Koa Health (previously known as Alpha Health), a Barcelona, Spain-based mental health treatment company, secured over €14M in initial Series A funding (that will total up to €30m).
The round was led by Ancora Finance Group and Wellington Partners. They will both have seats on the Koa Health board.
The company intends to use the funds to expand operations across Europe, the US and Asia, scale clinical trials and boost R&D into personalisation.
Spun out of Spanish global telecoms company Telefónica and led by Oliver Harrison, CEO, Koa Health is a digital mental healthcare provider offering a range of personalized mental health solutions backed by science and designed to improve user wellbeing. Koa Foundations, its first product, is a mental wellbeing app aimed at employees from major corporations, healthcare providers and insurance members, which has already reached more than 250,000 users.
Koa Foundations offers users a library of evidence-based activities to improve user wellbeing including tackling stress, sleeping better, aiding relaxation and positive thinking and boosting self confidence.
The broader product roadmap, supported by the investment, will see the company launch a wide range of mental health solutions, from digital wellbeing to digital therapeutics, to improve users’ mental wellbeing, helping them access mental health services anytime, anywhere. Koa Health is collaborating with organisations including Massachusetts General Hospital, and the Birmingham and Solihull Mental Health NHS Foundation Trust in the UK to build tech-driven mental healthcare products backed by clinical research.
Telefónica will remain a shareholder of Koa Health and an important customer and partner as the company continues to develop its portfolio.