Digital therapeutics provider Koa Health has closed an oversubscribed Series A funding round at £26.3m (US$36m).
The round had a first close in October, led by Wellington Partners Life Sciences and Ancora Finance Group, and has now been fully closed with participation from MTIP and Akilia Partners, and further contributions from Creas Impacto, Sabadell Asabys, and Mundi Ventures.
The funds will be used to accelerate product development, including expanding content for its digital mental wellness solutions, making programmes available in additional languages, and growing the diagnoses that Koa’s solutions can support.
The company will also strengthen its international footprint, including in the US and bolster its research and development to further invest in technology that powers personalised care.
This will include establishing partnerships with health organisations across the globe to build tech-driven mental healthcare products backed by clinical research.
In January, Koa Health, alongside Kooth, partnered with Doctor Care Anywhere to boost the online GP provider’s offering in response to the rapidly increasing demand for mental health services amid the Covid-19 pandemic.
‘Access to mental healthcare is a human right that shouldn’t be buried by stigma, lack of access, or affordability,’ said Oliver Harrison, CEO of Koa Health.
‘With this round of funding, we’ll be able to scale our digital mental health solutions and offer a personalised, more affordable and effective solution for people to manage their mental health.’