Oviva, the London-based digital provider of Type 2 diabetes treatment, has raised $21 million in Series B funding. MTIP led the round, joined by Earlybird as new investors. Existing investors AlbionVC, F-Prime Capital, Eight Roads Ventures and Partech also participated.
Oviva’s behaviour change platform has been proven to halt and reverse Type 2 diabetes and other obesity-related conditions. Patients receive tailored nutrition advice and personalised coaching via their phone.
“Behaviour change is the safest and most cost-effective way of preventing and managing diet related health conditions including Type 2 diabetes. Our technology empowers patients to take a leading role in managing their health, [plus] improves compliance and outcomes,” explained Lucy Jones, Clinical Director of Oviva.
Oviva’s technology-supported treatment has demonstrated higher patient uptake, retention and outcomes at lower costs compared to face-to-face therapy. Thus far, the medtech has treated 90,000 patients across the UK, Germany, France, Switzerland and the UAE, doubling each year for the last 3 years.
Not just the company’s growth but also the efficacy of the digital treatment convinced at least one of the VC firms to invest. Christoph Ruedig, partner at AlbionVC, explained: “Despite compelling evidence that digital treatments improve patient access and outcomes significantly while reducing costs for health systems, Europe is investing a fraction compared to the US in this area. We’re excited to continue to support Oviva’s accelerated roll out across Europe.”
The new funding, which brings the total amount raised to $34 million, will be used to further develop Oviva’s technology and expand in Europe.
Kai Eberhardt, CEO and Co-founder of Oviva, added: “The new financing allows us roll out our uniquely effective solution to large patient populations rapidly across Europe and further develop the underlying technology to better address patients’ unmet needs.”
Christoph Kausch of MTIP and Rainer Christine of Earlybird will be joining Oviva’s Board of Directors