Koa Health, a digital mental healthcare provider based in the Netherlands, has announced its successful spin out from Alpha, Telefónica’s startup factory, along with a €14.1 million in new funding. The Series A investment comes from Ancora Finance Group and Wellington Partners and has an ultimate target of up to €30 million.
Previously known as Alpha Health, Koa Health is now a new, independent company following four years of research and trials to secure robust data and build out a product roadmap. That debut product is Koa Foundations, a mental wellbeing app helping designed for the workplace, helping organisations support their teams. It offers a library of evidence-based activities for tackling stress, sleeping better, aiding relaxation and positive thinking and boosting self confidence.
The startup says the app, launched just recently, is already in use by dozens of companies (including one of its shareholders, Telefónica) with a combined employee pool of over 250,000. Other products are in the pipeline, as the company hopes to expand into digital therapeutics. To that end, the team says it’s collaborating with Birmingham and Solihull Mental Health NHS Foundation Trust in the UK and Massachusetts General Hospital in the US.
Headquartered in the Netherlands with operations in Barcelona, the UK and the US, Koa will use the new funding to expand internationally, increase clinical trials and scale R&D to further personalise its products.