Sidekick Health, an Iceland-based digital healthcare business, has reportedly raised a Series B growth funding of USD 55 million.

The latest round is initiated by Novator Ventures, a London-based VC firm, with participation from Frumtak Ventures, Asabys Partners, and Wellington Partners as well as a U.S.-based strategic investor. Sidekick previously raised a Series A round of USD 20 million two years ago.

With the closure of the Series B round, Novator Ventures’ Founder and General Partner Birgir Mar Ragnarsson will join Sidekick’s board.

Mr. Ragnarsson revealed that Sidekick will now be recognized as a global player in digital therapeutics. He added that the VC firm identifies the significant avenues presented by third-generation therapeutics as well as Sidekick’s ability to upscale and operate at a global level.

Although Sidekick Health is not registering significant customer numbers, it has signed alliances with some of the major healthcare players like Anthem to provide digital care programs along with pharma giants Pfizer and Bayer to develop an integrated combination therapeutics comprising a digital and molecular drug therapeutic.

According to the startup, it assisted more than 40,000 patients worldwide, with its products available in six languages. The U.S. and Europe are its major markets, with offices in Germany, the U.S., Sweden, and Iceland.

Although the U.S. and Europe are currently its largest markets, Sidekick is establishing some partnerships in Asia. But these are early days, and the company will be mainly focusing on increasing its commercial presence in the United States.

Major pharma companies are interested in digital therapeutics not only as a tool to possibly augment their drug efficacy but also as a method to extend medicinal value.

This allows major players to file for new patents connecting current medicines to digital therapeutic programs that are way more affordable and easier to develop than the expensive business of drug research and discovery.

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https://techcrunch.com/2022/05/04/sidekick-health-series-b/