Koa Health, a digital mental healthcare provider redefining care by offering a range of personalised mental health solutions backed by science and designed to improve user wellbeing, announces its successful spin out from Alpha, Telefónica’s moonshot factory. Today marks a first closing of €14.1 million ($16.5US/£12.75 million) from investors organised by Ancora Finance Group and Wellington Partners in a Series A funding round, that will total up to €30 million.
Oliver Harrison, CEO of Koa Health said: “It is increasingly clear that digital technology has the potential to help close the growing demand gap in mental healthcare. However, the field has been limited by the inherent challenges of providing an integrated, evidence-based, ethical and personal solution that fits the needs of service users and customers. Because of Telefónica’s support, we have been able to deliver this solution. With this investment, Koa Health will expand internationally, invest more in clinical trials and continue to develop personalised products which meet the mental health needs of every individual. Our goal is to provide easy access to a range of digital mental health solutions which help people flourish in a challenging and changing world.”
Previously known as Alpha Health, Koa Health is now a new, independent company following four years of research and trials to secure robust data and build out a product roadmap. That debut product is Koa Foundations, a mental wellbeing app helping designed for the workplace, helping organisations support their teams. It offers a library of evidence-based activities for tackling stress, sleeping better, aiding relaxation and positive thinking and boosting self confidence.