UK start-up Oviva, which sells a digital support offering, including for type 2 diabetes treatment, providing personalized diet and lifestyle advice through apps to allow more people to access support, has closed $ 80 million in funding from Series C, which increases the total collected to date. to $ 115 million.
The increase, which Oviva says will be used to scale after a “fantastic year” of growth for the healthcare technology business, is co-led by Sofina and Temasek, along with existing investors AlbionVC, Earlybird, Eight Roads Ventures, F -Prime Capital. , MTIP, plus various angels.
Underpinning that growth is the fact that wealthy Western nations continue to see rising rates of obesity and other health conditions like type 2 diabetes (which can be linked to poor diet and lack of exercise). While in general more attention is paid to the notion of preventive health care, rather than reactive, to manage the rising costs of service provision.
Lifestyle management to help manage weight and related health conditions (such as diabetes) is where Oviva comes in: it has created a blended support offering combining personalized care (provided by healthcare professionals) with digital tools for patients that help them do things like keep track of what they’re eating, access support, and track their progress toward individual health goals.
You can point to 23 peer-reviewed publications to support your approach, saying that the key results show an average 6.8% weight loss at 6 months for people living with obesity; while, in its specialized programs, it says that 53% of patients achieve remission of their type 2 diabetes at 12 months.
Oviva typically sells its digitally delivered support programs directly to health insurance companies (or publicly funded health services), who then provide (or refer) the service to their clients / patients. Its programs are currently available in the UK, Germany, Switzerland and France, but expanding access is one of the goals of the C Series.
“We will expand into European markets where the healthcare system reimburses the diet and lifestyle change we offer, especially those with specific avenues for digital reimbursement,” Oviva tells TechCrunch. “It is encouraging that more healthcare systems have opened specific routes for such digital reimbursement, for example Germany for DiGA or Belgium just in the last few months.”
So far the startup has treated 200,000 people, but the market it is targeting is clearly huge, especially as European populations age, and Oviva suggests more than 300 million people live with “health problems” that are caused by poor diet or that can be optimized through personalized dietary changes. Furthermore, he suggests, digital attention is currently only offered to “a small fraction.”
To date, Oviva has created more than 5,000 partnerships with healthcare systems, insurers and physicians as it seeks to drive greater scale by making its technology more accessible to a wider range of people. In the last year, it says that it is “more than double” both the people treated and the income obtained.
Its goal is that Series C funding is to reach “millions” of people in Europe who need help because they suffer from health problems related to diet and lifestyle.
As part of the expansion plan, it will also increase its team to 800 by the end of 2022, it adds.
On digital versus face-to-face care, putting aside the potential cost savings associated with digital delivery, he says studies show that the “most striking outcome benefits” relate to acceptance and completion rates, noting : “We have consistently shown acceptance rates above 70% and high completion rates of around 80%, even in groups considered more difficult to reach, such as working-age populations or ethnic minority groups. This is compared to the acceptance and completion rates of less than 50% for most face-to-face services. “
When asked about competition, Oviva names Liva Healthcare and Second Nature as its closest competitors in the region.
“WW (formally Weight Watchers) also competes with a digital solution in some markets where they can access reimbursement,” he adds. “There are many others who try to access this group with new methods, but they are not reimbursed or they are wellness solutions. Noom competes as a solution for self-pay consumers in Europe, like many other apps. But, in our opinion, that’s a separate market from the reimbursed doctor. “
In addition to using Series C funds to bolster its presence in existing markets and target and scale to new ones, Oviva says it may look to further grow the business through M&A opportunities.
“By expanding into new countries, we are open to both building new organizations from scratch and acquiring existing businesses with a strong medical network where we see that our technology can be leveraged for better patient care and value creation,” he told us at that time. .