Newtopia has raised another round of funding.
The Toronto-based startup has raised an additional $2 million from Bloom Burton & Co., an investment banking firm specializing in the health sector, through an affiliated fund. Newtopia has now raised a total of $8 million in venture capital.
“We are thrilled with the support from Bloom Burton, an organization with deep expertise in healthcare innovation, development and commercialization,” says Jeff Ruby, founder of Newtopia.
The Canadian company uses genetics to develop personalized health plans and reduce corporate health costs. Newtopia’s enterprise health engagement platform reduces costs by specifically targeting employees at-risk for metabolic syndrome and developing a personalized approach to lifestyle management.
“We’ve proven that our program delivers positive health benefits within a very short timeframe, driving significant savings and return on investment for the organizations we work with,” added Ruby. “Bloom Burton’s support will allow us to expand our team and pursue our growth agenda even further.”
“The efficacy of [Newtopia’s] approach using genetics, live coaching and engagement science in the corporate health space is just the type of innovation we seek and I’m glad that we can contribute to their continued success,” noted Brian Bloom, of Bloom Burton.