The startup behind period-tracking app Flo just raised $100 million. We got an exclusive look at its pitch deck.
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- Health app startup Palta has raised $100 million.
- The Series B round was led by VNV Global alongside Target Global.
- London-based Palta is behind ovulation calendar app Flo.Health and fasting app, Simple Fasting.
A preventative health tech startup that allows users to do everything from tracking their periods to keeping track of their fasting has raised $100 million.
London-based Palta is behind a variety of health apps which collectively have around 2.5 million paid users.
They include ovulation calendar app Flo.Health, fasting app, Simple Fasting, and recently Zing Coach, an AI fitness app.
The company’s focus is on prevention. Its name derives from the Peruvian-Spanish word for avocado, a healthy but hard and time-intensive crop to grow.
“We believe the COVID-19 pandemic drove people to become more health aware, and so we saw an increased willingness to invest in health and wellbeing products,” Yuri Gurski, CEO of Palta Health told Insider after closing the Series B round.
Gurski said that the business had grown revenues more than 10 fold over the past two years but still has a long way to go to build out its userbase. The business has more than 100 million users over the 12 months across its portfolio of health apps but paying users still only represent a single-digit percentage of that.
To that end, Palta will use the fresh funding to build out new products, improve the quality of its existing apps, and push towards a target of having a billion users in the future.
“People have become more aware that the primary health factors are their behaviour,” Gurski added. “Of course, the health industry has a long way to go to cure viruses, genetic disorders and traumas. But two-thirds of diseases are caused by lifestyle, and a simple nudge can fix most problems.”
Palta’s funding round was led by VNV Global, also a backer of e-scooter startup Voi and digital health company Babylon Health, as well as Target Global and existing investors.
Gurski said fundraising a significant sum over Zoom wasn’t easy but that the deal will allow the company to pursue potential strategic acquisitions as well as boost its internal research and development functions.
In particular, funding will go towards the continued development of Palta Brain, the tech platform which backs Palta’s suite of health products.
“Mobile and preventative health services are the future of the health industry,” said Per Brilioth, CEO of VNV Global.