With the latest round of funding, Joint Academy plans to accelerate its growth in the US and expand its offerings throughout Europe.
Today (18 September), Swedish digital health firm Joint Academy announced that it has raised $23m in Series B funding.
The start-up has developed a digital treatment programme that connects patients with licensed physical therapists for an online chronic joint pain treatment.
The programme provides patients with information and supports to make the necessary life changes to manage their pain, while offering individualised exercises to strengthen affected joints and increase their function.
Supporting traditional healthcare
Joint Academy’s Series B round was led by Kinnevik, with additional participation from H&M chair Karl-Johan Persson and Alfvén & Didrikson.
The latest batch of funding will enable Joint Academy to accelerate its growth in the US and to expand its offerings throughout Europe. To date, it has raised $34.2m.
The start-up said that the steadily increasing prevalence of chronic joint pain poses a challenge for healthcare systems around the globe, and that prevention and effective care is critical in managing growing costs.
Since the start-up was founded in Malmö in 2014, Joint Academy has treated 25,000 patients experiencing chronic hip and knee pain, by connecting them with licensed physical therapists through its app.
Initially a patient receives an evaluation from one of the 400 therapists on the platform, who continuously follow up on the treatment and answer any questions that a user may have. Each day, patients are given personalised exercises that are designed to reduce pain and adjust as the patient’s condition changes.
Progress can be tracked on the app, with the goal of boosting motivation and improving treatment results.
Kinnevik CEO Georgi Ganev said: “Joint Academy exemplifies the kind of company we support. A digital healthcare initiative such as this can be of great support to the traditional healthcare system.
“Chronic joint pain is one of the world’s fastest growing chronic diseases and we look forward to seeing how Joint Academy’s digital solution will enable more people to get better care at a lower cost.”