Monk: Driving Financial Precision for a Cold Water Tech Pioneer

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Monk is a revolutionary health tech company on a mission to bring the life-changing benefits of cold water therapy to the mainstream. 

With a bold vision to transform how people approach recovery, resilience, and wellbeing, they have launched the world’s first smart ice bath and a dedicated cold water therapy app, designed to fit seamlessly into both private homes and commercial establishments.

Their platform is science-backed, data-driven, and future-ready. Their founder is setting a new standard in health optimisation; from their earliest product development stages through to manufacturing and go-to-market, Monk has been a business built on innovation. 

Fyn was engaged to support Monk’s growth journey by providing essential financial expertise and ensuring critical precision in financial operations.

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A Long-Term Partnership, from Vision to Reality

Fyn began working with Monk two years before their product hit the market. At the time, the business was still deeply embedded in its Research & Development (R&D) phase, building both the hardware and software foundations that would underpin their cutting-edge offering.

From the outset, our role was to act as a trusted financial partner by providing rigour, insight and structure during a fast-moving and complex period. Our scope of work covered both day-to-day financial operations and strategic planning, enabling Monk’s founding team to stay focused on innovation, product development and growth.

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Fyn Services, Tailored For Monk

Over the course of our partnership with Monk, we continue to provide a comprehensive suite of financial services that evolved as the business scaled:

• Building a detailed, dynamic financial forecast model to support their equity fundraising process.
• Collaboration on investor relations including preparing materials and supporting live pitches.
• Introduced weekly cashflow forecasting to enable tight control of cash during R&D-heavy phases.
• Delivering day-to-day transactional accounting through Xero, ensuring clean, reliable financial data.
• Producing monthly management reports to support internal decision-making.
• Handling month-end, quarterly and annual governance, delivering clarity and compliance at every stage.
• Acted as a commercial influence for the CEO, offering clarity and confidence at strategic and key moments.
  
  

Our support extends beyond traditional finance by offering the structure and guidance Monk needed to navigate rapid scaling and investor conversations with confidence.

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Results: Fundraising Success and First Product Launch

With the foundations in place, Monk successfully raised over £2.5 million in equity investment. This was a significant milestone that enabled them to accelerate product development and build out their team.

The capital raised has since been strategically invested into R&D, people, and marketing, allowing Monk to refine their core product and prepare for manufacturing at scale. 

In August 2024, the business reached another key milestone: the first Gen-One smart ice baths were delivered to customers, marking the beginning of their next chapter.

Throughout this journey, our services have grown and adapted alongside Monk’s evolving needs. We continue to act as a strategic financial partner, and we’re proud to be supporting them as they scale their operations and reach a wider audience.

Looking Ahead

Monk is entering an exciting new phase of growth; one fuelled by data, innovation, and a rapidly growing customer base. With the first generation of product now in market and the supporting app rolling out, the business is well positioned to lead the charge in cold water therapy and wellness technology.

We’re thrilled to be on this journey with them, and look forward to what’s ahead as they continue to disrupt the health-tech industry.