Totem Closes $1.3M in Pre-Seed Funding to Scale Operations for Explosive Demand
CHATTANOOGA, Tenn., February 13, 2025--(BUSINESS WIRE)--Totem, the ascending tech startup known for its viral debut product, the Totem Compass, announced today that it has closed a pre-seed funding round, raising $1.3m from a group of assorted angel investors from around the world.
This capital will play a critical role for the company as they scale their production capabilities, supply chain, and internal team to meet the colossal global demand that has surfaced for their friend-finding compass.
The Totem Compass is a peer-to-peer tracking device for consumers with incredibly precise, real-time location updates. The device is 100% screen-free and designed to work without cellular networks, Wi-Fi, or apps. Powered by Totem's proprietary Unity Mesh Network™ and advanced GNSS technology, it also features SOS functionality, ensuring users can stay effortlessly connected with a reliable range, unbreakable bonds, and a simple, intuitive interface.
Garnering over 125 million organic views across social platforms in 2024 alone, Totem has quickly become a dominant force in the ever-growing festival technology market. After achieving more than $1.5M in verified pre-orders, Totem Compass rollout began in October 2024 and has since shipped over 20,000 units to customers in more than 60 countries around the world.
With music festival popularity surging and attendance reaching record-setting highs in 2024, substantial growth opportunities lie ahead for Totem as demand for their simple but beautifully effective technology continues to skyrocket.
In addition to the "friend-finding compass for festivals," Totem is developing a companion product for the festival compass that will be revealed in March, as well as a suite of accessories for users to personalize their devices. With substantial investment interest building, Totem has plans for a Seed Round in Q2 of 2025, coming alongside future product details.
"We are immensely grateful to have the support of so many incredible investors with deep subject matter expertise. This pre-seed round serves as further evidence that Totem is not just a company—it is a movement that unites people around the world. This capital will be essential for us as we seek to build one of the world's greatest event tech companies."
–Carter Fowler, Totem CEO
Available now, the Totem Compass pricing starts at $69 per device, with discounted options for wholesale orders. For more information and to order now, visit totemlabs.com/order.
About Totem:
Totem, Inc. is a Tennessee-based tech startup creating tools to change how humans interact with each other and how they interact with the physical world around them. Founded in early 2024, Totem has rapidly grown from an idea into a bonafide global movement. Founded on the belief that no one deserves to be lost, Totem is guided by four core values—Love, Unity, Simplicity, and Beauty—as it seeks to usher in a new era of human connection around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212385814/en/
Contacts
Media Contact: James MortonMarketing Managerjames@totemlabs.com Press Kit
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Airbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It.
Airbnb not only wants to rent you a vacation home this summer—it wants to help you add a private chef or massage session. The hosts who own the condos, cottages and houses aren't so sure. Inside the Shadowy, Lucrative Business of 'Superfake' Luxury Handbags Economists See Lower Recession Risk and Stronger Job Growth: WSJ Survey The Best EV Deals Now Are on the Used Market The short-term rental giant in May introduced a new 'services' offering, letting travelers book in-home add-ons that Airbnb says can make a trip more unique. For the company, it's another way to compete with hotels, which offer perks like gym access or spa appointments. Hosts, though, don't get a cut of the commissions from services booked for their rentals, and aren't alerted if one is booked at their place. Their properties are automatically enrolled in Airbnb's program, requiring hosts to opt out. 'Most hosts don't need more headaches, and that's what this feels like,' says Rhonda Stephens, who lists on Airbnb her historic farmhouse near Nashville, Tenn. She has changed the rules on her listing to explicitly state that services aren't permitted. The services are part of CEO Brian Chesky's goal to make the company the 'Airbnb of anything.' This spring, it reintroduced 'Experiences,' geared toward one-of-a-kind excursions like an Italian bike tour with an Olympian. Chesky predicted services bookings could become bigger than Airbnb's core short-term rental business. An Airbnb spokesman says the launch is in the early stages, and will over time benefit hosts by boosting bookings and making Airbnb more attractive and valuable for guests. The company says it couldn't comment on guests' initial use of the services ahead of its August earnings report. Charging extra at vacation rentals for perks like bike rentals or fridge-stocking isn't new. But the option hasn't been as available to smaller operators who rely on platforms like Airbnb to drive bookings, says Jamie Lane, chief economist of market-research firm AirDNA. Betsy Sawicky books stays at her rural home in Michigan through Airbnb and Vrbo. Services aren't currently available in the secluded area, she says, but if they launch nearby, she has no issues with guests booking personal chefs or other providers. 