Spotlight on N. Macedonia: 10% income tax, high business ease and in the heart of the Balkans

How does it sound to start a business or scale up in a country where locals do their best to make you feel at home? If we add here the fact that Skopje is not only home to a close-knit startup community but also ranks first for cost-effectiveness in the Financial Times 2020/21 ‘Tech cities of the future’ ranking, the prospect of starting up in North Macedonia becomes even more inviting. 

In this article I will provide you with local knowledge about the country’s business environment, including the necessary steps for setting up and running a business. 

Macedonian business culture in a nut shell 

The booming startup community nurtures values which speak for empowerment, support, learning, and fast growth. 

Macedonians are warm, polite, and welcoming to foreigners. In their communications, they are usually direct, and don’t hesitate to speak up. At a business meeting, you will be welcomed with a smile and a strong handshake (unless it’s a pandemic). In most circumstances, they are proud of their country and will do their best to represent it in the brightest way. Local partners, collaborators, and employees will usually invest their time and effort not to only deliver high-end services but to show you around and help you immerse in the Macedonian culture. 

Moreover, an increasing number of big companies and startups are seeing the importance of social impact, and Skopje has witnessed an expansion of environmentally and pet-friendly initiatives and apps. Moreover, businesses are becoming more socially responsible than ever before and help vulnerable groups in various innovative ways.

The rise of startups in the country is dictating new trends, where flexible working hours, casual dress code, and working environments with many perks are available. Moreover, working remotely or from the comfort of a co-working space is becoming the new-normal and many founders say that they plan to stay remote even after the pandemic is over. The minimum number of paid vacation days is 20. There are 11 national holidays and a certain number of religious holidays applying to members of different religions.

Speaking of punctuality, Macedonians cannot brag about being punctual like the Germans or the Swiss, although many people are trying to change this. You shouldn’t be surprised if a meeting or an event is 15-20 minutes late. Buses and trains are rarely on time either. Luckily, more and more young people start to rely on bikes and e-scooters.

Team buildings are quite popular among startups and IT companies, which have ‘exploring North Macedonia’ as a task on their to-do list.

Conditions and benefits of opening a company in North Macedonia

Ease of doing business 

In the World Bank’s latest rankings, North Macedonia is ranked 17th in the world for the ease of doing business. This high ranking reflects that the regulatory environment is more conducive to the opening and operation of a local firm. The country scores over 80/100 for trading across borders (93.9), starting a business (88.6), paying taxes (84.7), dealing with construction permits (83.5), protecting minority investors (82), and getting electricity (81). Moreover, for its ease of doing business, North Macedonia holds the best position in the Balkans and exceeds countries such as Estonia (18th place), Finland (20th place), and Germany (22nd place).

Multilingual and highly-skilled affordable talent

Even though North Macedonia is a small country with a population of only 2 million, it has a large pool of educated and highly-skilled professionals, with a satisfactory number in the field of ICT. The country is awash with various learning, networking, and career growth initiatives and events, which only show the aspirations of the country’s talent to keep on track with the most developed European startup communities. Moreover, there is a growing number of private education centres, in addition to the existing universities, which are teaching and training staff on the newest skills required by tech companies and startups. In terms of the English language, North Macedonia is known to have a high rate of English proficiency. If we add to the bargain the fact that there is a great quality-price ratio, it’s no wonder that many foreigners decide to run their businesses from this sunny country.

One of the main challenges though is hiring senior developers. On one hand, there has been a boom of IT outsourcing companies and, on the other,  the trend of brain draining is present. As a result, the companies try to offer as many perks and benefits to the software engineers as possible to attract and keep them. Luckily, the number of students in the field has been enormously increasing and the situation is changing. 

Low cost of living

North Macedonia is extremely attractive to international entrepreneurs due to its low cost of living. Take Skopje, for example; this capital doesn’t lag behind other European cities in terms of the lifestyle and high-quality commodities it offers, and yet, all is affordable for much less than in almost all other European startup hubs. Other cities such as Bitola and Ohrid, which are abound in cultural heritage and natural beauties, are even cheaper. To provide some numbers, you can rent a modern apartment in the Skopje city centre from €250 a month and, as one German visitor once said to me, you can get the “best meal ever” for only €10. 

