TVM Capital Life Science today announced the closing of an €8 million Series A financing round for Berlin-based digital healthcare startup Myosotis.
Myosotis (also known as myo) was founded in 2018 to relieve employees in care homes through digital solutions and bring more transparency, participation and appreciation to the sector. This raises brings the company's funding to €12.5 million.
It developed an app that enables care facilities, families and service providers to communicate with each other easily, quickly and digitally. Families can participate in their loved ones' everyday lives by receiving pictures, videos and documents, as well as making video calls.
Additional modules for the app simplify important but time-consuming administrative tasks, including ordering meals, monitoring complaints, and managing key external services such as laundry providers and pharmacies. This saves time and money and improves documentation.
myo services approximately 400 customers in the DACH region and the UK.
Dr. Sascha Berger, General Partner of TVM Capital Life Science, commented:
"At TVM, we are committed to advancing healthcare innovations that address unmet needs. Digital tools offer the promise of significantly increasing the efficiency of the healthcare system and giving medical professionals more time to do what they do best – care for their patients.
myo's unique approach to elderly care communication could transform this crucial and growing sector, contributing to improved communication amongst healthcare staff, relatives and service providers, resulting in better care."
Jasper Böckel, CEO of myo, added:
"This funding is an important step in our growth plan. We are delighted to have such a well-regarded investor as TVM come on board and look forward to leveraging their experience with commercial-stage life science companies.
Our passionate team is dedicated to enhancing human interactions in care settings, and these proceeds will now enable us to roll out our technology to more users and develop additional solutions for healthcare providers and families."
Last year alone, over 30,000 users sent seven-figure interactions via the platform.
The proceeds will further grow the business in the DACH region and the UK.
This will include expanding marketing capacity, enhancing service quality for existing customers, and developing new modules. Dr. Sascha Berger, General Partner, and Stefan Fischer, Managing Partner (Finance) of TVM, will join the myo Board of Directors.
In addition to new investors, TVM and Twip, existing shareholders include the nursing home operators Agaplesion and Carpe Diem, as well as the venture capital funds BonVenture, Axel Springer Plug & Play, Think Health, Mountain Partners, Round Hill Ventures and Capacura.