HealthTech startup Lykon has raised €6.4 million in its Pre-Series A funding round, led by MA Ventures, the venture capital fund of the Migros Aare cooperative (managed by Redstone), and IPPEN.MEDIA, a big German media house with one of the largest online media networks. Also joining this round were other investors such as family offices and business angels.
In addition to the fresh funds, Lykon has acquired Gaia Nutrition, one of the technology leaders for personalized nutrition plans. The acquisition was closed earlier this year, strengthening its authority in data-driven personalisation of food products and nutrition recommendations.
Founded in 2015, Lykon is Germany’s market leader for personalized nutrition concepts based on certified blood and DNA tests. Supported by machine learning and artificial intelligence, Lykon provides users with customized nutritional recommendations, recipes, products and a guidance for better health.
Benefitting from people’s increased awareness of health issues and increased openness to self-testing, in recent months the startup has substantially expanded its customer base.
Lykon’s founder and CEO Tobias Teuber commented on the new funding round: “Our new investors are a perfect fit at this stage of our company’s growth, as they not only bring us funding, but also provide us with expertise and access to new distribution channels and markets. This will take us even closer to our goal of making 100 million people healthier thanks to customized nutrition.”
The new funds will be used to continue to improve the customer journey and develop the technology. A further Series A financing round is envisaged for the end of 2021/early 2022.