'If they found a massage therapist that would come to the house, those would be wonderful services,' Sawicky says. But overall she thinks the services make the most sense in more urban areas. Some hosts, Lane says, worry about the added liability that comes from a third-party provider entering the space. Airbnb says it vets service providers for quality and reputation as well as requiring them to submit licenses and credentials before letting them on the platform. The added verification hasn't yet convinced Amy Maynor to permit services at her three Airbnb properties in the Jacksonville, Fla., area. Maynor has superhost status, an Airbnb designation for top performers. She says she aims for a concierge-level of attention, including personalized recommendations and arranging for extras like surfboard rentals and deliveries. But Maynor says there is no way for her to independently vet the services or check if a service provider is properly licensed or insured. She says her own homeowners insurance policy only covers registered guests—not, say, a massage therapist. 'I don't want to get the oils all over the couch or the beds, or what have you,' Maynor says. Other hosts cited fears over personal chefs starting kitchen fires or people damaging floors by dropping weights during personal training sessions. On Reddit forums and in Facebook groups for Airbnb hosts, posts about opting out of services have generated hundreds of comments. People share messages—in some cases written by ChatGPT—they sent to Airbnb to request that no services be allowed on their properties. Airbnb didn't comment on the number of hosts who have opted out, but says those who do won't be penalized in search results. Hosts can also choose to only allow specific services. Airbnb says service providers must have liability insurance appropriate for their business. The company's AirCover policy also includes liability coverage. Hosts say the policy has many exceptions. Marie Moreau has done massages for tourists staying at vacation rentals in the Orlando, Fla., area for years, long before Airbnb approached her about listing her mobile massage business on the platform. So far, she says, she has had a few bookings through the platform, and they all went smoothly. Moreau says she understands why hosts might be hesitant to allow third-party providers. 'But the more restrictions you put on something, the more it doesn't really look appealing to the public,' she says. Airbnb, which has active listings in more than 150,000 cities and towns, debuted its offering with 10 categories of services in 260 cities. The company has said it plans to eventually include hundreds of service categories in new cities. Locals can also request services at their own homes or book an activity that requires going to a spa or gym. Other online travel companies, like Expedia and offer experiences, but in-home services sets Airbnb apart, says Kevin Kopelman, an analyst at TD Cowen. The challenge for Airbnb will be convincing travelers to embrace the offering, he says. Write to Allison Pohle at SpaceX to Invest $2 Billion Into Elon Musk's xAI Can Pittsburgh's Old Steel Mills Be Turned Into an AI Hub?
Hamilton Spectator
4 hours ago
- Hamilton Spectator
Nigeria's ex-president Buhari, twice leader of Africa's most populous nation, dies at 82
LAGOS, Nigeria (AP) — Former Nigerian President Muhammadu Buhari, who led the country twice as a military head of state and a democratic president, has died aged 82, his press secretary said Sunday. Buhari died Sunday in London, where he had been receiving medical treatment. He first took power in Africa's most populous nation in 1983, after a military coup, running an authoritarian regime until fellow soldiers ousted him less than 20 months later. When he was elected in 2015 on his fourth attempt, he became the first opposition candidate to win a presidential election there. Buhari rode into power in that election on a wave of goodwill after promising to rid Nigeria of chronic corruption and a deadly security crisis. He led until 2023, during a period marked by Boko Haram's extremist violence in the northeast and a plunging economy. Current President Bola Tinubu in a statement described Buhari as 'a patriot, a soldier, a statesman ... to the very core.' Tinubu dispatched the vice president to bring Buhari's body home from London. Others across Nigeria remembered Buhari as a president who left the country of more than 200 million people — divided between a largely Muslim north and Christian south — more at odds than before. 'The uneven response to Buhari's death, with muted disillusionment in some quarters and sadness in others, is a reflection of how difficult it is to unite a country and his inability to do so after decades in the public eye,' said Afolabi Adekaiyaoja, an Abuja-based political scientist. Coming from Nigeria's north, the lanky, austere Buhari had vowed to end extremist killings and clean up rampant corruption in one of Africa's largest economies and oil producers. By the end of his eight-year tenure, however, goodwill toward him had faded into discontent. Insecurity had only grown, and corruption was more widespread. Nigeria also fell into a recession amid slumping global oil prices and attacks by militants in the sprawling oil-rich Niger Delta region. The currency faltered as Buhari pursued unorthodox monetary policies to defend its fixed price to the dollar, and a massive foreign currency shortage worsened. Inflation was in the double digits. Civil society accused him of authoritarian tendencies after protesters were killed during a protest against police brutality and over his decision to restrict access to social media, as young people vented their frustrations against economic and security problems. Buhari's attempts at managing the problems were complicated by prolonged medical stays abroad. His absences, with few details, created anxiety among Nigerians and some calls for him to be replaced. There also was anger over his seeking taxpayer-funded health care abroad while millions suffered from poor health facilities at home. 