Quit Genius, the personalised digital therapeutic for addictions, has announced that it has raised a further $11 million in Series A funding.
The round was led by Octopus Ventures, one of Europe’s most active early-stage investors, with participation from Y Combinator, Startup Health and Triple Point Ventures.
The new financing builds on the $2.6M seed round that drew investment from Serena Ventures, an early stage investment firm founded by tennis star, Serena Williams, amongst others including her sister, Venus Williams.
Combining technology with healthcare, Quit Genius replaces conventional low-intensity telephonic cessation support with a personalised digital program that includes cognitive behavioural therapy (CBT), expert coaching, a connected breath sensor and easy access to proven medication.
This innovative approach has translated to industry-leading quit rates, validated in six peer-reviewed papers and the largest randomised-controlled trial for a digital addiction program soon to be published.
Quit Genius was founded by three medical doctors trained at Imperial College London, during which time they identified the problem of preventable deaths caused by smoking.
QVentures launches petition to increase tax reliefs
This ultimately led to the initial focus on tackling tobacco and vaping use, where its evidence-based programme has delivered a 53% quit rate for its users.
The $11 million investment will support the company’s plans to expand its therapeutic programs beyond cigarette and vaping addiction to include alcohol and substance abuse, as well as increase its presence in the US, which is currently experiencing an opioid ‘epidemic’.
The company already reaches over 700,000 enrolled participants globally, working with enterprise clients across the US, Canada and the UK.
Yusuf Sherwani, CEO and Co-founder of Quit Genius, commented: “Since our last funding round 18 months ago, Quit Genius has grown rapidly.
Entrepreneur First announces cohort of deep tech companies
“Employers are tired of the status quo and the broken incentives that exist in a traditional “fee-for-service” model of healthcare. By turning this model on its head and charging for value-delivered, we are fast becoming the #1 digital therapeutic program for addictions in the employer space.”
Will Gibbs, Early-Stage Investor at Octopus Ventures, commented: “When it comes to addiction, far too many people are still dying from deaths that are potentially avoidable. That’s why the personalised digital approach taken by Quit Genius is so exciting, as it is far more effective at changing behaviours and will ultimately save lives.
“We are hugely excited about the potential to build global businesses in this space, and this investment is another step towards our ambition to become the top health investor in Europe.”