medZERO Advances to Next Stage in LG’s Innovative Mission for the Future Global Challenge

LG Electronics’ North American Innovation Center (LG NOVA) picked medZERO as one of the “Selected 20” startups advancing to the next stage of its Mission for the Future global challenge competition. The honor comes with $100,000 to help fund a collaboration for the next round of the competition.

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“Over the last few months, our work with the First 50 startups has helped us continue to refine our vision for the future as we look at new areas of growth for LG”

The recognition is the latest for the Portland-based startup medZERO, an employer-sponsored financial wellness platform that gives employees a smarter way to pay for healthcare via on-demand access to funds to pay their out-of- pocked expenses over time at zero interest and zero fees.

In May, medZERO was one of six companies selected by the Meta Lab challenge, a prestigious competition sponsored by the Carolina Fintech Hub and MassChallenge, an international business accelerator program located in Boston.

Since securing $5.7 million in seed funding last year from Silicon Valley powerhouses True Ventures, Village Global and other angel investors, medZERO launched its app in November 2021 and has been hiring and has more than doubled its customer base.

Each of the 20 top contenders in the LG NOVA program were awarded $100,000 for proof-of-concept projects. medZERO was chosen in the Connected Health category as a company that is creating a new solution with potential to transform markets and industries, specifically as people change their perspective on new technology-based care.

“We are honored to make it to this round,” said Craig Froude, medZERO Co-Founder and CEO. “LG recognized that our highly scalable, mobile payments platform leverages technology to give employees greater control over their healthcare services and spending.”

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Chosen from a group of more than 1,300 applicants, the Selected 20 will continue in the process to develop their ideas while working closely with LG NOVA’s team of innovation and entrepreneurial experts over the next couple of months—with the goal of being chosen as a Mission for the Future challenge “Top 10” finalist. To be named in August 2022, the Top 10 will have the opportunity to build their business in collaboration with LG on an accelerated path to success, with full access to LG expertise, mentorship, and from NOVA Capital Alliance and investments from LG.

Since its official launch in August 2021, the Mission for the Future challenge has invited innovators and entrepreneurs to submit their business ideas, technologies, and concepts that look to advance people, communities, and the planet. The initial “First 50” startups selected through the challenge program received access to basic business infrastructural support and networking after demonstrating exceptional proof-of-concept within emerging industries, as well as the potential for a successful partnership within the wider LG business.

“Over the last few months, our work with the First 50 startups has helped us continue to refine our vision for the future as we look at new areas of growth for LG,” said LG Electronics Senior Vice President for Innovation Dr. Sokwoo Rhee, head of LG NOVA. “We’re inspired by all of those who have participated to date with groundbreaking, thoughtful tech innovations to drive and contribute to our collaborative community and guiding principle of ‘outside-in’ innovation. With this announcement, we’re sharing the results of our ongoing work in engaging with the startup and entrepreneur community to create impactful technologies that will lead society into the future.”

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