Prior to the Covid-19 pandemic, 130 countries were spending less than 2 per cent of their national health budgets on mental health and struggling to meet their populations’ needs. Bereavement, isolation, loss of income are some of the reasons that have triggered mental health conditions or in some cases worse. This is where Koa Health has stepped in to make a difference.
Extended Series A funding
In a recent development, Barcelona-based digital mental healthcare provider, Koa Health, has announced it closed an oversubscribed €30M Series A funding round.
The company had raised the funds back in October 2020 and had also announced its spin-out from Alpha, Telefónica’s startup factory.
Investors in the current round
The current round has now been fully closed with participation from MTIP and Akilia Partners. Besides, Creas Impacto, Sabadell Asabys, and Mundi Ventures also participated in this round.
How will the funds be used?
The raised capital will be used to boost Koa Health’s growth and expand its international footprint including the US.
Oliver Harrison, CEO of Koa Health says, “We know that there has been a greater demand for mental healthcare on both sides of the Atlantic as the stigma around mental health continues to decline. However, we still have a long way to go. At Koa Health, our mission is to deliver mental wellbeing for all. Access to mental healthcare is a human right that shouldn’t be buried by stigma, lack of access, or affordability. With this round of funding, we’ll be able to scale our digital mental health solutions and offer a personalised, more affordable, and effective solution for people to manage their mental health.”
The funds will enable the company to accelerate its product development, including expanding content for its digital mental wellness solutions, making programs available in additional languages, and expanding the diagnoses that Koa’s solutions can support.
Everything about Koa Health
Previously known as Alpha Health, Koa Health is a digital mental healthcare provider that offers integrated mental health solutions, from improving wellbeing to supporting treatment for a range of common mental disorders.
The company’s lead product is Koa Foundations, a mental wellbeing app that helps organisations support employees with evidence-based activities focused on tackling stress, sleeping better, aiding relaxation and positive thinking, and boosting self-confidence.
Koa Health has partnered up with leading clinicians and academics including Massachusetts General Hospital, University College of London, the London School of Economics, Birmingham, and the Solihull Mental Health NHS Foundation Trust.
Koa Foundations is available to more than 3 million people through contracts with dozens of employers, healthcare providers, and payers. The company has operations in Barcelona, the US, and the UK.
The company says it has few products in development and the raised funds will accelerate their development and launch. This will include establishing partnerships with leading health organisations across the globe to build tech-driven mental healthcare products backed by clinical research.