Weight-loss plan startup SheMed raises $50 million in new funding for UK expansion

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(Reuters) -London-based startup SheMed, which offers personalized weight-loss plans using popular medicines Wegovy and Mounjaro, said on Thursday it has raised $50 million in its Series A funding round to expand its operations across the United Kingdom.

Demand for Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro has surged across Britain, with patients often facing longer wait times to access the treatments through the National Health Service.

Founded in April 2024 by sisters Olivia and Chloe Ferro, SheMed has added over 60,000 members in less than a year.

“The demand for SheMed’s services has been extraordinary,” said Olivia Ferro, who holds the CEO position at the company.

Women make up a majority of patients that use GLP-1 drugs, the class of treatments to which Mounjaro and Wegovy belong.

SheMed offers programs that combine these branded medicines with support tailored to each woman’s needs and includes comprehensive health screenings as well as ongoing support.

While other telehealth platforms rely on information about body mass index submitted by patients, SheMed uses blood tests to evaluate whether a patient qualifies for GLP-1 treatment plans.

Most of its new customers have opted for treatment with Wegovy over Mounjaro in recent months, owing to Lilly’s recent price increase for the weight-loss drug in the UK, a company spokesperson said. Several of its existing customers who were using Mounjaro also chose to move to Wegovy.

Funds from this round will also be used to support new research and other initiatives for improving access to personalised care for women across the UK, the company said.

SheMed is planning to publish a study later this month based on data from the women who have enrolled in their programmes to understand the effect of GLP-1 medications on hormonal and metabolic health beyond the loss of weight.

(Reporting by Unnamalai L in Bengaluru; Editing by Krishna Chandra Eluri)