Nordic digital therapeutics company, Sidekick Health, has closed a $20 million Series A led by pan-European VC Wellington Partners and healthcare focused VC Asabys Partners. Existing investors, Novator and Frumtak Ventures, also participated in the oversubscribed round.
The 2014-founded startup has built a gamified digital care platform that targets chronic and lifestyle disease management via digital nudges from a helmet-wearing cartoon helper pushing patients toward relevant information to support more beneficial lifestyle choices (e.g. taking regular exercise, or cutting down on smoking), as well as offering help with patient treatment management, such as via digital reminders for taking medication and remote patient monitoring for clinicians.
The pandemic is of course more generally driving demand for digital care and remote patient monitoring as healthcare providers look for tools to help manage patients off-site providing another tailwind for Sidekick Health’s business.
The new funding is going towards “further growth”, per Thorgeirsson “both in terms of expanding the product but also accelerating our growth in both Europe and into the US market”. “We’re investing funds into the growth instead of aiming for profitability at this point,” he adds.
“Our market, digital heath in general and our part of it, which you can either call digital care or digital therapeutics, has been fast growing over the past few years,” says CEO and co-founder Dr Tryggvi Thorgeirsson. “Obviously with the pandemic the whole trend has just been accelerated. That means accelerated adoption by more or less all the stakeholders in the market. And maybe especially by payers and providers.