MTIP leads $21m series-B for Oviva

The firm invested $9m in Oviva. This is its first investment from its second fund, which held a first close in November 2019 on CHF 30m towards a CHF 200m target.

Also participating were new investor Earlybird and existing investors Albion Capital, F-Prime Capital Partners, Eight Roads Ventures and Partech Ventures. Earlybird is currently investing from its Earlybird Health Fund, which closed on €85m.

Christoph Kausch, founding partner and CEO of MTIP, told Unquote that the company is generating revenues of more than €1m, but is not yet EBITDA-positive. He said: "We invest in companies that are generating revenue but are not yet EBITDA positive. Our portfolio companies normally become EBITDA positive during our holding period."

The fresh capital will go towards developing the technology platform, as well as fund expansion in countries the company already serves, plus France and Benelux.

Previous funding
Business angel Tim Ringel invested in the company in 2015. Eight Roads Ventures then led a funding round in 2016.

Albion, Eight Roads, F-Prime, Partech and Walking Ventures took part in a $12m series-A funding round in 2017.

Company
Oviva offers an app that helps type-2 diabetes patients manage their illness. Users receive nutrition advice and personalised coaching. The company currently operates in the UK, Germany, Switzerland and the United Arab Emirates, where patients' health insurance or the NHS pays for the service. Headquartered in Zurich and founded in 2013, Oviva employs 100 people.

People
MedTech Innovation Partners – Christoph Kausch (founding partner, CEO).
Albion Capital – Christoph Ruedig (partner).
Oviva – Kai Eberhardt (co-founder, CEO).

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• Topics
• Expansion
• DACH
• Technology
• Venture
• Earlybird
• Albion Ventures
• Partech Ventures
• Switzerland