Wellness and fitness coaching app, actio has extended its seed round to €10 million with a new investment from fellow Berlin-based venture capital firm Heal Capital.
The startup secured a seed funding of €8.5 million from HV Capital and Cavalry Ventures in December 2020.
WHY IT MATTERS
According to the World Health Organisation, depression is the leading cause of global disability, affecting over 300 million people, with a huge cost for healthcare systems worldwide. With personal trainers and therapists unable to see clients in person during the COVID-19 pandemic, the numbers have compounded, consequently increasing the burden on healthcare systems.
Divided into two areas – body and mind, the platform allows users to choose from a selection of mind or body coaches to build a fitness or wellness routine in a COVID-safe way.
Once signed up, users can access live fitness classes, training plans and coaching via the app. Offering short 15-minute classes, the in-app sessions vary from yoga and mindfulness to nutrition, creativity and fitness, as well as 'Happiness Journaling'.
The app is based on a VoIP call software that connects users with coaches worldwide and brings them together in group calls. Instead of a push notification, participants receive a call before the course begins.
THE LARGER CONTEXT
Facebook recently announced the potential launch of a consumer smartwatch with health and wellness features. The device will reportedly include a cellular connection and tie in with third-party health services such as those offered by Peloton.
Also occupying the wellness space is neurology-based company, Flow which purchased fellow med tech company Halo Neuroscience for an undisclosed sum last week.
In related news, Fitbit recently added blood glucose tracking to its connected app, allowing users to import their blood sugar data automatically by connecting with their LifeScan OneTouch Reveal app.
ON THE RECORD
Eckhardt Weber, managing partner and managing director Heal Capital: "Actio hits exactly the zeitgeist with its product. We all start with good intentions and usually fail after just a few weeks. Actio, with its motivating approach, manages to establish healthy and positive routines in everyday life that will strengthen wellbeing and health in the long term."