London-based health tech startup Zoe Health, known for its large-scale nutrition and medical testing app, has extended its Series B funding round with an additional £25m.
Zoe Health’s latest investment round has brought the total amount raised by the company to $83.7m (£68.3m).
Founded in 2017, Zoe provides home testing kits for customers to gain insights into their gut and blood health. Researchers at the company then analyse the sample to create a personalised health plan.
During the pandemic years, the company put a significant focus on Covid-19 self-testing and reporting. The company has since returned its focus to its initial market of nutrition.
The new capital will fund Zoe’s ambitious development plans, including the onboarding of 250,000 users currently on a waiting list.
“We are seeing a big acceleration in customer demand so what we want to do is scale our business significantly to be able to meet that demand,” said Zoe CEO, Jonathan Wolf.
“Given the tough economic environment, we wanted to make sure we have the capital to do this. In fact, the vast majority of the $25 million raised in the last round is still in the company.”
Wolf said the new funding has brought the valuation of the company to £209m. Since its founding, the company has grown from a team of five to now more than 200 employees.
The Series B extension was led by US-based VC firm Accomplice and featured participation from Balderton Capital, Ahren, Daphni, and L Catterton.
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