Diabetes App Developer mySugr Raises $4.8 Million In New Funding

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Vienna, Austria-based digital health startup mySugr has raised a $4.8 million seed round co-led by Roche Venture Fund and iSeed Ventures, with additional participation from existing investor XLHealth. The new funding brings mySugr’s total funding level to $6.2 million since its 2011 launch. The company was founded by a former telecom executive with no experience in healthcare but who himself has type 1 diabetes. Despite the lack of industry experience, mySugr won a Vienna-based TechCrunch pitch off in October 2011, suggesting that the founders had a sound business plan going in. Since then, mySugr has grown its user base to over 200,000 and is now the leading diabetes support app in Europe.

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mySugr markets a blood sugar log that relies on optical character recognition, rather than a Bluetooth connection, to pull glucose readings from virtually any glucometer with a visual display. Beyond capturing glucose readings, the logbook app provides trended data analysis, captures relevant supplementary data like meals and emotional state, and engages users with gamified challenges and social media integration. The company monetizes through ad placement and a paid premium version that offers multi-device synchronization and additional support tools.

In addition to its logbook app, mySugr has also developed a diabetes education platform called Diabetes Academy. The course teaches diabetics how to manage their diabetes over the course of 10 classes, with the first two being free and the remaining courses requiring payment. The courses cover the biology behind diabetes, approaches to controlling the condition, the consequences of non-compliance, and helpful strategies for proper disease management.

The company recently announced that after a year and a half, it has received FDA clearance to begin marketing its OCR-based logbook app in the US. With the new funding, mySugr will now work on scaling its apps and expanding into new markets.


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