Supportive startup community

Skopje is the biggest startup hub in the country, with several other cities showing great potential too. However, regardless of whether you are in Skopje or Bitola, the startup community is extremely supportive and moves at a fast speed. New co-working spaces, associations, hubs, and accelerations emerge continually and, most importantly, new founders are welcomed with the warmness of the existing players who clearly understand the importance of empowerment. For entrepreneurs who want to test the waters first, there are programmes such as Entrepreneurs in Residence, which have enabled a number of foreign entrepreneurs to get a first-hand experience of the business climate.

Favourable tax environment

One of the biggest advantages of running a business in North Macedonia is the favourable tax environment. The country has one of the lowest corporate income tax rates in the world which is only 10%. The personal tax is also 10%, while the General Income Tax is 18%. Moreover, the government offers a 10-year tax-free operation for investments made in the Free Economic Zones where highly productive clean manufacturing activities are concentrated and new technologies are developed.

The growth of ICT and its key verticals

ICT is the fastest-growing sector and it plays an important role in the economy as a provider of jobs and generator of exports. Hence, North Macedonia has a solid ground for startupers interested in launching a business and conquering the world from a small but supportive country.

Verticals such as e-commerce, digital media, fintech, gaming, blockchain, IoT, tech in agriculture, and edtech are evermore present in the country.

Favourable geographical location and time zone

As a country located in the heart of the Balkan peninsula, North Macedonia benefits from a strategic geographical position at the crossroads of two main European transport corridors linking Central Europe to the Aegean and the Black Sea. The country has two airports, one in Skopje and other in Ohrid, and it is a 2-hour flight away from most of the European cities. Furthermore, Skopje is just a 2-hour drive from Thessaloniki, which is the main port hub for the Balkans and Southeast Europe and connects Europe with Asia and China. 

North Macedonia falls within the Central European Time zone (GMT + 1) along with cities such as Berlin, Paris, Barcelona, and Amsterdam. 

A downside here is the lack of good transport infrastructure which often impedes the businesses from networking and distribution of products and makes the travelling less pleasant. 

Leisure opportunities: great travel destinations and outdoor activities

It is not unusual for foreign founders who run businesses in North Macedonia to combine their business trips with some leisure. In addition to the lively nightlife, people don’t miss the opportunity to visit Ohrid, a lake city which once had 365 churches and has been referred to as a “Jerusalem of the Balkans”. Alongside its attractive beaches and medieval heritage, people often jump on different tours such as riding horses in the mountainous village of Lazaropole, paragliding in Krusevo, skiing in Mavrovo, or cave exploring in Makedonski Brod. If you are here for business, don’t hesitate to ask a local to show you around (they will gladly be your guide), or just check this local startup for more ideas. 

Setting up a company in North Macedonia 

Open a company in 1 day

Just like in most European countries, the limited liability company (LLC) is a preferred business structure, especially when it comes to startups. The process requires only one day for completion and you don’t need to be present in the country. All you need is to find an authorised agent. The agent submits the required documents signed by you in the Central Registry and the company is established. A North Macedonia LLC can be entirely foreign-owned, with no restrictions on foreign shareholders. 

One should bear in mind that the minimum share capital for this entity is set at €5K and can be deposited in a Macedonian bank account. 

First steps for registering a company

  • Pick up a name
  • Choose an address – you can use the address of a rented/owned office or you can obtain an address from companies that offer virtual office services 
  • Choose a CEO and split the equity
  • Choose an authorized agent of the Central Trade Registry (attorney at law or accountant) to submit your application
  • Get all necessary documents ready and signed

Before you start any activities with your company you need to apply for a company seal, activate a bank account, register for VAT, and apply for registration of the foreign investment within the Central Registry. Additional administrative activities may be required as well, and it is always a good idea to request a list with all required documents and steps from your agent. Most of the banks offer online banking, so before you make the choice make sure to do your research and see which bank would best fit your requirements. And, finding a good accountant or accounting company is a must.

