Following a seed investment round in early 2019, Spring has completed another financing round worth millions. In addition to the lead investor in the previous round, HV Holtzbrinck Ventures HGDF Family Holding from Flensburg has now also invested in the young healthcare startup as a further investor. Other existing investors, such as the FlixBus founders and Reinold Geiger, owner of the cosmetics group l'Occitane en Provence, have also increased their stakes in this round.
Shame and a lack of medical specialists – two issues that can stand in the way of many men struggling with hair loss, erectile dysfunction, or acne. The Munich-based startup Spring aims to provide relief with its offering and has won over existing and new investors with its approach in a recent financing round. The investment is in the millions, although the exact amount has not been disclosed.
Positive business development in the first year
In the context of the current financing round, HGDF and HV, according to their own statements, see themselves as particularly vindicated by the company's positive business development. Launched in May 2019, Spring reportedly generated several million euros in revenue in less than 12 months and performed more than 40,000 telemedical treatments. Research cooperation with LMU MunichA study analyzing the anonymized customer database confirmed the contribution to healthcare research. Seventy percent of Spring customers had never previously consulted a doctor about their health problem.
On the way to becoming a digital category leader for healthcare products
The young Munich company is also pleased. Manuel Nothelfer, co-founder and managing director of Spring, says of the new investor:
"We are thrilled to have brought on board not only an established and renowned family office, but above all an expert in the German pharmaceutical industry, with HGDF Family Holding. HGDF's experience will be invaluable on our path to building a digital category leader for healthcare products."
