Switzerland-based Type 2 diabetes treatment provider Oviva announced it has raised $21 million (€18.8 million) in Series B funding.
The round was led by Swiss healthtech investor MTIP, joined by Earlybird as new investors. Existing investors AlbionVC, F-Prime Capital, Eight Roads Ventures and Partech all participated.
It brings the total amount raised by Oviva to date to $34 million (€30.5 million).
WHAT THEY DO
Oviva offers an evidence-based digital solution to stop the progression of and reverse Type 2 diabetes and obesity-related conditions. Patients receive tailored nutrition advice and personalised coaching via their phones.
The technology-supported treatment has “consistently demonstrated higher patient uptake, retention and outcomes at lower costs compared to face-to-face therapy”, according to a press release.
Oviva, founded in 2014, has treated 90,000 patients to-date across the UK, Germany, France, Switzerland and the UAE.
WHAT’S IT FOR
The new capital will be used to further develop Oviva’s technology and expand in Europe.
Diabetes care is one of the most well-funded sectors of digital health, with firms in the US and Europe raising $148 million in 2018, according to a report by the Silicon Valley Bank.
Last month, French startup Diabeloop announced it has secured $34.5 million (€31m) in a Series B funding round to accelerate the commercial rollout of a system for management of Type 1 diabetes.
Meanwhile, London and Copenhagen based digital health coaching app Liva Healthcare secured $671,683 (€603,405) in funding from the EU Horizon 2020 programme to help research treatment for pregnant women at risk of developing Type 2 diabetes.
ON THE RECORD
Lucy Jones, clinical director of Oviva, said: “Behaviour change is the safest and most cost-effective way of preventing and managing diet related health conditions including Type 2 diabetes. Our technology, empowers patients to take a leading role in managing their health, improves compliance and outcomes.”
Kai Eberhardt, CEO and co-founder of Oviva, said: “The new financing allows us rollout of our uniquely effective solution to large patient populations rapidly across Europe and further develop the underlying technology to better address patients’ unmet needs.”
Christoph Kausch, CEO of MTIP, commented: “Oviva is a superb example of a digital health company with the potential to transform the lives of millions of people across the globe for the better.”
Christoph Ruedig, partner at AlbionVC, said: “Despite compelling evidence that digital treatments improve patient access and outcomes significantly while reducing costs for health systems, Europe is investing a fraction compared to the US in this area. We're excited to continue to support Oviva’s accelerated rollout across Europe.”