As it pushes to reduce the likelihood of falls for seniors, Denver startup Nymbl announced this week that it closed an oversubscribed seed round of $1.55 million.
The round was led by Rockies Venture Club and brings Nymbl’s total funding to $2.8 million to date.
The company, created in 2014, has developed a smartphone solution that delivers personalized balance training to help older adults reduce their fall risk and remain independent.
Through the Nymbl Training app, users are guided through dual-task training that combines mental and physical exercises to improve balance.
Co-founder and board member Tom Virden said Nymbl has two primary customers, older adults in senior living facilities and people covered by Medicare. The company has developed a B2B model, selling directly to senior facilities and insurance providers.
In the senior living space, Nymbl is offered as a perk to the members, helping them stay safe and balanced.
“By putting this technology on a phone, it allows people to do it 10 minutes a day in their home, when they want to do it,” Virden said. “We finally have a scalable solution for balance.”
Aside from its smartphone application, Nymbl is often taught in a class format. The 10-minute instructional program can be projected onto a screen to allow for multiple users at a time.
https://www.youtube.com/watch?v=67iieT5RxvE
The company also has begun selling into Medicare Advantage plans with eyes on launching that program in four markets in January. This funding round comes as the company looks to scale its offerings in both the senior living and Medicare space.
“We are excited by the strong reception we saw for Nymbl’s mission and investment opportunity,” said CEO Ed Likovich in a statement. “Our investors related to the mission of preventing 1 million falls and are excited to see a company that could focus on solving a major healthcare problem while also offering a strong business model that can drive increased investor value. With the additional funds, we can now be laser-focused on accelerate growth in our target markets.”
The eight-person company works out of Denver’s Catalyst HTI and is looking to grow its sales and account development teams.
Virden said the healthcare community at Catalyst has been a vital resource for the company, helping facilitate a number of useful partnerships.
To date, Virden said Nymbl has helped hundreds of older adults since debuting two years ago, turning high-risk fallers to low risk.
“Falls are a massive problem, but it’s one we can do something about,” he said.
