A new year has started and with it, billions of people around the world are paying special attention to their health as part of their new year resolutions. Unfortunately, the 3 most commonly failed new year resolutions are all related to health: losing weight, eating healthier, and exercising more. The good news is that digital health might just be the solution to this problem.
Now expected to reach $170.20 billion by the end of the year, digital health is changing how people think about health, interact with their providers, and take care of themselves. With a wide range of applications ranging from telemedicine to blood home test kits, the number of startups joining the space is increasing at a rapid rate.
Despite a slow year resulting from major economic struggles across multiple industries, digital health startups had raised $12.6 billion by the third quarter of 2022, almost as much as that of the whole of 2020. On the other hand, the total of raised capital back in 2021 was $29.1 billion, the highest of the past 10 years.
One of the major winners in the digital health industry has been Kilo Health. The Lithuanian company has not only reached over 4 million customers worldwide but also expanded its catalog of startups it has co-founded and funded to more than 30. The company has done this through its Kilo Health Ventures and Kilo Co-Found arms, which seek to make it easier for entrepreneurs to innovate in the digital health space.
Kilo Health Ventures aims to help new founders find funding opportunities while also receiving research, marketing, and innovation support. In a world where most entrepreneurs lack scaling and strategizing experience, in addition to resources, this approach is not only more effective but also friendlier than that of traditional venture capital.
Kilo Co-Found, on the other hand, is aimed at entrepreneurs with a proven track record looking to partner with Kilo Health to launch their latest endeavor. In this case, entrepreneurs can go to the company with a new idea they want to work on or offer their experience to become a co-founder of one of Kilo Health’s upcoming products. Kilo Health CEO and co-founder Tadas Burgaila said back in December in this regard:
“It is incredible to see how many people would like to take a new challenge in their career and become co-founders. When we first announced this job opportunity on Linkedin, we received 1000+ applications in 3 weeks from all around the world. We are now wrapping up with a few finalists and hope to have a few co-founders in Vilnius, Berlin, Stockholm, and Amsterdam”,
So far, Kilo Health’s portfolio includes startups like Pulsetto (Non-invasive vagus nerve stimulation), Revolab (remote blood testing and tracking), Sensa (mental health app assistant), Klinio (pre-diabetes and diabetes management), Greatness (daily routine tracking), PipelinePharma (B2B platform connecting pharma manufacturers and sellers), and many more.
Whether an entrepreneur is looking for help to grow and scale their business or bring into reality a whole new concept, Kilo Health has tried to accommodate both needs. This, in turn, has also allowed the company to be recognized as the second-fastest growing company in Europe by the Financial Times and the #1 Lithuanian company in the technology sector by Verslo žinios.
With digital health becoming more popular and relevant than ever as venture funding continues to rise, groups like Kilo Health are only likely to become more necessary. After all, as Burgaila says: “There are so many talented people out there who do not have a great business idea or they do not have enough time or funds to test the idea.” Well, programs like these are sure to help.