Personalized nutrition player Lykon raises €10 million

12-Sep-2022 - Last updated on 12-Sep-2022 at 13:09 GMT

The Series A financing round will enable the Berlin-based personalized nutrition player to develop new markets and target groups, says Lykon’s CEO.

Lykon develops personalized nutrition concepts and dietary supplements based on laboratory-diagnostic blood and DNA analysis for the home, artificial intelligence, and medical research. Users receive tailored nutrition recommendations, recipes, products and a guide for prevention and health optimization.

The €10 million in Series A financing was led by venture capital investor Zintinus. The round also included participation from venture debt provider BTG - Bridge To Growth, as well as existing investors including MA Ventures, the venture capital fund of Swiss retailer Migros Aare (managed by Berlin-based venture capital firm Redstone) and media group Ippen Digital.

Lykon has also announced the launch for a new brand identity in order to make the brand more approachable in order to further raise awareness for personalized, science-based nutrition, according to a press release by the company.

“We are proud to have attracted Zintinus and other investors like BTG,” said Tobias Teuber, Lykon founder and CEO. “Together with the investors and our Lykonians, we are advancing our mission to build the leading ecosystem for personalized nutrition worldwide. We will use the capital raised to further increase the user-friendliness of our products and to develop new markets and target groups.”

Personalised nutrition category growth

Market researchers seem to roughly agree with the size of the global personalised nutrition category, with The Brainy Insights pegging the category at US$0.98 billion in 2020. The category is predicted to grow with a CAGR of 9.6% (2020-30) to US$ 3.56 billion by 2030. Research Dive gives similar figures, with a 2030 market predicted to be worth US$ 37.3 billion by 2030, and a CAGR of 11.5% between 2022 and 2030.

“The supplements segment includes dietary supplements & nutraceuticals, and functional foods,” stated a recent report from The Brainy Insights. “The dietary supplements & nutraceuticals segment dominated the market in 2020. The segment growth is attributed to the increasing adoption and acceptance rate of the supplements. With the rising cases of lifestyle issues and problems, people adopt nutritional supplements to maintain an optimal balance.”