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Steven Bartlett-backed nutrition startup Zoe raises $15m for US push

Zoe US
Image credit: Zoe

Zoe, a British wellness startup backed by Dragon’s Den star and Diary of a CEO host Steven Bartlett, has secured a $15m (£11.7m) investment as it eyes a US expansion.

Founded in 2017, Zoe provides at-home testing kits for customers to find out their blood fat, blood sugar, and gut microbiome health. Based on these results, the startup’s platform then uses data science and AI to create personalised gut health nutrition programmes.

Zoe rose to prominence quickly, raising tens of millions from investors including Balderton Capital, Innovation Capital and Bartlett’s Flight Fund.

Zoe’s rapid growth faced a setback this year, however, when in April the company co-founder and CEO Jonathan Wolf announced layoffs to cut costs by 20%.

The startup has faced some criticism over its efficacy and its marketing as a science-backed path to better health.

A 2023 report from the Food Standards Agency (FSA) found that while the emerging area of personalised nutrition may yield rewards, “the benefits of PN seem somewhat marginal when compared to what is already understood about a healthy diet”.

Now armed with extended Series B funds, the startup is looking to return to growth by cracking the lucrative American market.

Speaking to Sifted, Wolf said penetrating the US is “one of the hardest things for a tech company from outside the country to do” but with potentially massive rewards due to the size of the market.

The new funding, which came from New York-based investor Coefficient Capital, will go towards the company’s US push.

It is the second time Zoe has extended its Series B round, following a £25m injection in December 2022. Flight Fund previously invested £2m into Zoe in March 2023.

Zoe has to date raised $118m from investors.

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