A former AncestryDNA exec launched a startup to ‘put an end to allergies.’ Here’s the pitch deck he used to raise $16.5 million from investors.
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- Nectar just raised $16.5 million from Harmony Partners, Juxtapose, and Obvious Ventures.
- The allergy startup was founded by former AncestryDNA executive Kenneth Chahine.
- Check out the 34-slide presentation Nectar used to raise its Series A funding round.
The prevalence of allergies in the US is nothing to sneeze about: More than 100 million Americans each year deal with allergies, according to the CDC.
A recently-launched startup, however, could make congestion, runny noses, and itchy eyes a thing of the past.
Founded in July 2022, allergy startup Nectar provides virtual and physical clinic visits, lab testing, and an allergist physician network to create a holistic experience for allergy care. Users who join the platform use an at-home kit to test for 40 different allergens and are then prescribed custom allergy drops from a licensed provider.
The startup just raised a $16.5 million Series A funding round led by Harmony Ventures. VC firms Juxtapose and Obvious Ventures also participated in the round and are founding partners that built the company alongside CEO and founder Kenneth Chahine.
Chahine was an early employee and later the executive vice president at DNA testing startup AncestryDNA. He told Insider that he and his team’s experience in other industries has been helpful in the allergy space.
“As former operators and investors in other companies that have tackled adjacent categories, our investors are able to share great learnings that have helped us navigate the landscape,” he said. “Importantly, we all understand and share the same vision for Nectar, which makes for respectful and productive board meetings and conversations.”
There are a handful of additional startups working to improve the allergy treatment experience, which has long been synonymous with years of shots administered in a doctor’s office. They include Y Combinator alum Wyndly, which is expanding access to allergy drops, and Allermi, which prescribes customized allergy sprays.
Other allergy startups, like Aimmune Therapeutics and Ready, Set, Food, focus on food allergies rather than seasonal and environmental allergies caused by dust, pets, and pollen.
Chahine said that in 2023, Nectar plans to expand its consumer products beyond just allergy drops and will soon launch a personalized nasal spray. It also has plans for brick-and-mortar clinics later this year, a move that will allow the startup to expand into treating more complex issues such as asthma, food allergies, and atopic dermatitis.