Funding news: Aging-wellness startup lands $27M; fintech company Embed raises $60M pre-launch
Here’s our latest rundown on recent startup investment news in the Pacific Northwest.
— Can a startup help you combat aging? That’s the pitch behind Modern Age, which just landed a $27 million investment.
The gist: Seattle-based Modern Age offers a proactive and holistic approach to health as people age, incorporating telehealth and in-person services. The company’s software uses computer vision and machine learning to examine skin, hair and bone health. It can also gather information from FitBit devices or an Apple Watch about daily routines to build a digital record of a person’s health and match them with treatments. Along with the software, Modern Age also plans to open in-person clinics, with the first debuting in New York City next year.
The people: CEO and founder Melissa Eamer spent nearly two decades at Amazon before joining Glossier as chief operating officer in 2019. After her mother died at a relatively young age, Earner became curious about why some people age well and others decline quickly. She had a “lightbulb moment” after discovering the concept of subjective age.
The backers: Oak HC/FT, a Greenwich, Conn.-based firm that backs fintech and healthcare startups, led the round. GV, the venture arm of Alphabet, also invested, as well as Juxtapose, which previously led a $6 million round in July.
The take: Modern Age sits at the intersection of healthcare in multiple markets, including skin, hair and bone health along with hormone, metabolic, ear and eye health. It also incorporates wellness with fitness, nutrition and community. The startup has countless competitors in the wellness and healthcare industry, but Eamer said previously that Modern Age is unique with its mission to help people manage their aging process.
More deals:
— Vancouver, Wash.-based fintech startup Embed raised $60 million — and it hasn’t even launched yet. Founded last year, the company is a clearing and custody platform for equities and options that aims to help businesses offer investing experiences to their retail customers.
The latest funding is $20 million of equity investment and $40 million in debt. Backers include The Treasury, GFC, Torch Capital, TI Platform Management, PruVen Capital, Fin VC, Bain Capital Ventures, and SWS Ventures. Embed raised $20 million earlier this year.
The startup is led by founder and CEO Michael Giles, who previously sold Third Party to Square, which renamed Third Party to Cash App Investing. Giles said Embed has now received all necessary regulatory approvals, and its launch is set for Q4.
— Seattle-area data compliance startup Hyperproof landed $16.5 million. Founded in 2018, the startup helps companies comply with state and international privacy and data protection laws. Los Angeles-area early-stage VC firm Toba Capital led the Series A round.
Hyperproof is led by founder and CEO Craig Unger, who previously co-founded Azuqua, a cloud-based integration and automation company that was acquired by Okta three years ago. Unger began his career at Microsoft where he worked for nearly two decades. In this same arena, Seattle startup Integris, which helps companies manage personal information and meet compliance mandates such as the California Consumer Privacy Act (CCPA), was sold last year to Atlanta-based OneTrust.
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