If you want to get a work or residence permit, the procedure takes up to 15 days and you can consult your agent about all the requested documents. 

Just bear in mind that although the Macedonian government is working on digitalising its services, many of them are still not online. 

Supporting organisations

If you decide to start or expand your business in North Macedonia, these are some of the supporting organisations you may want to check.

Another tip is to search LinkedIn for like-minded professionals based in Skopje – they will undoubtedly give you a heads up.

For more information, check out our article North Macedonia: Skopje’s startup ecosystem at a glance.

EU-Startups

It breaks my heart to have to write this post but I’m not giving up on this mission – a read for technical founders who care about Asian representation

It breaks my heart to have to write this post but I’m not giving up on this mission. For the past 10 months, I’ve dedicated my life to building a platform where Asians can represent their unique story, show their personality and transcend stereotypes with the end goal of finding meaningful connections. In short, it would be a video dating app that celebrates the Asian experience.

I was determined to build this platform because I am a product of immigrants who was raised on western media and its negative portrayal of Asians. I’m doing this because I’m still hurting and recognize that we, the collective Asian community, are longing to heal from the generations of ancestral trauma and internalized racism.

We gathered a small group of talented and passionate individuals with the same passion, values, drive and mission to improve the lives of Asian individuals, and were just 2 weeks away from releasing the beta. Over 900 people have signed up to be beta testers and there was genuine excitement and support in the community about this product and our mission.

This all ended abruptly just a few days ago when our CTO was forced to pull out of the project due to unforeseen family reasons and extenuating circumstances. Now, we are left with 900 individuals who’ve been eagerly and patiently waiting for the app, an app that’s about 2 weeks away from beta stage completion and a small group of passionate individuals who want nothing more than to offer a better dating experience for Asian individuals. We’ve come to a standstill.

But we’re not giving up here. We’ve come too far and there is too much at stake – the possibility of helping Asians lead happier lives. As difficult as it was to find our original and amazing CTO, we’re again looking for a talented CTO and co-founder to continue our mission.

The app is built on Firebase and Flutter, and it’s pretty great – again, near public beta shape. We’re looking for a CTO and co-founder who is a senior full-stack developer with experience in mobile development and startups. The most important quality, however, is that this person is passionate about Asian representation and believes in a mission like ours. The team is working remotely so it doesn’t matter where you are. You would join for equity. (So this isn’t a job post.) We have no funding and don’t have any grand illusions of getting any at this stage without users or revenue. But money is not what drives us and it’s not why we’re doing this.

And if you’re curious, yes, we’ve done the research, the surveys, the interviews, the prototyping, the alpha testing. I can tell you straight out: Will all Asians want to use this app? NO. Some Asians don’t want to date other Asians and that’s their prerogative. We’re not here to convert anyone. But do Asians in general want a platform like this? YES. The majority of Asians do see the benefit and value in dating someone who comes from a similar experience and upbringing. And just because you’re on this app doesn’t mean you’re not open to dating non-Asians. And is the app sticky? Fuck ya.

We believe this is an app that has the potential to become the “TikTok” of Asian dating – a cool platform that everyone wants to join. Yeah, nothing like this has existed before so it’s hard for some to even imagine it. But 900 of you and many more that have reached out with support can see that vision and that possibility. This will be a platform where Asians can proudly celebrate our identity, culture and story, and, by telling our stories with compassion, love and empathy, allow ourselves to find self-acceptance and even, perhaps, love.

If you believe in a mission like ours and you’re interested in possibly joining our team or know anyone that might be, please tell them about www.alike.dating and tell them to message me at hello@alike.dating. Fingers crossed. Thank you.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Gene-editing company raises €56M in Series A2 to advance gene-editing therapies for curing heart disease

Gene editing is a type of genetic engineering and it is a relatively newer concept. It involves insertion, deletion, modification or replacement of DNA in a living organism’s genome. Gene editing could be a powerful tool for helping people suffering from chronic ailments. Some companies are working tirelessly to employ gene editing for solving health problems and Cambridge, Massachusetts based Verve Therapeutics is one of them. The company has now secured €56M in Series A2 to advance gene-editing therapies for reducing the risk of coronary heart disease. 

