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Oviva, a UK business that provides a digital support package that includes Type 2 diabetes treatment and providing tailored food and lifestyle advice via apps to allow more individuals to receive help, has raised $80 million in Series C investment, increasing its total raised to $115 million. The round is co-led by Sofina and Temasek, with existing investors AlbionVC, Earlybird, Eight Roads Ventures, F-Prime Capital, MTIP, and several angels, and will be used to scale up Oviva’s health tech business after a “fantastic year” of growth, according to the company.
The fact that obesity and other health problems such as Type 2 diabetes are on the rise in rich Western countries is fueling this expansion (which can be linked to poor diet and lack of exercise). To control the growing costs of service delivery, greater focus is being devoted to the concept of preventive rather than reactive healthcare. Oviva’s role in weight management and related health problems (such as diabetes) is as follows: It has developed a blended support service that blends tailored treatment (given by healthcare professionals) with digital tools enabling patients to track what they consume, get assistance, and measure their progress toward unique health objectives.
It can cite 23 peer-reviewed papers to support its method, claiming that important findings indicate an average of 6.8% weight loss in individuals living with obesity after 6 months, and that 53 percent of patients in its specialty programs achieve type 2 diabetes remission after 12 months. Oviva usually offers its digitally delivered assistance programs to health insurance companies (or publicly supported health services) directly, who subsequently supply (or refer) the service to their customers/patients. Its programs are presently offered in the United Kingdom, Germany, Switzerland, and France, but one of the Series C’s aims is to extend access.
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So far, the startup has treated 200,000 people, but the addressable market is clearly huge especially as Europe’s population ages with Oviva estimating that more than 300 million people suffer from “health challenges” that are either caused by poor diet or can be improved through individualized dietary changes. Furthermore, it claims that digital care is now available to just a “small proportion” of the population.
Oviva has 5,000+ agreements with health systems, insurers, and clinicians to date as it seeks to expand its reach by making its technology more available to a larger audience. It claims to have “more than doubled” both the number of individuals treated and the amount of money raised in the last year. Its objective with the Series C investment is to reach “millions” of individuals across Europe who require assistance due to poor health caused by diet and lifestyle choices. It will also expand its workforce to 800 people by the end of 2022 as part of the scale-up strategy, according to the company.