HelloBetter expands Series A round to € 20 million for US expansion
Hamburg — HelloBetter raises another seven million euros for US expansion. A team led by Heuking Salaried partner Christoph Prochnau from the Hamburg office again advised HelloBetter on the expansion of its Series A financing round.
MassMutual Ventures (MMV), HealthCap, Sparrow Ventures, Hevella Capital and Expon Capital have invested a further seven million euros in the Hamburg-based start-up. This expansion increases the volume of the Series A financing round — despite the current challenging market environment for venture capital financing — to a total of EUR 20 million.
HelloBetter intends to use the new funds to expand its digital health application (DiGA) business in Germany and to drive it forward across Europe and in the US. The German startup began its U.S. expansion last year and was recently accepted into the Food and Drug Administration’s (FDA) Breakthrough Device program.
As a leader in innovation in the field of e‑mental health, HelloBetter offers customers many and varied therapy programs that are developed and evaluated by interdisciplinary teams through many years of research. No other provider in the world has done a comparable number of clinical studies on the effectiveness of its online psychology courses. Six of the products distributed by HelloBetter have now been approved as digital health applications and can be prescribed to all people with health insurance in Germany on prescription.
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Christoph Prochnau, LL.B. (Lead Partner / Financing, Corporate/ M&A), Dr. Henrik Lay (Tax), Katharina Waszczynski (Corporate/ M&A), Nils Leon Bojert, (Corporate/ M&A), all Hamburg