(Reuters) -London-based telehealth startup SheMed said on Thursday it raised $50 million in a Series A round, valuing the company at $1 billion, as demand for weight-loss drugs Wegovy and Mounjaro grows in Britain.
Demand for Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro has surged in the United Kingdom, with patients often facing longer waits for treatment through the National Health Service.
Founded in April 2024 by sisters Olivia and Chloe Ferro, SheMed designs weight-loss and wellness programs for women. The startup has signed up more than 60,000 members in under a year, offering personalized plans that pair medication with health screenings and ongoing support.
“The demand for SheMed’s services has been extraordinary,” said Olivia Ferro, the company’s chief executive.
Women make up a majority of patients that use GLP-1 drugs, the class of treatments to which Mounjaro and Wegovy belong.
Unlike telehealth rivals that rely on self-reported body mass index, SheMed uses blood tests to determine eligibility for GLP-1 treatment plans.
Most recent sign-ups have chosen Wegovy over Mounjaro after a Lilly price increase in the UK, a company spokesperson said, and some existing Mounjaro users have switched to Wegovy.
SheMed said it will use the new funding to expand across the United Kingdom, back research and other initiatives, and improve access to personalised care for women.
The company plans to publish a study later this month using data from enrolled women to assess how GLP-1 medicines affect hormonal and metabolic health beyond weight loss.
(Reporting by Unnamalai L in Bengaluru; Editing by Krishna Chandra Eluri and Tasim Zahid)
