Joint Academy raises $23m Series B
Joint Academy, a clinical evidence-based digital treatment for chronic joint pain which connects patients with licensed physical therapists, has raised a $23 million Series B funding round led by international investment company Kinnevik.
Existing investors Karl-Johan Persson (chairman of H&M) and Alfvén & Didrikson also participated in
the round, which will enable Joint Academy to accelerate in the U.S. and to further expand its offering throughout Europe. Joint Academy has to-date raised $34.2 million.
Healthcare institutions using Joint Academy can receive a return on their investment within one year, and can achieve average savings of $2,223 per year per patient.
Since being founded in Malmo, Sweden in 2014, Joint Academy has treated 25,000 patients who suffer from chronic hip and knee pain by connecting them with licensed physical therapists through its app.
Initially, a patient receives an evaluation from one of the 400 physical therapists on the platform who will continuously follow up on the treatment and answer any questions the user may have.
Each day, patients are given personalised exercises that are designed to reduce pain and adjust as the patient’s condition improves. Progress can be tracked from one week to the next, which boosts motivation and improves treatment results, while reminders keep them on-track.
Joint Academy CEO Jakob Dahlberg co-founded the company along with his father and Chief Medical Officer Leif Dahlberg. Jakob comments, “We are excited to have a prominent investor such as Kinnevik on board that shares our mission to improve the ways in which chronic joint pain is treated.
“Their know-how in the digital health sector will be immensely helpful in reaching our vision to become the global standard treatment for chronic joint pain. The Series B round will help us accelerate in the U.S. and expand our offering throughout Europe.”
Kinnevik CEO Georgi Ganev adds, “Joint Academy exemplifies the kind of company we support. A digital healthcare initiative such as this can be of great support to the traditional healthcare system.”