HealthTech firm Thriva has secured a £4m extension to its Series A funding round from Berlin-based VC Target Global.
The latest investment takes the London-based firm’s total funding to £11m, and will support expansion of its at-home health service.
The investment comes from Target Global’s new Early Stage Fund II and will top up the £6m Series A raised in 2019. Existing investors include Guinness Asset Management and Pembroke VCT.
The firm’s service is designed to help customers understand, keep track of and improve their health.
It does this through at-home testing kits, which are processed by accredited labs which can analyse for indicators of heart disease and diabetes, to vitamins and minerals and hormone function.
Thriva have processed over 115,000 test at-home blood tests since 2016, 76 of which have achieved an improvement in at least one of their biomarkers, the firm claims.
It is now launching personalised health plans and supplements as it scales up partnerships with hospitals and other healthcare providers looking to provide at-home testing to their patients and clients.
The company, which was founded by Hamish Grierson, Eliot Brooks and Tom Livesey, continues to grow 100% year-on-year and has expanded its team to 50 team members in the company’s London Headquarters.
Hamish Grierson, co-founder and CEO of Thriva said: “As the world faces unprecedented challenges posed by the coronavirus crisis, we have all been forced to view our health, and our mortality, in a new light.
“Whilst we cannot protect ourselves entirely from the tragic effects of a global pandemic like COVID-19, this period may inspire people to invest in their general health for the long-term.”
Dr Ricardo Schäfer, Partner at Target Global added: “We are witnessing a shift in consumer behavior towards an increasingly proactive approach to health: people want to know what’s going on inside their bodies.
“Covid-19 is further accelerating this trend, which requires remote blood testing. Thriva is playing an essential role in providing a solution for increasing the test volume. We are excited to partner with Hamish, Eliot, and Tom at this pivotal point in time for the company.”