Health tech company sees revenues soar
Remedy Health, a personalised health tech company based in Birmingham, has seen revenues soar in only its second year as a business and is looking to expand into the US.
The company, which most well-known for its personalised gummy vitamin brand, Nourished, has become a market leader in the field of personalised nutrition.
The vitamins are made once consumers complete an online questionnaire which gives them a recommendation of the best seven active ingredients to optimise their lifestyle and goals.
Founder Melissa Snover said: “There has been a huge rise in the number of personalised nutrition products launched over the past few years, with the industry predicted to go from £2.65bn in 2019 to over £11.4bn in 2027. Our goal at REMEDY is to offer truly personalised nutrition in a single daily format; we utilise our patented 3D printing technology to achieve this, something no one else in the world can do. We provide the highest quality active ingredients available to support every individual’s specific needs and goals.”
Remedy Health was formed in May 2019 and raised their seed round by the end of the year, during which founder Snover achieved the largest seed round ever raised by a female founder in the UK of £1.95m.
The success of the past 12 months has led to their Series A funding raising £7.8m. Prominent new investors focused on advancing the future of food participated in the round, including ADM Ventures, the corporate venture capital arm of ADM, and Cibus Enterprise Fund.
The company also secured follow on investment from Apater Capital and Henkel X. This latest round of financing brings the company’s total value to more than £50.8m, realised just 18-months after its initial launch.
The team behind Nourished have recently launched Nourished Kids – the world’s first personalised gummy vitamins for children.
Remedy Health has outlined an ambitious roadmap for 2021, targeting 30,000 monthly customers and over £7m in sales, as well as expanding into curative health solutions and expansion into the US.