MedAngel, the startup that’s reshaping how we interact with medications, raises a growth round led by Holland Venture and Oost NL. The game changer in the digital health and the diabetes tech scene aims to take the market by storm with the help of this investment.
Nijmegen, The Netherlands — 13 July , 2018
MedAngel announces today the closing of a series A funding round led by Holland Venture and Oost NL. The company offers a unique and innovative solution that empowers individuals living with chronic conditions to eliminate the uncertainty about the storage and transport conditions of their medications. Founded in 2015 and winner of the 2017 Lyfebulb Novo Nordisk innovation award, MedAngel witnessed exponential growth within diabetes and rheumatoid arthritis patient populations, mainly fuelled by word-of-mouth promotion and organic growth. This investment will allow the team to expand and acquire more users and business partners.
The company was founded in 2015 by Amin Zayani, who lives with T1 diabetes since 2006. Their first product, MedAngel ONE, consists of a wireless temperature sensor and a mobile app. The sensor is placed with the medications and it continuously measures the temperature and communicates with a smartphone via Bluetooth. The app alerts the user when the temperature approaches or exceeds the safe range for the medications.
“We couldn’t be more excited about closing this round,” says Zayani, MedAngel’s CEO, “we witnessed sustained growth since our product launch in 2017, all of it made possible with little marketing efforts and mainly by word of mouth of our users and influential bloggers. We can now grow at a faster pace and more strategically. We will develop our proposition further and consolidate our business partnerships in Europe and in the USA.”
“We believe that the MedAngel team has a breakthrough and innovative approach to solving one of the largest problems in managing one’s medications today,” says Jan Frens van Giessel, Investment Director Healthcare Innovations at Holland Venture. “The founding team built a great business and chose the strategic path of pursuing a B2C go to market strategy. A bold move that paid off for them, and we look forward to building the company into the Nr. 1 platform of managing medications’ use for chronic patients.”
“We found great partners in Holland Ventures and Oost NL,” says Jeremias Weinstein, Chief Financial Officer. “Both are top tier investors in The Netherlands and Europe with vast experience in the health sector, among others. Having them on board is a key element in MedAngel’s expansion.”
MedAngel’s CEO expresses the company’s ambitious vision: “Most people see us as a ‘coldchain company’ or a ‘temperature sensing company.’ That’s not who we are. This is only one aspect of our value proposition, the immediate pain we decided to solve. Our vision is much bigger than that. When you live with a chronic condition like diabetes, multiple sclerosis, or rheumatoid arthritis, you depend on your medication to stay alive and be well. It is the most important relationship in your life 24/7. We use technology and design to take this relationship to the next level. You can see MedAngel as the wearable for your medication”.
Founded in 2015 and headquartered in Nijmegen, the Netherlands, MedAngel BV develops, produces and commercialises innovative solutions help people to live with chronic conditions in an easier and safer way. The current focus is on increasing medication storage and transport safety. MedAngel ONE is the company’s first product, currently available for Android users and on iOS.
About Holland Venture
Holland Venture has invested in more than 135 Dutch SMEs in a responsible and successful manner over the past 35 years. With a clear investment strategy, it is active in the attractive growth markets Healthcare and Technology. The experienced and involved investment team knows what entrepreneurship is. She strives for an open, sustainable and professional relationship with the management teams of the companies she invests in, with the common goal of achieving growth. Holland Venture is supported by a broad network of successful entrepreneurs in Healthcare and Technology.
About Oost NL