Series A2 brings in €56M for research and development 

The latest series A2 round for Verve Therapeutics was led by company’s existing investor GV, which was formerly known as Google Ventures. Furthermore, current investors ARCH Venture Partners, F-Prime Capital, and Biomatics Capital also joined the investment round. New investors Wellington Management and Casdin Capital also joined in. With the latest funding, the overall funds raised by the company touch a total of €109.5 million.

Coronary heart disease is said to be one of the leading causes of death in the U.S. and worldwide. Verve capital is developing a solution to tackle the issue and lower its risks in adults. It is doing so by developing one-time, gene-editing therapies that can safely edit targeted genes in the liver, which will result in permanent lowering of LDL cholesterol and triglycerides, which are key risk factors causing coronary heart disease. With the freshly acquired funds, the company will focus on advancing its lead program through IND-enabling studies and progress follow-on pipeline programs.

“We are immensely grateful to our existing investors for their continued support and commitment to our bold vision to eradicate coronary heart disease, and are very pleased to welcome Wellington Management and Casdin Capital to our investor syndicate,” says Sekar Kathiresan, M.D, co-founder and CEO of Verve. “This financing is a testament to the tremendous work by the Verve team and will position us to rapidly advance our lead therapeutic candidate through IND-enabling studies and expand our pipeline of development programs. People with heart disease are in urgent need of new therapeutic options, and Verve’s research to date further underscores the transformative potential of gene editing as a therapeutic approach for these patients.”

Image credits: Verve Therapeutics

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Startups – Silicon Canals

With €13M funding, a small Danish startup wants help cardiologists cure heart disorders with AI

CathVision ApS, a medical device company developing a novel artificial intelligence therapeutic platform for cardiac electrophysiology procedures, has completed an investment round of a total €13M.

Both existing and new investors participated in the round. The proceeds allow the company to begin multi-center clinical studies and complete its FDA approval process for the CathVision Cube system and associated software algorithms.

“We are excited to finalise the testing needed for FDA clearance and CE marking, and we expect physicians to acquire clinical data from our system later this year” says CEO Mads Emil Matthiesen. “Our organisation has grown rapidly with recent addition of a dedicated software team that allows us to continue to focus on enabling the EP cardiologists to succeed in cardiac ablation for a number of different cardiac arrythmias”.

“This oversubscribed and significant financing round took place in a challenging funding environment for medtech companies and it is a clear testimony to the progress we have made over the years in honing our unique technology position in cardiac ablation” says CFO Rune Ørndrup.

“CathVision is relentlessly delivering on its strategic goal set as the company continues to evolve from a small startup company to an established cardiology innovator with a strong management team, inhouse product development, clinical operations, and commercialisation. We are thankful for the investor confidence shown us in this round” says Chairman Søren Thestrup-Nielsen.

Vaekstfonden invested in Cathvision already in 2017 and participates in the new round as well:

“CathVision has a strong product and works in one of the fastest growing segments of medical technology. Furthermore, CathVision has worked patiently and persistently with its technology for a number of years, and we have been following and continually invested in the company. We strongly believe that Cathvision can become an important player within the industry and that is the reason why we participate in this round,” says Tonni Bülow-Nielsen, Managing Partner in Vaekstfonden’s department of direct investments VF Venture.

Headquartered in Copenhagen, Denmark with its US business office in Minnesota USA, CathVision is developing and selling medical devices to treat cardiac arrhythmias. The solutions are centered on an innovative electrophysiology (EP) system to provide exceptional EP signals for identification and characterisation of arrhythmias.

— Press release

Main image credits: CathVision ApS

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Startups – Silicon Canals

Startups should not lose heart; fundings won’t dry up completely, assure VCs

The coronavirus outbreak will likely have an impact on early-stage venture investment in tech startups, but the European investors and industry professionals are optimistic.

