Investment

Now, Engaging Care receives an investment from Peter Jungbeck, founder of the worldwide florist chain Euroflorist, and changes name from eDiabeat to Engaging Care in order to advance in additionally healthcare areas. The exact sum of the investment has not yet been announced, but Annica Carnbring Belfrage, Co-Founder and CEO of Engaging Care, reveals that the company will be valued to € 1.6 millions after the investment.

The money will be used to launch the finished product in Sweden in the early autumn. After that, the company will target to international markets. The prospective countries are not yet decided, but Annica Carnbring Belfrage says that the US and the Middle East are possible markets for the future. The products will also be developed to include additionally care areas.

”We will start with overweight, obesity and diabetes, but we predict a scalability of Engaging Care. In the future, the company can be extended to osteoarthritis and mental illness, or in fact wherever there is a need for more support and commitment among patients”, says Annica Carnbring Belfrage.

Engaging Care’s service

To start using Engaging Care’s platform, one has to fill out a form with basic questions about their health. Based on the answers, an eight-week program will be presented, which will provides both knowledge of the disease and give the person the motivation to change their lifestyle. Furthermore, caregivers can keep track of their patients and then adjust the individual care.

“We use a technology platform that has previously been used to create engagement and change behavior among employees at different companies”, says Annica Carnbring Belfrage.

The beta version of Engaging Care’s product was launched last fall and tested on barely a hundred diabetic patients and their relatives. At the same time the company won the Venture Cup Southern Region in the category of human and society, but under the name eDiabeat. Engaging Care’s product will be ready for launch this fall.

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differnces between venture cups

Interestingly enough, even if both competitions share the name and give similar rewards to the startups, they differ a little. Both have different categories to win in, the Swedish Venture Cup has only four, and the Danish has six of them. Aslo in Denmark, Venture Cup is aimed only at university students and researchers that want to develop their ideas into commercial successes. In the swedish version this changed a couple of years ago, and it is now open for everyone. However, due to it once being university focused once, the Swedish version still has a lot of students or researchers amongst it participants. But a lot of former students are now competing as well in Sweden, which has raised the bar and made the startups more competitive in the last couple of years.

Winners from the region

But enough about Venture Cup, here are the winners!

• eDiabeat – eDiabeat is a web application that uses CBT and game mechanics to create commitment and a sustainable lifestyle improvement. They lead to an egalitarian, knowledge-based and patient-centered diabetes care and contributes to reducing health care costs. eDiabeat won the Human & Society category in Sweden
• Fieldly – Fieldly is a project management system specially tailored for the construction industry. The system delivers significant time and cost savings by eliminating the administrative paperwork and provides total transparency of information between supervisors, employees and customers. Fieldly won the Web, Software & Media category in Sweden.
• MGM Bio – Metagenomic mining, novel molecules for the treatment of viral diseases. They won the Life Science & MedTech category in Denmark.
• Roots Food – Providing the best nutritional super food solution to the developed market, through a sustainable practice, creating livelihood and nutrition to poor farmers in the Philippines. A winner in the Social Entrepreneurship category in Denmark
• SponsorBase – Online marketplace for sponsorships, helping the right sponsors and sponsees find each other. SponsorBase won in the Services category in Denmark.
• TychoBio – TychoBio manufactures high-value biological compounds that are used in numerous products such as medicine, artificial sweeteners, perfumes etc. We produce these compounds in moss, which is cheaper, safer and more environmentally friendly that conventional production methods. We make chemicals with a green conscience. TychoBio won the Cleantech & Environment category in Denmark.
• Velocatr – Velocatr is a cheap tracking device and bicycle light, powered by induction, creating and communicating through a “mesh network”. By using mesh networking technology, the Velocatr will allow for both fast real time tracking and communication – for free. They won the Product & Technology category in Denmark

Each startup has won between 25 000 to 250 000 kr, depending on if they won the category or the entire competition, and if it was in the Swedish or Danish Venture Cup.

A lot of Venture Cup winners turn into successful companies in the long run, so being one of the winners has a strong correlation with future success. See here for Swedish or Danish alumnis.

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The investor is Martin Bråkenhielm. Mårten has a past with the Bizpart Engage / Alien Interactive startup.

“This feels great, we share the same ideas about reinforcing behaviors through better education and more motivation” says Martin to Sydsvenskan.

“I’m going in as a catalyst in the company and see that we can go global instantly when they done clinical tests.”

With the investment he becomes an active role in the startup, and joins the founders Annica Carnbring Belfrage and Richard Laurits as the core team. How much money he invests has not been disclosed.

Recently eDiabeat also won the Swedish local Venture Cup finale, and they will be competing in the national finales in Umeå later this month.

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