Swedish Startup Space

Swedish Health App Lifesum Raises $10 million

Written by on July 18, 2016
Editors Note: This post is part of a series called Featured posts, presented by Breakit.

Lifesum increased its revenues by 70 percent in its last fiscal year. The company is now looking for ways to monetize on its data.

Lifesum has raised $10 million from Nokia Growth Partners (NGP), Draper Esprit, Sparklabs Ventures and Bauer Media.

NGP is an autonomous venture capital firm with ties to the Finnish telecom giant.

“NGP is a truly global company which will be of great value to us when it comes to further expansions, especially their Silicon Valley-office. U.S.A. is getting increasingly important to Lifesum”, Henrik Thorstensson, CEO at Lifesum, says.

He also highlights Draper Esprit as an important strategic investor.

“Vishal Gulati, who has managed the investment at their end is “Mr. Digital Health” in Europe. He comes form the medical side with a degree in medicine. He will be a great sparring partner for us and can help us bring the product closer to the public health care services”, Henrik Thorstensson says.

In its last fiscal year, which ended in April 2016, the company had sales of more than $7 million – around SEK 60 million with the current exchange rate.

“Our revenues are somewhat dependent on the exchange rate but have grown around 70 percent from the previous year”, Henrik Thorstensson says.

The app lets its users log exercise and food intake in order to get a clear picture of the same and improve their health. The revenue comes almost entirely from Lifesum’s premium service which has more advanced features. However, the company is now looking at new ways to monetize on its user data. The idea is to build partnerships with companies in food, exercise, health care, DNA and pharmaceuticals.

“Earlier in 2016 we had a project with Crussh, which is Londons largest juice franchise. We used data about what our users eat and drink to find out what nutrients they are missing. We found twelve different nutrients, so Crussh created a new juice which has all of them in it”, Henrik Thorstensson says.

Can you do something similar for DNA analytics companies and pharmaceutical companies?

“We have a lot of thoughts and ideas and are starting to meet with companies in those industries. The idea boils down to improving human behavior, but we will have to come back to you at a later time to explain how exactly we can do that.”

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