Do follow our special coverage on coronavirus over here.

New deals are still happening!

We asked Patrick Polak, Managing Partner, Newion Investments if new deals were still happening? He replies, ”Yes of course! All professional funds are open to doing new business and invest in promising companies. Obviously, COVID-19 has an unprecedented impact on all of us: families, employees, companies, and investors. Although every investor is very much involved today to re-assess their existing portfolio on the impact, we all have long term views. At Newion, we partner up with entrepreneurs for 7 or more years. And VC’s are being paid to invest, to make a return. So, sitting on your hands won’t help here. It cannot be denied that the current crisis heavily impacts our outlooks and our growth models. But we must not forget that good and robust business models will remain valuable, although it is likely that temporarily there will be less growth than originally expected.”

Apart from being the General Manager and founder of the Amsterdam-based VC Newion, Patrick Polak was the first investor in Collibra, the data intelligence startup from Belgium which raised a massive funding round this week. The unicorn startup raised $ 112.5 million (approx €104 million) in funding round doubling the company’s unicorn valuation from last year to land at $ 2.3 billion (approx €2.1 billion) and bringing total venture funding to $ 345.5 million (approx €320 million).

Patrick Polak, Managing Partner, Newion Investments

On this Polak adds, “Newion continues to invest since our core investment focus is based upon the trend — Digital Transformation. We won’t use less data or less software in the future. We have enough dry-powder to invest in new companies and support our existing portfolio companies. Our team consists of very experienced and down to earth people. And maybe growth takes a little longer, so what?”

At the same time, San Francisco-based early-stage venture fund and seed accelerator, 500 Startups surveyed investors to find out the impact of COVID-19 on the early-stage startup investment climate. The majority of respondents identified as a venture capital firm (40%) or an angel investor (35%) noted that the COVID-19 healthcare crisis is having an impact on investment activity or plans. While many of those surveyed have not yet decided how they will change their investment strategies, 26% will continue the investment allocation planned prior to the COVID-19 outbreak. When asked how long-term investors believe the impact of COVID-19 will last for the early-stage investing community, most believe the impact could last between one and two years.

However, some categories are massively benefiting from the virus, such as healthtech and remote working solutions.

Commenting on the matter, Tim Chae, General Partner at 500 Startups says, We know that this health crisis will, unfortunately, hurt investment: in our survey, 32% responded COVID-19 will have a negative impact and 36% answered it will have a somewhat negative impact. And the average investor surveyed believes the impact on early-stage investing of COVID-19 will last from one to two years. But the downside is not the only trend in the picture. Investor interest is rising in specific industries affected by COVID-19, including healthcare (47%) and remote work solutions (42%) – industries which will only continue to strive regardless of COVID-19’s duration. With record-level dry powder available from VCs as the result of the highs of VC funds raised from LPs in 2018 and 2019, there will still be deals that get done – still at relatively high figures when compared to the last 10 year average. However, we expect overall global early-stage VC deployment to be reduced by 25-33% from 2019 figures for the remainder of 2020 and into the first half of 2021.”

Not all will be negative in early-stage investment climate in 2020 and 2021

With the pandemic, startups around the globe have been left scrambling to adapt. In addition to moving to fully remote work, startups are wondering what the future of early-stage investment holds during this crisis as well as in its aftermath.

On this Chae says,Before addressing the current situation, it’s important to note that there was a record number of VC funds raised in 2018 and 2019. The majority of these funds are still in their active investment period, and many may continue to make investments for the rest of this year and into 2021, assuming typical active-investment periods. In the past two years, we’ve seen historic levels of active seed and Series A funds, which means it’s not all negative news for capital availability at this point.

However, investors must now navigate market changes as well as the pandemic’s effects on a global scale, which may impact investment activity. VCs now have to not only meet founders remotely, but they also have to make decisions among the firm remotely, which could contribute to the slowdown in investment. I believe the slowdown may continue at least for the next two-to-three months due to the adjustments these VCs have to make. And while there is capital available, founders have to take time to consider the next steps.

