Monk’s Hill leads $5m series A of healthtech firm

Novi Health, a healthtech platform, has raised US$5 million in a series A fundraise led by Monk’s Hill Ventures.

From left: Novi Health founders Joanne Tay, Sue-Ann Toh, and Kyle Tan / Photo credit: Monk’s Hill

Founded by Sue-Anne Toh, Joanne Tay, and Kyle Tan in 2018, the Singapore-based firm offers a chronic disease management system to its users. It delivers two products through its apps – Novi Optimum Plus and Novi Magnum.

The prior offers eating and exercise recommendations to promote healthy weight loss.

Meanwhile, Novi Magnum targets patients with diabetes and uses a continuous glucose tracking system, with medical care, and dietary and lifestyle coaching.

Citing a published study, the company said program participants reduced their hemoglobin bA1c by 0.9 points and weight by 5.8% over a three-month period, without increasing medication intake.

The fresh funds will be deployed to expand Novi Health’s team across its growth, tech, and product departments, as well as to further develop its platform.

In 2021, the global healthtech market was valued at US$175.6 billion and is now set to expand at a compound annual growth rate of 27.7% until 2030.

See also: An unknown Singapore healthtech firm’s dubious $583m valuation