New York, USA-based innovative and comprehensive allergy care platform, Nectar raised USD 16.5 million in Series A funding. The round took place on December 20, 2022. Harmony Partners led the financing for the firm. Meanwhile, founding partners Juxtapose and Obvious Ventures joined in the funding.
So far, the company’s total funding is more than USD 24 million.
Purpose of financing for Nectar
The company intends to invest in three key areas in 2023. With the recent financing, firstly, Nectar seeks to scale its virtual care platform nationwide.
Secondly, it aims to launch its first physical location to comprehensively treat allergies. Moreover, the company aims to initiate clinical studies.
What the company’s founder has to say
CEO and founder of Nectar, Kenneth Chahine, PhD, said, “Today, over 120 million people in the US suffer from allergic diseases, yet most consumers feel under-served and constrained with the therapies available to them. We’re proud to tackle this chronic illness head-on with transformative personalised solutions that holistically treat the unique root cause of an individual’s allergies while also focusing on convenience and an exceptional customer experience.”
What the investors have to say
Mark Lotke, Founder and Managing Partner at Harmony Partners, further said, “Nectar’s mix of cutting-edge scientific research, strong business and medical leaders, and an industry-changing approach to conquering allergies, made our choice to partner an easy one.”
He further added, “We’re proud to help fuel Nectar’s transformative work as it scales its virtual care platform nationwide.”
In addition, Patrick Chun, Co-founder and Managing Partner of Juxtapose, said, “Allergy care is a $450 billion market opportunity with no clear leader. Dr Chahine’s impressive track record, including his role in founding AncestryDNA and Ancestry Health, makes him the perfect leader to build and grow Nectar.”
Besides, James Joaquin, Co-founder and Managing Director of Obvious Ventures, said, “We’re thrilled to be partnering with Harmony and Juxtapose to help accelerate the success of Nectar. Together we plan to improve the lives of millions of allergy sufferers.”
About the company
Founder and CEO Kenneth Chahine launched the company in June 2022. The company continues to build a comprehensive, vertically integrated allergy healthcare platform that leverages data and clinical research to offer a personalised, patient-centric approach to allergy care. It is on a mission to turn clinical research into personalised, accessible, and revolutionary allergy care and ultimately put an end to allergy-related issues.
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