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
The new resources allow TOM Medications to make its plans a reality: 'We want to keep growing – our customer base as well as our turnover, too', adds Sven Beichler. 'We also want to strengthen and expand our community. After all, it's an essential aspect of what we do at TOM.' The TOM app is already available in several countries. The business is set to step up its activity: 'Our next step is to widen access to our services in Germany going forward. Our northern neighbours also offer plenty of potentials to increase treatment compliance and simplify access to pharmacy services in a specific way.'
About Innovation 6 AG – TOM Medications
TOM Medications, a product of Innovation 6 AG, headquartered in Wermatswil (Zurich), was launched in June 2020 and offers solutions for simplifying medication management. CEO: Sven Beichler. Learn more at www.tommedications.com
Contact TOM MEDICATIONS
Rent a PR AG
Tel +41 (0) 79 289 20 42
With around 849,000 customers, Sanitas is one of Switzerland's most significant health insurance companies. It offers tailored health insurance solutions for obligatory basic and supplementary insurance coverage. www.sanitas.ch
About Galenica AG
Galenica is the leading fully integrated health services provider in Switzerland. Galenica operates Switzerland's biggest pharmacy network, with more than 500 of its own pharmacies, run as joint ventures and by independent partners. Galenica also develops and carries its well-known brands and products, in addition to exclusive brands and products from its partners, and offers its customers various in-person healthcare services and checks. Galenica is also the leading provider of pre-wholesale and wholesale distribution services and database services for the Swiss healthcare market. Galenica is listed on the Swiss stock market (SIX Swiss Exchange, GALE, Valoren number 36,067,446). More information is available at www.galenica.com.
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