Best Tech News Site: Thriva raises £4M from Target in an era when at-home blood testing is more crucial than ever

Friday, May 22, 2020

Thriva raises £4M from Target in an era when at-home blood testing is more crucial than ever

Thriva emerged in 2016 as an at-home blood-testing startup allowing people to check, for instance, cholesterol levels. In the era of a pandemic, however, at-home blood testing is about to become quite a big deal, alongside the general trend towards people pro-actively taking control of their health.

It’s now has secured a £4 million extension to its Series A funding round from Berlin-based VC Target Global. The investment takes Thriva’s total funding to £11m. The investment comes from Target Global’s new Early Stage Fund II and will top up the £6m Series A raised in 2019. Existing investors include Guinness Asset Management and Pembroke VCT.

Thriva have processed over 115,000 test at-home blood tests since 2016. Interestingly, these customers actually use the information to improve their health, with 76 percent of Thriva users achieving an improvement in at least one of their biomarkers between tests.

The startup has also launched personalized health plans and high-quality supplements, scaling up it’s partnerships with hospitals and other healthcare providers.

Founded by Hamish Grierson, Eliot Brooks and Tom Livesey, it claims to be growing 100% year-on-year and has expanded its team to 50 team members in the company’s London Headquarters.

In a statement Grierson said: “As the world faces unprecedented challenges posed by the coronavirus crisis, we have all been forced to view our health, and our mortality, in a new light.”

Speaking to TechCrunch he added: “While there are other at-home testing companies, we don’t see them as directly competitive. Thriva isn’t a testing company. Our at-home blood tests are an important data point but they’re just the beginning of the long-term relationships we’re creating with our customers. To deliver on our mission of putting better health in your hands, we not only help people to keep track of what’s really happening inside their bodies, we actually help them to make positive changes that they can see the effects of over time.”

Dr Ricardo Schäfer – Partner at Target Global said: “When we first met the team behind Thriva, we were immediately hooked by their mission to allow people to take health into their own hands.”