Zurich-based digital well being scaleup Oviva has raised an $80m Collection C — one in every of Europe’s largest healthtech raises thus far this yr, because the pandemic-fuelled growth in healthcare demand continues to drive funding.
That is Switzerland’s largest digital well being spherical this yr, and brings Oviva’s whole funding as much as $115m, following its $21m Collection B in January 2020. It’s additionally the most recent in healthtech’s profitable yr, after Swedish startup Kry raised $300m in April 2021, tailed by French startup Alan’s €185m elevate in the identical month.
The spherical was co-led by Sofina and Temasek, with current traders AlbionVC, Earlybird and several other angel traders collaborating, amongst others.
The corporate, which was based in 2014, gives weight loss program and life-style teaching for these with diet-related well being points, corresponding to coronary heart illness or Sort 2 diabetes. Oviva has developed an app, which mixes interactive teaching led by employed dieticians, to assist customers forestall future dangers of well being problems.
It’s a part of a rising hub of European healthtech startups which have burgeoned post-pandemic. From 2016 to 2021, the mixed valuation of European healthtechs has grown over 6x — from $8bn to $41bn. With Covid making face-to-face appointments and rapid entry to well being providers tough, the healthtech market’s seen “5 to 10 years of change in 18 months,” in accordance with Corinne Berger, head of communications at Oviva.
The pandemic additionally created a fertile funding setting for digital well being scaleups; now, investor curiosity within the business is “radically totally different to what it was seven years in the past, with extra traders with bigger funds having an elevated curiosity in digital well being,” provides Berger.
And it’s not simply the non-public sector that’s taking word — governments throughout Europe are additionally beginning to recognise the potential healthtechs have to supply various providers to conventional healthcare. Oviva gives the NHS England Sort 2 Diabetes Prevention Programme, which to its information is the “largest prevention programme on the planet, focusing on 200k new enrolments per yr.”
Coverage adjustments in Europe, such because the Digital Care Act in Germany created in 2020, have additionally enabled clients to reimburse prescribed digital well being apps by German well being insurers. Belgium adopted swimsuit with a related method in 2021, making apps corresponding to Oviva rather more accessible to most people. It’s additionally an indication that policy-makers and insurers are taking digital well being providers extra critically.
With shopper well being apps reportedly making up the third-largest chunk of healthtech providers in Europe, Oviva additionally has plans to broaden into European international locations “the place help for individuals to enhance their weight loss program and life-style is reimbursed by healthcare payers,” says Berger — or the place international locations are open to creating new partnerships with digital well being apps.
The corporate additionally sees potential for buying companies that allow it to supply wider providers to sufferers, corresponding to psychological well being or bodily remedy. It’s eyeing companies that will enable it to develop its established community and healthcare supplier base — and to “leverage its know-how to digitise its care, [and] to construct worth for its sufferers and payers.”
Riddhi Kanetkar is an editorial intern at Sifted. She tweets from @r1ddhi