LUMO Labs and Barmenia Next Strategies lead seed investment round in German startup Fimo Health
Press release June 8, 2022
Eindhoven, Netherlands – LUMO Labs’ pre-seed investment vehicle LUMO Fund Coöperatieve U.A. announces a seven-figure investment in Cologne-based German digital health startup that utilizes data science and technology to help patients cope with the symptoms of chronic diseases.
Fimo Health is closing its first round of funding with LUMO Labs and Barmenia Next Strategies, the venture arm of German insurance company Barmenia, co-leading the capital raise. NRW.Bank and Rockstart are also investing. LUMO Labs’ investment is via LUMO Fund II Coöperatieve U.A.
In early 2020, Benedict Höger, Alexander Krawinkel and Dominik Stiegeler founded Fimo Health as a symptom-management platform for chronic diseases with a focus on fatigue.
Fimo Health’s data-driven recommendations help patients better understand external influencing factors and leverage relevant knowledge from research and clinical practice to proactively counteract fatigue and other symptoms.
“In various discussions with those affected, it has become clear to us how multifaceted fatigue is and how difficult the general symptom management is with chronic diseases,” said CEO Krawinkel. “With our app, we want to help those affected to precisely address these issues to improve the quality of life, but also to use the data in cooperation with doctors; for example, to enable the monitoring and improvement of therapies.”
In two years, Fimo Health has developed programs for long Covid, multiple sclerosis and Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS) in its CE-certified app and is the first certified medical device for the treatment of long Covid. Additional app versions incorporate content dealing with further symptoms or special features tailored to the specifics of the disease.
“The app itself uses the smartphone, and different wearables can be connected to collect various vital and environmental parameters that can influence fatigue and other symptoms,” said Krawinkel. “In addition, the app collects further data via questionnaires and tests. With the help of our analysis of this data, patients can better understand their influencing factors and symptoms and proactively counteract them with the help of the program and tips and tricks.”
The program covers various topics related to mindfulness, nutrition, exercise, energy and stress management and interaction with family and friends. More programs will follow during the year, e.g., in the oncology setting.
Fimo Health’s technology not only empowers patients to use preventive measures, but it also aids insurance companies in reducing costs. Fimo Health already partners with several German public and private health insurers.
“Fimo Health is the perfect example of how seemingly simple tools integrated in everyday devices can help relieve the impact of (semi-) chronic illness on patients and our healthcare system,” said Andy Lürling, LUMO Labs founding partner. “The Fimo Health ‘always on – always there’ mobile app allows patients to better understand the ‘why’ behind symptoms and flare-ups and provides actionable suggestions to prevent or minimize their impact.”
“One of the distinctive qualities of Fimo Health’s founding team is their attention to the bigger picture,” said LUMO Labs Founding Partner Sven Bakkes. “They understand the value of their proposition lies not only in the quality of the tech, but just as much in having the right partnerships with multiple relevant stakeholders.
“As such, we are delighted to co-invest alongside Barmenia Next Strategies, the Wuppertal-based venture arm of German insurance company Barmenia.”
Fimo Health will use this investment to further expand its platform for fatigue and symptom management for chronic diseases. The team will use the next few months to become market leader in Germany, then expand abroad within two years. This is where LUMO Labs can provide great support to the Fimo team.
Portfolio profile Fimo Health