Microbiome research illuminates the complex interplay between genetics and physiology, shedding light on why individuals with similar genetic profiles may experience diverse health outcomes. This understanding opens new avenues for enhancing well-being, preventing diseases, and potentially extending health and life spans. Bioniq, a personalized nutritional supplement company, leverages biomarkers to create custom formulations tailored to an individual’s unique needs. Factors such as age, gender, lifestyle, and existing health conditions are considered in developing these bespoke supplements. The company offers two distinct options – Bioniq PRO, designed for high performers like athletes basing formulations based on personalized blood work analysis and Bioniq GO, a more accessible alternative that utilizes proprietary algorithms to match supplement regimens based on information in the company’s biochemical database. Both options feature pharmaceutical-grade, Swiss-made supplements that incorporate micro-dosing for precision. The formulations blend vitamins, minerals, antioxidants, amino acids, fibers, and phytonutrients to address individual nutritional needs.
London TechWatch caught up with Bioniq CEO and Cofounder Vadim Fedotov to learn more about the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding raised to $30.3M, and much, much more…
Who were your investors and how much did you raise?
This was an oversubscribed Series B round that closed at $15M led by principal Investors HV Capital and Unbound, both leading European VCs. The company is valued at $75M.
Tell us about your product or service.
Bioniq offers two ways for consumers to add tailor-made supplements into their daily routine:
Bioniq PRO offers high performers and health enthusiasts the greatest level of personalization and incorporates blood biomarker data into its algorithm, allowing users the option to book a blood test through Bioniq or upload a recent blood test report to generate their unique formulation.
Bioniq GO utilizes the company’s same proprietary biochemical database to offer users a more accessible option, based on a questionnaire that prompts the AI algorithm to recommend users with a unique supplement blend based on their responses and previous users’ blood biomarker data.
What inspired the start of Bioniq?
As a former pro athlete, I was always in good physical condition, but fatigue and low energy plagued me without effective advice from my doctors. I realized traditional supplements had a one-size-fits-all approach and didn’t account for individual dosage needs. My journey to address foundational nutrient deficiencies and optimize my health sparked the creation of Bioniq.
How is it different?
With the largest proprietary biochemical database of its kind, Bioniq leverages data from customers across five continents alongside an AI-powered algorithm to assess an individual’s height, weight, age, lifestyle, and health goals to create their tailored, pharmaceutical-grade formulas. Our formulations are Swiss-made and pharmaceutical-grade and use patented prebiotic guar granules for sustained release and precise micro-dosing to address bio-individual micronutrient needs and deficiencies.
What market are you targeting and how big is it?
The global dietary supplements market size was valued at $177.5B in 2023 and is projected to grow at a CAGR of 9.1% from 2024 to 2030. And as 79% of Americans use dietary supplements daily, we’re hoping to help those young and mature revitalize their lives through proper nutrition by disrupting the one-size-fits-all approach to dietary supplements and introducing accessible personalized nutrition.
What’s your business model?
We are a DTC business that offers personalized supplements formulated specifically for each of our customers.
What was the funding process like?
The funding process is mid-term with several key milestones. During this process, we needed to demonstrate that the updated pricing model for both products is scalable, the retention metrics are consistent, and our customer acquisition cost payback window aligns with our budget at scale. Additionally, we had to showcase product demand in new key markets, such as the USA.
What are the biggest challenges that you faced while raising capital?
One of the biggest challenges is the chicken-and-egg situation where VCs need more quantifiable proof of market product fit, but this proof requires more time and capital. As a result, companies often push to the edge to prove their model and secure funding.
What factors about your business led your investors to write the cheque?
Bioniq’s unique approach to personalized nutrition stands alone in a crowded supplement market that does not account for individuals’ unique needs. Our ability to assess six million biochemical data points and scale delivery of bespoke, high-quality, pharmaceutical-grade products cemented the interest from our investors.
What are the milestones you plan to achieve in the next six months?
We plan to use the funds to expand globally into the U.S. and the Middle East markets. We will focus on product development, international laboratory network integrations, and additional partnerships with medical, wellness, and athletic institutions.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
The consistent feedback over the last two-plus years is that unit economics, payback cycles, and overall profitability are the key factors when assessing a company. Growth for growth’s sake has lost its appeal. I suggest reviewing the product line and focusing on a limited number of profitable products and services for the foreseeable future. We have previously streamlined our offerings down to two products and are now increasingly replacing services with automation and self-service.
Where do you see the company going now over the near term?
We’re excited to expand our offerings in the US, this Series B round signifies our rapid growth within the market where American consumers have already grown to 50% of our customer base within six months.
What’s your favourite outdoor activity in London?
London is one of the best cities for walking. I’ll skip the car whenever the weather allows; the energy of the city is second to none.