'I need a longer time to rest,' the president once said in a rare comment during his time away. His presidency saw a rare bright moment in Nigeria's fight against Boko Haram — the safe return of dozens of Chibok schoolgirls seized in a mass abduction in 2014 that drew global attention. But others among the thousands of people abducted by Boko Haram over the years remain missing — a powerful symbol of the government's failure to protect civilians. At the end of 2016, Buhari announced that the extremist group had been crushed, driven by the military from its remote strongholds. 'The terrorists are on the run, and no longer have a place to hide,' he boasted. But suicide bombings and other attacks remained a threat, and the military's fight against Boko Haram continued to be hurt by allegations of abuses by troops against civilians. In early 2017, the accidental military bombing of a displaced persons camp in the northeast killed more than 100 people, including aid workers. The U.N. refugee chief called the killings 'truly catastrophic.' As Nigeria's military reclaimed more area from Boko Haram's control, a vast humanitarian crisis was revealed. Aid groups began alerting the world to people dying from malnutrition, even as government officials denied the crisis and accused aid groups of exaggerating the situation to attract donations. The extremist threat and humanitarian crisis in the northeast — now exacerbated by Trump administration aid cuts — continues today. Years earlier, as Nigeria's military ruler, Buhari oversaw a regime that executed drug dealers, returned looted state assets and sent soldiers to the streets with whips to enforce traffic laws. With oil prices slumping and Nigerians saying foreigners were depriving them of work, the regime also ordered an estimated 700,000 illegal immigrants to leave the country. Meanwhile, government workers arriving late to their offices were forced to perform squats in a 'war against indiscipline' that won many followers. Buhari's administration, however, was also criticized by rights groups and others for detaining journalists critical of the government and for passing laws that allowed indefinite detention without trial. As he pursued the presidency decades later, Buhari said he had undergone radical changes and that he now championed democracy. But some of his past stances haunted him, including statements in the 1980s that he would introduce Islamic law across Nigeria. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Time Business News
4 hours ago
- Time Business News
Paylaterr Launches Innovative Platform for Responsible Buy Now, Pay Later for Bills
In today's fast-paced world, managing household bills and expenses requires more financial flexibility than ever. Unfortunately, not all financial solutions prioritize long-term user well-being. That's where Paylaterr comes in. With its newly launched platform, Paylaterr is redefining how Americans manage everyday bills through smart, transparent, and responsible Buy Now, Pay Later (BNPL) services. Paylaterr is a forward-thinking financial services platform that empowers consumers to handle short-term financial needs by spreading out bill payments, without the risks associated with traditional loans or credit cards. Unlike typical lenders, Paylaterr focuses on ethical, flexible BNPL for bills that come with no hidden fees and clear repayment terms. This platform raises the bar in the BNPL space by prioritizing responsible use and financial wellness. 1. Transparent Payment Options Users can split payments for utility bills, emergency expenses, or services into manageable parts, with complete clarity. There are no surprise fees, and all terms are disclosed upfront. 2. Personalized Plans Using smart financial tech, Paylaterr creates custom BNPL plans based on each user's unique financial situation. This promotes realistic repayment schedules and avoids overextension. 3. Simple Application Process With a fast, user-friendly interface, consumers can apply online and get decisions within minutes, perfect for busy users needing quick solutions. 4. Responsible BNPL Experience Beyond just payment splitting, Paylaterr integrates educational tools and budgeting resources to help users build smarter financial habits. The US has witnessed a surge in BNPL popularity, but also growing concerns about overspending and a lack of transparency. Paylaterr solves these challenges by ensuring: Users only take on payments they can manage. Every repayment term is clear and simple. Financial education is integrated into the platform. By aligning convenience with responsibility, Paylaterr is promoting healthier financial decisions in American households. Unlike typical BNPL companies that focus on retail shopping, Paylaterr is tailored for real-life needs like bills, rent, and emergency costs. Clarity: Easy-to-understand repayment plans. Support: Friendly, US-based customer service. Technology: AI-driven approvals for fairness and accuracy. Wellness Tools: Budgeting and credit-building features included. Whether you're paying off utilities, dealing with an unexpected charge, or planning a big expense, Paylaterr helps you move forward on your own schedule. It's designed for the modern American who values both flexibility and financial control. As the financial landscape evolves, platforms like Paylaterr are shaping the next generation of responsible, everyday-use BNPL tools. Rather than pushing debt, Paylaterr empowers people with flexibility, education, and trust. Paylaterr's launch signals a major shift in how Buy Now, Pay Later should be used as a tool for managing real expenses, not encouraging impulse purchases. For US consumers seeking a smarter, more ethical BNPL solution, Paylaterr is more than just an option; it's a better way to pay bills. TIME BUSINESS NEWS
