Minneapolis-based wellness startup AmVentureX has closed on a $1 million investment at a valuation of $5 million.
The investment came from Minneapolis-based SecretLab, a venture studio and investor.
Founded in 2018, AmVentureX makes health and wellness technology and sells it direct to consumers. Its products are KetoCoach, an FDA-cleared blood-testing meter for people on ketogenic diets, and FastCoach, an app for people who are on fasting diets. Over 100,000 people are currently using AmVentureX's products. It has six employees and revenues in the seven-figure range, according to founder Matt Payne.
"There are a lot of companies out there that sell a device, and there are a lot of companies that sell ways to get healthy, but there isn’t in my opinion, anyone who’s doing a good job of both," Payne said.
AmVentureX will use the cash to build out a diabetes management meter and an app, which will be reviewed by the FDA later this year, Payne said. SecretLab will also provide development help for the app, Payne said.
"Diseases like diabetes disproportionately impact black and brown communities. Most solutions are either very expensive or complex to these diseases. This investment from SecretLab will help us develop our vision of making diabetes management easy and affordable in a way no one else has," AmventureX Co-founder and chief marketing officer Ligan Delgado said in a statement.
