Company News: Sidekick Raises $55M Series B To Drive Further Growth
BERLIN, BOSTON, REYKJAVIK, 05 May 2022 – International digital therapeutics leader Sidekick Health (www.sidekickhealth.com) today announces that it has raised $55 million in Series B funding. The round was led by London-based venture capital firm Novator Ventures, with additional participation from Wellington Partners, Asabys Partners, and Frumtak Ventures, as well as a US-based strategic investor that will be revealed at a later stage.
Sidekick is on a mission to develop and deliver effective, personalized digital therapeutics that prevent suffering and add millions of quality life years to people around the world. Digital therapeutics are the next generation of therapeutics designed to prevent, treat and help people manage a wide range of medical disorders or diseases.
By harnessing the power of technology we have a unique opportunity to deliver personalized treatments via smartphones and other mobile devices, empowering people to take control of their own health, Sidekick’s chief executive officer and co-founder Dr. Tryggvi Thorgeirsson said.
“The major challenge facing the world’s healthcare systems is how to support and treat people who are dealing with with two or more chronic conditions. The cornerstone of Sidekick’s approach is our multi-chronic digital therapeutics platform, and this funding will allow us to scale even faster the production of a new generation of clinical treatments across all major chronic diseases,” Thorgeirsson added.
Novator Ventures general partner and founder Birgir Mar Ragnarsson joins Sidekick’s board of directors in conjunction with the closing of the Series B financing.
“It has been impressive to follow the rapid growth of the company from the close of its A round 18 months ago. The company may have begun in the Nordics, but I am proud to say that Sidekick is now a globally-recognized digital therapeutics player,” Ragnarsson said. “Novator Ventures recognizes the immense opportunities presented by third generation therapeutics and Sidekick’s ability to scale and operate at the global level. We look forward to working closely with the Sidekick team to transform how healthcare is delivered.”
Sidekick operates its platform in partnership with some of the biggest names in healthcare, including leading US-based health company Anthem Inc. to offer a digital-first care programs, as well as global pharmaceutical majors such as Pfizer and Bayer, to develop integrated combination therapeutics consisting of a molecular drug and a digital therapeutic.
In 2019, Sidekick entered into a strategic partnership with Bayer to provide a digital therapeutic to patients with Peripheral Artery Disease (PAD). In 2020, Sidekick then secured a deal with Pfizer addressing five inflammatory diseases across Europe and beyond.
Following this, during the height of the pandemic, Sidekick assisted the Government of Iceland by providing the remote triaging, remote monitoring and management of people infected with COVID-19. Shortly after, the company raised a $20 million Series A led by Wellington Partners and Asabys Partners. Over the past year Sidekick has further increased its commercial footprint in the US, including a collaboration with Anthem to support members dealing with COVID-19, Crohn’s disease, and other chronic conditions.
Amidst this backdrop of this rapid growth, the company is now looking to further diversify its portfolio by expanding its chronic disease treatments across even more therapeutic areas, bolstering existing partnerships and forging new alliances with key stakeholders across the healthcare ecosystem.
About Sidekick Health
Sidekick is a digital therapeutics innovator, founded by two passionate medical doctors on a mission to improve the health of humanity. Sidekick is driven by a vision to bring healthcare into people’s everyday lives, empowering them to take control of their own health. Sidekick’s therapeutics are developed and delivered with digital technology, addressing the same endpoints as traditional treatments – such as small molecule drugs and biologics, but with the added benefit of giving people the opportunity to be actively involved in their own treatment. When combined with traditional treatments, the overall efficacy can be strongly increased. That is why Sidekick partners with the world’s most innovative companies across the healthcare spectrum. Sidekick has offices in Berlin, Boston, Reykjavik and Stockholm.
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