Two leading doctors who developed a new health coaching platform after the untimely death of a colleague have raised over £1m in a funding round led by Yorkshire private equity firm Traditum and backed by angel investors.
The funding will enable physiologist and serial entrepreneur Dr Michael Stein and Oxford University’s Professor Chris Butler to develop their Added Health platform further and roll it out to a wider audience. Oxford-based Added Health aims to transform the health of users and prevent illness by providing a personalised yet affordable coaching service that encourages long-term habit change. It is the first service of its type to be regulated by the Care Quality Commission.
The platform, which uses machine learning to gain deeper insights into users’ health and behaviour, is supported by a team of health coaches and doctors. Added Health’s coaching incorporates Motivational Interviewing techniques which have proven to change behaviour, and takes a holistic approach centred around the five key pillars of good health – nutrition, exercise, sleep, mental wellbeing and relationships.
However unlike many wellness platforms, it is medically led and based on the latest scientific evidence.
Co-founder Dr Stein previously co-founded clinical algorithms company Map of Medicine, which was sold to Hearst in 2008, and telemedicine platform Doctor Care Anywhere, which floated in 2020. Professor Butler, a Professor of Primary Care at the University of Oxford, is one of the UK’s top academic GPs and an expert in preventative medicine.
The two men came up with the idea in 2019 after their friend and colleague Dr Satish Keshav died suddenly of a heart attack at the age of 56. “After Satish’s tragic death at the prime of his life and from a condition that could have been prevented, we resolved to find a way to save lives by helping people improve their overall health before any symptoms arise,” Dr Stein explains.
The Added Health platform, which was developed with backing from private investors, was launched in July this year and is aimed at both corporate and individual users. It has already attracted a number of blue-chip companies and the company is also looking to develop partnerships with insurers. The funding will enable it to expand its 12-strong team, build its sales and marketing function and expand its client base.
Dr Stein said: “Over a third of the UK workforce has some type of chronic health condition, rising to half of the over 50s. Many of these conditions are preventable yet changing the habits of a lifetime is hard and, while new medical insights are emerging every day, it is hard for individuals to know what is relevant for them.
“Through our unique combination of human expertise, machine learning and behavioural techniques, Added Health helps people to develop personalised plans that lead to long-term lifestyle changes and transform health outcomes. The funding will enable us to reach a wider audience.”
Traditum is a Leeds-based private equity house with a focus on long-term investment in UK-based businesses. Added Health is its second healthtech deal within six months and follows its investment in nurse call systems specialist Arquella in June.
Iain Marlow, Head of Investments with Traditum, said: “Added Health is the second Healthtech investment for Traditum in six months and demonstrates our commitment to help drive the much-needed revolution in healthcare from a reactive to a proactive-based model.
“As people live longer and healthcare resources become ever more stretched, the need to find ways to prevent rather than cure have become ever more pressing. There are many health and lifestyle apps out there which purport to do just this yet very few are medically led or drive sustainable change. Added Health’s is based on the latest scientific evidence and is the first of its type to receive accreditation from the CQC. It could not only save lives but over the longer term help relieve the strain on public health services.”
Nina Latham, Principal Associate in the corporate team at Mills & Reeve, advised Traditum on the deal.