Oviva, a provider of digital programs for Type 2 diabetes patients, raised $21 million in Series B funding. MTIP led the round, with participation from new investor Earlybird and existing investors AlbionVC, F-Prime Capital, Eight Roads Ventures and Partech.
The company will use the new funds to develop its technology platform further and expand in Europe.
Oviva has raised a total of $34 million in VC funding, including $12 million in Series A funding in 2017.
“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,” said Kai Eberhardt, CEO and Co-founder of Oviva in a press release.
Oviva offers dietitian-led evidence-based programs that help people with health conditions such as type 2 diabetes to better manage their obesity-related conditions.
The Oviva technology allows patients to self-record their food intake, activity, weight, symptoms, and educate themselves about their disease and healthy behaviors, as well as communicate with other patients and their care providers.
As part of the investment, Christoph Kausch from MTIP and Rainer Christine from Earlybird will join Oviva’s Board of Directors.
“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,” said Christoph Ruedig, Partner at AlbionVC in a press release.
According to Mercom data, Type 2 diabetes management companies raised over $220 million since 2013.
In a similar deal, Omada Health, a provider of digital therapeutics for chronic disease, Type 2 diabetes, and heart disease, raised strategic investment from Intermountain Ventures.
