Quit Genius, the personalised digital therapeutic for addictions, has secured $11 million in Series A funding.
The round was led by Octopus Ventures, one of Europe’s most active early-stage investors, with participation from Y Combinator, Startup Health and Triple Point Ventures.
The new financing builds on the $2.6M seed round that drew investment from Serena Ventures, an early stage investment firm founded by tennis star, Serena Williams, amongst others including her sister, Venus Williams.
Combining technology with healthcare, Quit Genius replaces conventional low-intensity telephonic cessation support with a personalized digital program that includes cognitive behavioural therapy (CBT), expert coaching, a connected breath sensor and easy access to proven medication.
Quit Genius was founded by three medical doctors trained at Imperial College London, during which time they identified the problem of preventable deaths caused by smoking.
The $11 million investment will support the company’s plans to expand its therapeutic programs beyond cigarette and vaping addiction to include alcohol and substance abuse, as well as increase its presence in the US, which is currently experiencing an opioid ‘epidemic’.
Yusuf Sherwani, CEO and Co-founder of Quit Genius, comments:
“Since our last funding round 18 months ago, Quit Genius has grown rapidly. Our customer base increase ten-fold, we have demonstrated industry-leading quit rates and expanded our product offering to vaping cessation.
“Employers are tired of the status quo and the broken incentives that exist in a traditional “fee-for-service” model of healthcare. By turning this model on its head and charging for value-delivered, we are fast becoming the #1 digital therapeutic program for addictions in the employer space.”