a highly committed core-team who contribute 3,5 fte in kind per year, which reduces our funding need significantly. This gives essential flexibility in times of low income and resources.
  • We have an active strategy in rewarding advisors and part-time contributors with certificates to reduce the burn-rate while giving us access to the expertise we need.
  • Through our mission driven approach with a strong commercial team we qualify for many funding mechanisms like crowdfunding, direct investments, grants and many more.
Technical risks

Developing our own medical hardware is a big risk and a costly process. Our strategy in this process is to develop as little as possible from scratch. All of the hardware components we need have been developed by others before. Therefore we are collaborating with other companies to supply us with parts of the system.

Especially the validation of sensors is a costly process, therefore we will not develop our own sensors from scratch. The sensor that we want to introduce is the ballistography sensor, of which we are therefore not sure yet whether we will include it in our first product, depending on the development costs and secured funding.

Our goal is to use Android as a development platform for the tablet, however there is for now uncertain if we can meet all requirements, like whether it will be real-time enough for our purposes and guarantee software security (updates). This risk will be addressed early 2021, and we have already thought of several solutions for this problem.

The development and certification of a predictive algorithm is time intensive and costly. The timeline for its development is the least clear. However, there are a lot of research grants and subsidies for developing the first algorithms. Which is shown in the grant applications done in this area with the previously mentioned consortia.

Declaration issuing entity

No significant changes

Since the most recently published and audited Financial Statements of the issuing entity, no significant negative changes have occurred in the issuing entity’s prospects.


There is no information about known trends, uncertainties, requirements, obligations or events that can reasonably be assumed to have material consequences for the prospects of the issuing entity, for the current financial year.

No significant alteration in the financial or trading position

Since the most recently published and audited Financial Statements of the issuing entity, there has been no alteration of tenor in the financial or trading position of the issuing entity and the group to which the issuing entity belongs.

Corporate Governance Code

As the Dutch Corporate Governance Code only applies to companies with registered offices in the Netherlands, whose certificates are admitted to the official listing of a government-approved regulated market (securities exchange), the issuing entity (unlisted) does not apply this code.

Potential conflicting interests

There are no (potential) conflicts of interests between the obligations of the executive board members of the issuing entity on the one hand, and their own interests and / or other obligations on the other.


There are no government interventions, court cases, or arbitrations, including such procedures that are pending or may be initiated, to the best of knowledge of the issuing entity, over a period of at least the previous 12 months that may have a significant impact, or have recently had, on the financial position or profitability of the issuing entity or the group to which the issuer belongs.


All figures in this information memorandum are not audited, unless explicitly stated otherwise.

Symbid and the platform

Some Background Information on Symbid

Symbid's operations largely consist of the acceptance and disclosure of orders for retail, wealthy, and professional investors. Through its activities, Symbid supports the interaction between affected investors and progressive start-ups and growing companies in the SME in the Netherlands. This involves the financing of various types of projects that realize a positive impact the society with the help of an affected group of investors or ambassadors. Our platform provides a non-personalized, online recommendation to a broad audience, by allowing organizations to profile their project in a transparent and financially sound manner, and to professionally build and maintain the relationship with its financiers / investors.

Tied agent

Symbid BV is a tied agent of the Limited company (BeslotenVennootschap), Ilfa Tools & Services B.V. as defined in the Dutch Act on Financial Supervision (Wet op het financieeltoezicht (Wft)). Ilfa is an investment firm as defined in the Wft and has a license as defined in article 2:96 Wft. As a result hereof Symbid and Ilfa are both under supervision of the AFM.

Other parties involved with issuance

During the issuance, the following legal entities play an important role:

  • Symbid Crowdfunding, a trade name of Symbid BV., a cooperative association with limited liability, registered in Rotterdam, office at Schiedamse Vest 154, Rotterdam, and registered in the commercial register of the Chamber of Commerce under number 52466825;
  • GOAL 3 Cooperatie U.A. : a Cooperatie U.A. entity which is the issuing entity;
  • Intersolve EGI B.V: Symbid has a partnership with Intersolve - First European E-money Trust - a Dutch financial institution that specializes in providing services in the field of settlement of payment transactions and electronic money. In order to be able to offer its financial services in accordance with the applicable financial legislation and regulations, Intersolve has a license as Electronic Money Institution and Intersolve is supervised by De Nederlandsche Bank (DNB) plus the Netherlands Authority for the Financial Markets (AFM).