ZOE Raises $53 Million from Investors

ZOE Raises $53 Million from Investors

Healthcare Tech Outlook | Monday, May 10, 2021

Jonathan Wolf, Cofounder & CEO, ZOE

ZOE announced that it had raised $53 million in total funding to change how people eat using a first-of-its-kind at-home test kit and personalized advice program.

FREMONT, CA: ZOE, a healthcare science company, recently announced that it had raised $53 million in total funding to change how people eat using a first-of-its-kind at-home test kit and personalized advice program. ZOE decodes every customer's unique biological reaction to food and guides them to eat for long-term health. The program employs machine learning in combination with one of the world's most extensive nutrition research studies. These funds will enable ZOE to address the dramatic increase in customer demand since its release a few months ago and serve millions of people looking for a sustainable and science-backed method to healthy eating.

ZOE released its first product in September 2020, three years after conducting the world's most extensive in-depth nutrition and microbiome research with scientists from Harvard, Kings College London, Mass General Hospital, and Stanford to address the high rates of obesity, metabolic disease, and nutritional confusion. The test kit analyses users' gut health and blood fat and blood sugar reactions to food and uses this information to offer regular, personalized nutrition advice. ZOE is presently on the waitlist due to high demand. Interim clinical trial results show that after three months of following their customized plan, participants had more energy (90 percent), felt less hungry (80 percent), and lost an average of 11 pounds.

Today's B round of over $20 million brings the cash on the balance sheet to $40 million. Ahren Innovation Capital (Ahren), whose Science Partners include two Nobel laureates, leads this round of funding. Sir Gregory Winter CBE FRS FMedSci and Nobel Prize winner for Chemistry, said: "We were interested both by the approach taken by ZOE, in which they are applying machine learning to large scale population data, and by their published results, in which they are mapping out associations between diet, health and the gut microbiome."

Umenyiora said, "I'm really excited to invest in ZOE. As an athlete, I know how much eating the right food changes how I feel and how I perform."

Commenting on the investment, George Hadjigeorgiou, co-founder and President of ZOE, said: "We started ZOE because we believe that everyone has a right to understand how their body responds to food so they can make their own decisions and be in control of their health. We are thrilled to be partnering with a distinguished group of new and existing investors to continue on our mission to help people live healthier and happier lives."

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