The true impact of COVID-19 and the current market fluctuations may be felt more in 2021, which means startups should prepare now. As TechCrunch reports, there may be less active funds in 2021, as total funds raised in VC for early-stage may take a large step back from the record highs we saw in 2018 and 2019.”

Luminovo founders: Timon Ruban and Sebastian Schaal

Further when contacted, Sebastian Schaal, founder of German AI startup —  Luminovo which scored over €2 million in a pre-seed financing round this week — to ask what are VCs interested in at this point of time, he says, “The amount of money in the market has not changed, but the view on approaching the game. Often, there was the “new is always better” attitude, where everyone was desperately hunting for the next big thing – especially the early-stage funds. Their model works that way: small tickets have to have the potential to return the whole fund. However, now most funds are first looking at their own portfolio, assessing who would suffer the most from the crisis and need extra capital. Where before you could bet on external funds following-on, it might now be likely that you have to do an internal route.”

Timon Ruban, co-founder of Luminovo adds, “I don’t think their interests have changed, but maybe the risk aversion has increased a little. And while Uli Hoeneß is hoping for the transfer fees of soccer players to drop after the Corona crisis, there might be a self-fulfilling prophecy of VCs wanting to pay lower valuations in the time to come. The difference between VCs and soccer clubs is that many soccer clubs are actually suffering big losses, whereas most VCs are working with funds that have been closed before COVID-19 came along. In general: the nature of the game–looking for strong teams with good ideas in interesting industries–has not changed.”

Founded in 2017, the Munich-based AI company has recently raised over €2 million in a pre-seed financing round with support from venture capital firms including Cherry Ventures and La Famiglia. The tech startup aims to redefine how electronic circuit boards are brought from an idea to market.

“Great startups are born regardless of the cycle”

They say great ideas always work and this is what the investors believe in and are putting their money on. When we asked Patrick Polak whether they will be investing in technology startups during the pandemic?

Polak says, “First of all, investing in early-stage companies is in our DNA. Since 2000, we have invested in many early-stage companies. We understand their challenges, we have developed a methodology to support their growth in an efficient way, and we have specialised in B2B software. Investing in these companies sits deeply in our core business. It is very risky, all companies are very vulnerable, but over the years we have joined many entrepreneurs on their exciting and successful journeys.

Like with the start of any crisis, the immediate reaction is to investigate your “here and now” situation: Save what you have, careful where you post your next steps. But I had the privilege to be invited to join a couple of companies at an economic downturn in 2001 (internet bubble) and 2011 that proved to be multiple fund returners for us, many years later. Investing in early-stage companies always was and remains a game of long-term perspective. We understand this, we have the strategy to make this work.”

Chae is also very optimistic about the situation says, “If you look at the survey results from last week, 53% of respondents will invest in the same stages as planned prior to COVID-19 but close to 75% of interviewees shared with us that they will invest less than planned. This means that for all new investments that are not already well engaged, we are anticipating less funding available starting now and for the next 6 to 12 months at least.

As I said in my talk during our 500 Digital Demo Day, these are truly unprecedented times, but great startups are born regardless of the cycle. Some of the startups that you see today will become our next unicorns and centaurs. Because of this, at 500 Startups, we will continue to invest in more than 100 companies globally this year.”

Tim Chae, General Partner, 500 Startups

When asked, as a founder of a tech startup, what is the best thing to focus on right now, Timon Ruban from Luminovo says,” For us, it is all about user testing and building out our product. The timing is very fortunate since building a great product and finding product-market fit is not really influenced by any potential economic downturn.”

Lean startups will come out as winners

In these tumultuous times, investors recommend that startups stay vigilant in resource allocation. COVID-19 will impact early-stage investment, but no one knows for how long its impact will last. Given these unknowns, startups should consider reducing cash burn and adopting lean startup methodologies. While many startups may have already made 2020 roadmaps, it’s time to re-evaluate plans and reduce expenses. At the same time, startups should maintain a focus on customer requirements.

