Without regular testing health risks elude detection until advanced stage. Free health tests offered by state have only 20% uptake rate.
Track and Improve health with regular blood micro-sampling at home. Track your lab and health information from one place.
What exactly they test now (Q1 2021):
- Health packages (tests related to energy, fitness, mood, sleep, weight and others)
- Covid antibody
Delivery: They use Bolt and Ziticity. Average delivery and pick up time is 1 hour.
Result types: They suggest if the result is under the norm based on your age, special conditions and season. They don't take any responsibility for any advice. If results is under the norm, they offer to have a consultation with right specialist.
- People for whom Health and Wellness are turning into a dominant life style value (active lifestyle, semi-pro athletes, fitness fanatics)
- People who require regular testing due to potential health risks (cancer in the family, high cholesterol, diabetes)
- People who view labs and other medical facilities as hotbed for infections (COVID impact)
- People on various diets, vegans, vegetarians
They did product placement with influencer (14K subscribers in Vilnius) with a message "10 EUR for 1 test" - 50 paid orders - zero cost.
Adwords advertising ~ 30 EUR paid client.
They want to build the influencers network (Lithuania, Estonia, Latvia, Sweden) and lifestyle content as a feed in the app.
Unit economy (Q1 2021):
Subscription: 200 EUR / annual for 4 tests
Kit & packaging: 3.5 EUR
Delivery: 5 EUR
Lab test: 10-25 EUR
CAC ~ 30 EUR / Lithuania
Roadmap: Product: increase tests variaty, integrate the video calls with doctors, create lifestyle change suggestions, up-sell branded supplements and use collected blood data for clinical research, own lab in Latvia in order to collect tests from Estonia and Lithuania.
Operations: recruit 2 customer support specialists and optimize kit packaging process. Certification: medical device certification (CE) - each component of the kit is already certified, and the whole package needs to be certified as well.
- A person may not take enough blood. Risk of blood clotting while the preservative guarantees blood non-clotting in a certain temperature regime. It simply increases the unit and delivery costs.
- Nowadays, they have API integration with one lab. It could not be scalable if they plug in another labs without any direct integration.
- Traditional laboratories could spin-off their own kit delivery service and block the aggregator. Founders state that they can spinoff and sell white-labeled B2B platform for labs - it's significantly reduce their margins and cut off the direct relationship with end-users (no up-sale capabilities).
- Self-testing kits are regulated under the In-vitro Diagnostics Directive (EU 98/79/EC) (IVDD) with the majority of self-test kits falling into a lower risk category for which manufacturers evaluate the performance of their own test (though an independent notified body must review whether the test is appropriate for lay use). Certification is needed.
- People may make important decisions about disease treatment or prevention based on inaccurate, incomplete, or misunderstood information from their test results.
- 1 lab per 1 city. Baltics market is quite small.
SAM – 0,6 million (10% of total population; age group: 30-50, 1,5 x average income)
SOM – 120,000 (20% of SAM)
Launched in November 2020
Main partner: Medicina Practica - laboratories chain across Lithuania.
App instals: 1000+
Paying customers: 100+
Total revenue: 2900 EUR
Number of investors: 25K/5% (EIT Digital) and 100K soft commitment from Lithuanian fund. Looking to close 200K.
Team: Ovidijus & Jekaterina Kalinas (95%).
Ovidijus is former project manager in SEB, NASDAQ OMX. Founded inAir Travel with 2M EUR+ revenue pre-Covid time.
Jekaterina is former CMO InMedica, CEO of SYNLAB Lithuania, Uni grade in Medicine & Executive MBA ISM. Ukrainian engineering team.
Country: UK Raised: 11 M EUR to date Product: Home blood collection kit and web dashboard Customers: 100,000+ Growth: 100% YoY
Country: US Raised: 113 M USD to date Product: Home blood collection kit and web dashboard Customers: 500,000+ Growth: Undisclosed
Country: US Raised: 55 M USD to date Product: Home based test kits Customers: Undisclosed Growth: Undisclosed
From founders & VNTRS (25.01.2021)
We are at the stage, where raising funds is critical for transforming Revolab into a scalable business. The main "bottleneck" for us is capital that can be invested into marketing our solution to customers in the Baltics, building on current traction and making a case for a seed round in 2021.
VNTRS is looking to co-invest with Koinvest fund and EstBAN investors. Please reach Akim Arhipov (email@example.com) if you want to participate in this round.