September 1, 2021
3 Min read
Ovivia raises $80 million financing round
With the new financing MTIP still remains the largest investor of Oviva and continues to support the company’s mission to help millions of people in Europe. This $80 million Series C funding onboards new investors Temasek & Sofina and will back the company’s ambition to further establish its European market leader position.
Today our portfolio company Oviva announced that it has raised $80 million in a Series C funding in which MTIP participated as well. The company was founded in 2014 to empower people to change their diet-related habits, improving their long-term health and enhancing their well-being. Oviva does this by combining individual coaching with a smart APP and only hires certified dietitians, ensuring that costs are covered for the users by health systems and insurers.
Since 2014 the business has helped over 200,000 individuals, formed over 5,000 partnerships with health systems, insurers, and doctors, and has established operations across Europe, including the UK, Germany, Switzerland, and France. This new financing round brings the total amount raised by Oviva to $115m and builds on a fantastic year for the company in which it has more than doubled the revenue and the total number of people treated.
In Europe alone, 200 million people live with health problems that are either triggered by diet or can be optimized through targeted dietary changes. With 200,000 people treated by Oviva so far, only a tiny fraction of the 200 million are offered digital care. However, the scale-up will use the money raised to establish its position as a European market leader even further.
The company plans to scale its technology and make it more accessible to a wider range of people by growing its team to 800 employees by the end of 2022. “People’s growth across all functions will be a key focus over the next few months,” Kai Eberhardt, CEO at Oviva, points out. “On the one hand, we are keen to enable existing employees to take over more responsibility. And, on the other hand, we are searching for new talent to join us on our journey to help our patients achieve better health and well-being.” Furthermore, the amount raised will be put into fostering Oviva’s presence in existing and new markets as well as examining potential M&A opportunities to further grow the business.
Dr. Christoph Kausch, the Managing Partner at MTIP, said: “We invested in December 2019 and are excited to continue to support Oviva in its development. The company is well equipped to target its international expansion goals in the next years.” He continues: “We recognize that Oviva is an excellent example of a digital health company with the potential to transform the lives of millions of people across the globe for the better.”
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Communications Manager at MTIP
Oviva was founded in 2014 by a multidisciplinary team of health and technology experts. Half of the European population is overweight and at a higher risk of developing type 2 diabetes. The three founders Kai Eberhardt (CEO), Manuel Baumann (CTO), and Mark Jenkins (UK Managing Partner & Medical Director) recognized that, despite this, there were no personalized, long-term treatment options.
Their solution was to combine personal advice from a dietitian with a smart app that people use to record relevant information such as meals, physical activity, or weight. In addition, the app enables a regular exchange with the dietitian via chat and provides the Oviva user with helpful learning content. Longer-term, Oviva helps its users to lead a healthier life, relieves pressure on doctors to advise on weight and lifestyle, and ultimately leads to savings for the health system. Oviva works directly with statutory health insurers and national health systems and operates in Switzerland, Germany, the UK, and France. The Oviva app has been certified as a medical device since January 2021.
MTIP is a healthtech growth capital investor based in Basel, Switzerland. It invests in digital health and digitally-connected medical device companies, with offerings that provide clear health-related economic benefits. Its entrepreneurial investment team, which has complementary private equity skills and exceptional deal-making capabilities, actively works with portfolio companies to boost growth. MTIP efficiently deploys capital to unlock value and generate attractive returns for our investors.
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