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Asabys Partners leads a round of $20 million in Sidekick

Asabys has recently led a successful round of financing in Sidekick, a company specialized in digital therapies. This round will allow the company to advance and consolidate growth in Europe and expand its operations to the U.S. Sidekick’s fundraising efforts have been supported by EIT Digital Accelerator. The company was chosen by EIT Digital as one of the top ten fastest growing high-tech companies in Europe.

Suzanne Mitchell

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Asabys achieves his particular sextet since the outbreak of the COVID-19 in Spain. Sidekick, a Nordic company of digital therapies, has closed a financing round of $20 million led by Asabys Partners (from its vehicle Sabadell Asabys Health Innovation Investments) and Wellington Partners, with the participation of the current investors Novator and Frumtak Ventures, as confirmed from the company. 

That is the sixth investment led by the management company since the arrival of the pandemic in Spain and since the declaration, in March, of the state of alert in the country. Some of these rounds are led by companies such as Medlumics, Medasense, or Splice Bio. Sidekick is dedicated to creating digital therapeutic solutions and programs with a high gamma component, which transform the care, management, and lifestyle of patients with chronic diseases in multiple therapeutic areas. These can range from diabetes to ulcerative colitis and tobacco cessation. 

The company will use the funds to validate and develop new therapeutic areas, drive product development to increase its leadership in patient retention and interaction, and strengthen its position as a provider to expand pharmacotherapies.  

Read more details about the sixth investment led by Asabys and find the most important business news of the day with the Born2Invest mobile app.

Asabys has led rounds at companies such as Medlumics, Medasense, and Splice Bio in recent months

“The healthcare landscape has taken a significant turn this year as a direct result of COVID-19, accelerating adoption and demand for digital healthcare solutions; we have had a considerable increase in customers in recent months,” explained Tryggvi Thorgeirsson, CEO and co-founder of Sidekick. 

The executive added that “our new investors bring immense value to the company, supporting our continued growth in Europe and helping Sidekick to expand its operations in the United States.”

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Although the names have not been disclosed, representatives from Asabys Partners and Wellington will join the board of directors of the digital therapy company. Sidekick’s fundraising efforts have been supported by EIT Digital Accelerator. The company was chosen by EIT Digital as one of the top ten fastest growing high-tech companies in Europe. Since 2012, EIT Digital Accelerator has supported startups and growth companies that have collectively raised over $900 million.  

Sidekick’s platform combines an evidence-based clinical approach along with behavioral economics and gamma-regulation

Sidekick was founded by the two doctors Tryggvi Thorgeirsson and Saemundur Oddsson, who worked for years treating tens of thousands of patients with lifestyle-related diseases. 

Sixty-eight percent of all deaths are caused by lifestyle-related illnesses, and the two founders realized that a new approach was needed to prevent and manage chronic diseases. Sidekick’s platform combines an evidence-based clinical approach along with behavioral economics and gamma-analysis to help global clients expand the reach of their therapies. It is CE marked, a Class I medical device, and is scalable to forty different chronic diseases, thirteen of which are already active. Sidekick’s platform has also been adapted to remotely classify, monitor, and support people in home isolation diagnosed with COVID-19. 

Asabys Partners is a venture capital manager specialized in the health sector, founded by Josep Lluis Sanfeliu and Clara Campàs and participated by Alantra. Its first investment vehicle, Sabadell Asabys Health Innovation Investments, was launched in 2019 and has the support of Banc Sabadell as a reference investor. With a target size of more than eighty million euros, it invests in companies in the health sector in its three verticals: digital therapy solutions, medtech, and biotech.

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(Featured image by Adeolu Eletu via Unsplash)

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Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.