The market leader in digital technology for Type 2 diabetes has just been awarded €18.8m in funding to further improved their technology for millions of their patients.
Oviva, the leading digital supplier of Type 2 diabetes treatment in Europe, has raised $21m (~€18.8m) 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 all participated.
The new investment will be used to further improve Oviva’s technology and expand in Europe to treat the millions of patients not accessing treatment today. It brings the total amount raised by Oviva to date to $34m.
Lucy Jones, Clinical Director of Oviva commented: “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, improves compliance and outcomes.”
Oviva offers an evidence-based digital answer to stop the progression of and reverse Type 2 diabetes and obesity-related conditions. Patients receive tailored nutrition advice and personalised coaching via their phone.
Oviva’s technology-supported treatment has consistently demonstrated higher patient uptake, retention and outcomes at lower costs compared to face-to-face therapy. Oviva has treated 90,000 patients to-date across the UK, Germany, France, Switzerland and the UAE, consistently doubling each year for the last 3 years.
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, CEO of MTIP commented: “Oviva is a superb example of a digital health company with the potential to transform the lives of millions of people across the globe for the better. We’re excited to become partners in their mission to improve access to effective diabetes- and obesity-management solutions in this next phase of the Company’s growth.”
Christoph Ruedig, Partner at AlbionVC stated: “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.”
Christoph Kausch from MTIP and Rainer Christine from Earlybird will be joining Oviva’s Board of Directors.