Bioniq scores $15M to deliver unique dietary supplements
To each their own nutrients! London startup expands across US and Middle East
Personalization has been a major growth factor for many markets as our every online action, emotion, preferences and desires are captured daily. We have long seen (and enjoyed) personalization in the spaces of marketing, e-commerce, education, entertainment, beauty, and fitness and wellness, but many niches still have a lot of growth potential. Enter London-based startup Bioniq, which offers personalized supplements based on blood biomarker data. The company announced this week, it closed a $15 million Series B funding round.
Bioniq’s model responds to the increasing health awareness and demand for individualized health products. Nutritional needs vary significantly from person to person based on factors such as age, weight, gender, genetics, lifestyle, and health conditions. Personalized supplements take these individual differences into account, providing more effective and targeted health benefits compared to one-size-fits-all products. The personalization of supplements gets you the right nutrients in the right amounts.
“The blanket approach to supplementation can lead to deficiencies or a surplus of vitamins and minerals within the body,” Bioniq CEO Vadim Fedotov wrote to Vator in an email. “Seeing this, we knew we needed to create a way for people to ensure they received the right amount of micronutrients based on their unique data.”
As a former pro athlete, Fedotov knew firsthand the fatigue and lack of energy that may indicate nutritional deficiency. A personalized approach allowed to precisely identify micronutrient imbalances – Bioniq’s PRO users now enjoy this option as the company looks at over 60 blood biomarkers alongside bio-individual information such as height, weight, gender, lifestyle, health goals, and nutrition.
Bioniq also offers a more accessible option for GO users based on its proprietary database. The user would complete a questionnaire that prompts the AI algorithm to recommend a unique supplement blend based on his or her responses and similar users’ blood biomarker data.
Bioniq makes its supplements in Switzerland by pharmaceutical standards. Each formula is unique to an individual and includes antioxidants, vitamins, minerals, phytonutrients, amino acids, and prebiotic fiber, addressing bio-individual needs and deficiencies. The product is delivered in patented prebiotic guar granules, which are designed to mimic the way the body digests food, minimizing nutrient competition and maximizing bioavailability.
The company said in a statement that it plans to expand its share in the dietary supplements market. Bioniq is increasing its global presence and has recorded a lot of demand from the U.S., which now makes up half of its 100,000+ customer base.
Fedotov said: “Our products appeal to a wide array of demographics, including professional athletes, biohackers, health and wellness enthusiasts, and those who are just looking for a way to optimize their health.”
Another of Bioniq’s focus markets has been the Middle East, a fast-growing economy where Fedotov said the company is establishing itself as a premium personalized supplement brand. “We are taking market share from traditional off-the-shelf products and non-evidence-based solutions,” he added.
To date, Bioniq has raised more than $30 million. The new capital values Bioniq, founded in 2019, at $75 million today. European VC HV Capital and Unbound were principal investors in this founding round.
Separately, a would-be Bioniq competitor in the U.S., Care/of, acquired by pharma giant Bayer in 2020, shut down recently due to what it said was lack of funding. However, Canada-based VitaminLab seems to be doing well after closing its Series A a year ago. The company offers custom supplements based on individual health data, including blood test results – and like Bioniq, it involves an all-in-one formula with bioavailable ingredients. Another established market player is Persona in Washington State, which links users directly to nutritionists in addition to the online assessment.
Image: Bioniq
