Jan 12, 2021 - Economy

Exclusive: U.K.-based supplement startup raises $7.8 million

Illustration of a smartphone wearing a sweatband

Illustration: Eniola Odetunde/Axios

U.K.-based health tech company Bioniq will announce on Wednesday a $7.8 million Series A investment led by venture capital firm OKS Group for a U.S. and Middle East expansion.

The big picture: Bioniq, a supplement subscriptions and at-home testing services company, is among the many health-tech companies that have seen a boom in demand during the pandemic.

  • Bioniq has partnered with Lenco Diagnostic Laboratories in more than 20 locations across the East Coast, along with doctors and a fitness club chain.

The state of play: Public anxiety surrounding COVID-19 has pushed health and wellness concerns to the forefront, with some studies pointing to the benefits of dietary supplements as a possible immune system defense.

  • This convergence of skyrocketing Vitamin C and Vitamin D sales and closed doctors' offices have caused health startups to swoop in with personalized supplements, health quizzes and digital consultations.

Between the lines: As coronavirus cases increase in the U.S. and some parts of the globe, there are limited options for therapeutics with mass availability, and digital health care companies will continue to cash in on people trying to get ahold of these products.

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