Newtopia Inc. amended a commitment letter with a Canadian Schedule I Bank to increase its revolving credit facility to $7.5 million, up from $5.0 million. The company is also completing a $2.5 million private placement offering. Combined, the enhanced facility and private placement provide $10.0 million of growth capital for working capital and general corporate purposes, which the company says doubles the amount available. The terms of the Enhanced Facility are materially unchanged from the original commitment letter dated October 2, 2020. The Enhanced Facility is subject to approval of a 50% guarantee by Export Development Canada through the Export Guarantee Program, which the company anticipates in the coming weeks; the original facility was previously subject to a 50% EDC guarantee. The facility will continue to be secured by a first-ranking security interest over all present and future property of Newtopia. Newtopia offers a patented enterprise health engagement platform that combines genetic testing, personality-matched coaching, mobile social health communities, and genetically driven recommendations to inspire healthy lifestyle decisions. The company targets employees at risk for metabolic syndrome conditions—obesity, type 2 diabetes, heart disease and stroke—delivering hyper-personalized “n of 1” experiences for lifestyle management. Newtopia reports programs that improve key health metrics and produce in-year medical cost savings and measurable ROI for employers. The platform is guideline- and evidence-based and is deployed through partnerships with insurers, employers and brands across the United States and Canada. Newtopia currently employs about 50 people and says it will grow the team internally while accelerating geographic expansion in the U.S. to expand workplace disease-prevention programs. Newtopia develops a platform that uses genetics to design highly personalized lifestyle-management health plans, targeting employees at risk for metabolic syndromes such as obesity, type 2 diabetes, heart disease and stroke. The company targets corporate workforces across Canada and the U.S., aiming to help employers reduce healthcare costs. A pilot project with Aetna employees began in 2013 and produced strong user feedback. Newtopia was founded in 2012 and is led by CEO and founder Jeff Ruby. The company said a recent investment will help it expand its business. According to TechVibes, Newtopia has raised $8 million in venture capital to date. Newtopia builds highly personalized lifestyle plans by combining genetics, the latest engagement science and personality-matched coaching to drive sustainable behavior change. The company partners with health insurers, employers and their employees to improve health outcomes while controlling healthcare costs. Its programs are guideline- and evidence-based and are offered across the United States and Canada. Newtopia positions its offering as a benefit that reduces the incidence and cost of chronic disease. The platform emphasizes engagement and coaching informed by genetic and behavioral data. Newtopia aims to expand employer and insurer adoption through partnerships and pilots with large organizations. Newtopia is a Canadian personalized health coaching company co‑founded in 2008. It offers tailored online health plans, products and coaching support that combine nutrition, exercise and behaviour management. The company is led by CEO Jeffrey Ruby. Newtopia received seed funding from the Business Development Bank of Canada. The firm intends to use the capital to fund the next stage of commercialization. The investment was made through BDC’s venture capital division in partnership with a group of Canadian angel investors including Newtopia chairman and co‑founder Dennis Bennie; the amount was undisclosed.

Total raised

$20M

Funding rounds

5

Latest round

Debt Financing

Latest activity

Sep 2021