Ninety-seven per cent of our health spend currently goes towards disease rather than optimal functioning or detection of health problems in advance, Jon Amm, chief executive of Cork-based Wild Atlantic Health, said.
“There is a giant gap in the health market which we plan to address in a new and different way. The healthcare of tomorrow will hinge around prediction, prevention and optimisation.”
A recent EU research report highlights how 47 per cent of adults want to start tracking their most important biomarkers related to wellness, Amm said.
“With this in mind we developed unique home test kits to help identify nutritional deficiencies and matching doctor-formulated supplements to help get people’s health back on track. We offer an at home testing solution. It requires two simple blood spots, with your results then being sent directly to your phone.”
“By improving key biomarkers like Vitamin D and Omega-3 levels and embracing positive lifestyle changes, the risk of chronic illness can be significantly reduced,” Amm said. “We are starting with Vitamin D testing because of the high levels of deficiency of the sunshine vitamin in the Irish population. Vitamin D aids in a strong heart, healthy bones and immunity. It is also a vital protective mechanism against Covid hospitalisation.”
The healthtech start-up has a number of unique tests in the pipeline of new products including novel Omega-3 testing measuring 24 different biomarkers. “Our bodies don't naturally produce essential Omega-3 fatty acids which we only get from eating fish or taking fish oil supplements.”
Unlike other testing services, Wild Atlantic will provide the results, but also a solution to customers with doctor-formulated health supplements and lifestyle recommendations.”
Amm said that they wanted to create Irish products that can compete with the best in the world. Everything is 100 per cent sustainably sourced, with biodegradable bottles and packaging.
With interest from local retailers, the strategy is to launch with selected Irish health stores and pharmacies while opening channels into international markets such as South Africa and Switzerland.
With formulations finalised and five new products manufactured, the company has started hiring and has expanded into a new office in Rivertick near Kinsale. Wild Atlantic are in the process of fine tuning their new health app which will launch by the end of the year.
A strong international management team includes Tanja Buwalda, heading up operations and the talented Justin Plunkett on board as brand UX director. This is matched by an active advisory board with a lifetime of experience in medicine, nutrition and preventative health. The brains trust of Dr Neville Wilson and Barbara Barrett have collaborated with the team to create potent micro-encapsulated supplements.
“Our Local Enterprise Office, LEO South Cork was very supportive starting out. However, to raise sufficient investment to rapidly accelerate growth we decided to explore EIIS as a way to get backing from local investors who want to be part of our journey.”
“The investors we have on board are people who believe in an integrative approach towards health. We are now seeking new investors who are aligned with our sustainably driven health mission to positively impact people’s lives.” Amm said.
Wild Atlantic Health has secured major backing from experienced angel investors in the US and Ireland to the tune of €600,000. With Term Sheets signed there is still room for one additional investor to get in on the ground floor before the seed round closes at the end of November.
Wild Atlantic Health’s EIIS private placement has also kicked off this month and runs until December 31. The target EIIS investment for 2021 is €750,000 with funds earmarked for new product development, building awareness and scaling the business into international markets.
The EIIS investment raised to date is €260,000 with early investors having already claimed back 40 per cent tax relief in 2021. Wild Atlantic is offering a 28 per cent projected return via cumulative redeemable preference shares over a four-year period.