TOM Medications concludes another round of funding at over CHF 1.3 million
The latest round of funding for TOM Medications was hugely oversubscribed, at CHF 1.3 million, or over 120 percent. TOM Medications hopes the new funding will help boost its turnover, expand its community, and tap into new markets.
ZURICH, Jan. 25, 2023 /PRNewswire/ -- TOM Medications has already notched numerous successes since its launch in June 2020. Around 30 million interactions have already taken place via the app, and treatment compliance among TOM app users is 83 percent – much higher than the approximate average of 50 percent usually achieved by those with chronic health conditions. As the recent round of funding showed, investors believe there is plenty more potential in the virtual medicine cabinet: it was massively oversubscribed, at over CHF 1.3 million, or more than 120 percent.
'Due to tangible success in 2022, the majority of previous investors were immediately willing to reinvest,' says TOM founder and CEO Sven Beichler. These investors include health insurance company Sanitas, which collaborated with TOM on a May 2022 pilot project allowing Sanitas customers to use a program in the TOM app. 'Following the successful implementation of the joint pilot project, we're happy to continue supporting TOM Medications in its development. We're also delighted that Galenica is now on board, too,' says Sanitas CEO Dr. Andreas Schönenberger.
Galenica was impressed by TOM's existing investors, as well as its forward-looking concept. The leading listed, fully integrated healthcare service provider in Switzerland, which operates the pharmacy chains Amavita, Sun Store, and – together with Coop – Coop Vitality, is now also on board. 'We want to support our customers with health services that meet their needs. We believe the TOM app dramatically improves patient compliance and, therefore, the health of people with chronic health conditions. That's why we chose to get on board with TOM,' says Daniele Madonna, Chief Healthcare Officer at Galenica AG.
Boosting turnover, growing the community, and expanding into Germany
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