Chae notes, “Now is the time to keep the spotlight on the customer, consumer needs, and consumer demands. Your product should revolve around them, so be wary of making any changes or pivots that could negatively impact their experience. Your startup should fit a consumer need and gap in the market, so stay on that track and continue to measure KPIs that show customer satisfaction in your product or service. Focus on providing pain killers, not vitamins. In any economic downturn, non-essentials are often the first to be dropped by customers. It is more important than ever for venture-funded companies to become an actual business and build on revenue.

To prepare for a downturn in investment, cut the low-hanging fruit. Unnecessary costs and spending should be evaluated and eliminated at this point. Because investment will likely slow down significantly next year, startups will need to increase their runway to last longer than expected. How would your business operate if there was no injection of new capital for the next 18 months? That’s how you should be thinking about your business today.

While we don’t know the exact investment projections for the next two years, I suggest that startups plan on an altered investment climate for the next 24 months. Preparing for this now will help companies stay afloat if capital availability wanes.”

Polak notes, “As with any fundraising: prepare well. Provide as much as possible evidence of the growth model you are projecting. Do not over-ask on amounts: take what you can get to get to the next level. Work with professional VC’s that could also fund you in the next rounds and have access to additional VC’s.”

Main image credits: Romolo Tavani/Shutterstock

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Startups – Silicon Canals

Israeli startup Tyto Care enables remote medical exams of lungs, heart, throat, and ears, secures €46M amid the pandemic

Accessibility and affordability of basic telemedicine tools are on the rise with the outbreak of COVID-19.! Telemedicine was initially developed as a way to discuss non-emergency medical issues or treat patients or who were located far away from local health facilities through phone or online.

This convenient technique that enables patients to access physicians across the country and receive medical opinions without stepping out has led to the rise of telemedicine companies. In this regard, Tyto Care is one of the names which is making waves in the industry.

Raises €46M funding!

The New York-headquartered telehealth startup with Israeli roots has launched healthcare industry’s first all-in-one modular device and a telehealth platform and now has raised $ 50 million (approx €46 million) in an oversubscribed round co-led by Insight Partners, Olive Tree Ventures, and Qualcomm Ventures LLC, bringing the company’s total funding to over $ 105 million (approx €96.2 million).

Dedi Gilad, Co-Founder, and CEO of Tyto Care said:

This new funding comes at a pivotal moment in the evolution of telehealth and will enable us to continue to transform the global healthcare industry with the best virtual care solutions. We look forward to further expanding the reach of telehealth and introducing new solutions as demand for remote care continues to soar.

Plans for Europe, the US, and Asia!

With this funding, the company plans to expand commercialisation throughout the US, Asia, and Europe as well as to introduce new advanced product capabilities, including AI and machine learning-based home diagnostics solutions and other technologies.

According to the company claims, the New York-headquartered telehealth company experienced double-digit telehealth utilisation, over 10 times higher than standard virtual care programs, which see less than 5% utilization on average.

In the wake of COVID-19, hospitals, and health organizations around the world are further expanding their use of Tyto Care’s telehealth solution to examine quarantined patients in hospitals and isolated patients remotely at home.

Enables remote medical examinations!

Founded by Dedi Gilad, and Ofer Tzadik in 2012, Tyto Care’s solution enables remote medical exams of the lungs, heart, throat, and ears, among other exams and vitals, allowing healthcare organizations to protect providers and avoid exposure during the COVID-19 pandemic. It also enables families and the general population to receive care without entering medical facilities, preventing the spread of the virus, and significantly reducing the increased burden on already overworked health organizations.

Threefold growth in 2019!

Tyto Care witnessed threefold growth in 2019 and is working with hundreds of hospitals and over 100 health organizations, including health systems, payers, and strategic partners, primarily in North America, Europe, and Israel.

Dedi Gilad adds,:

Over the past two years, Tyto Care has increased momentum faster than ever before and is playing a leading role in changing how people receive healthcare. Telehealth is heeding the call of the COVID-19 pandemic, and we are proud that our unique solution is aiding health systems and consumers around the world in the fight against the virus.

Main image credits: Tyto Care

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Startups – Silicon Canals