Elo, a provider of daily personalized protein and nutrition programs backed by science and wearable technology, raised $10 million in Series A funding. Octopus Ventures led the investment round with participation from Will Ventures and Re:food.vc.
According to the press release, Elo will use the new funds to grow its product development and marketing teams and scale up its nutrition supplement and protein products.
In a separate announcement, Elo also unveiled the launch of its first product – Smart Supplement, a membership service that includes at-home biomarker testing, nutrition coaching, and tailored supplement packets – sent monthly to members.
Commenting on the funding news announcement, Ari Tulla, CEO & Co-founder of Elo, said: “Other personalized protein products use questionnaires to come up with the right formulation for you but provide very little information on dosing. At Elo, we take personalized protein to new heights by using your wearable, biomarker, and health data to formulate your custom blend and to provide dosing guidance based on your latest activity.”
Chantal Cox, MD at Octopus Ventures, said: “Hyper-personalized healthcare is an area that we believe that the most pioneering and valuable businesses will be built in. Elo’s ambitious vision of turning food from the cause of disease to medicine – combined with their strong team – fuelled our excitement to lead their Series A round. As a doctor, I believe that Elo’s evidence-based, personalized nutrition approach will help tackle one of the greatest challenges of our time.”
Octopus Ventures is a venture capital firm based in London, United Kingdom. According to our investor database, the firm has invested over $500 million in digital health startups. Its investment portfolio includes Antidote Technologies, Big Health, Elvie, Ibex Medical Analytics, Medisafe, Mojo, myTomorrows, Oto, PeakData, Quit Genius, Tuune, and Vira Health.
According to our database, telehealth startups providing nutrition services have raised more than $2 billion in funding to date. More recently, WellTheory, a provider of virtual evidence-based nutrition, lifestyle coaching, and autoimmune health services, raised $7.2 million in seed funding led by Accel, with participation from Box Group, Lux Capital, Scribble Ventures, and Rock Health. In another round, Rootine, a provider of genomics-based personalized at-home nutrition services and multi-vitamin supplements, raised $10 million in Series A funding led by Relevance Ventures with participation from Techstars and DSM Venturing.