HealthKey formed in the Founders Factory Venture Studio to address a key problem in health insurance and employee benefits around personalisation and payment for health solutions.
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We played a key role in the formation of the team, bringing together founders David (CEO) and Tudor (CTO), who had never previously worked together.
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Early work included support on the development of platform MVP, specifically product design including user research and interviews, as well as broader product strategy. We also provided connections to many of the early partners who they would go to market with, several of whom came from our startup portfolio (Scan.com, InsideOut) and our broader network (Hertility).
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HealthKey managed to tap into extraordinary value from their corporate partner, Aviva. They gained access to Aviva’s employee base to launch their pilot, initially to 800 employees. These pilots have been an essential proofpoint for the business—users hit the 10% utilisation benchmark within the first week, hitting above 40% ongoing engagement, with 62% of purchases going for specialised services (38% for more generic services). After the success of this pilot, we worked closely with the team to figure out the business model for going out to other partners.
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We’ve also offered support on development of the commercial strategy and monetisation strategy, as well as strategic support on the design of the initial Aviva pilot.
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Fundraising was also an important part of the programme for HealthKey. Founder David pitched out our Investor Showcase, fostering connections and follow up meetings to a number of valuable investors. It was eventually Aviva Ventures who would go on to lead HealthKey’s £1.1M seed round, with participation from Ascension and Oxford Capital, who they met following the Showcase.
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