MINNEAPOLIS, MN, POPS! Diabetes Care has closed an oversubscribed Series A funding round of $6 million.
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POPS! Diabetes Care-a revolutionary diabetes care management company-is excited to announce that it has closed an oversubscribed Series A funding round of $6 million USD due to strong investor demand.
30Ventures, a healthcare and biotechnology venture capital firm focused on investing in innovative companies that drive down healthcare costs and improve patient outcomes, led the round. George Arida, 30Ventures' Managing Partner, also joins the POPS! board. Revolution's Rise of the Rest Seed Fund and Flying Point Industries also participated in the round.
The Rise of the Rest Seed Fund is part of Revolution, a Washington D.C.-based investment firm founded by former AOL Co-founder Steve Case focused on high-growth companies tackling major industries like healthcare. "We're proud to back the POPS! team in their important mission of empowering people to better manage their chronic healthcare needs in a way that combines elegant hardware with intelligent software. Co-founder and CEO Lonny Stormo is an industry veteran who brings world-class expertise and has assembled a fantastic team," said Mary Grove, Partner at Revolution's Rise of the Rest Seed Fund.
POPS! will use the Series A proceeds to further fund commercialization of its FDA approved POPS! one System. The system, commercially launched in early 2019, combines one of the simplest ways to measure blood glucose with digital coaching to enable people to manage their condition on their phone. Early clinical results demonstrate a 1-point drop in A1c when using the system.
"Our quickly growing customer base demonstrates that our message of disrupting the traditional diabetes management space with a virtual care approach is resonating," said Lonny Stormo, POPS!'s CEO. "We are pleased that investors see this commercial growth as a sign that diabetes virtual care is making a difference for people with diabetes."
About POPS! Diabetes Care
POPS! is more than just a glucose monitoring system. We are changing the landscape of diabetes care with our patented virtual care platform that is designed to help lower A1c counts and healthcare costs. We developed POPS! Diabetes Care because we believe in simple and easy diabetes management. We believe in taking ownership of your life. We believe in people first. With us, it's time to Own Your Life.