Sidekick Health Secures €35 Million Funding from EIB to Expand Digital Therapeutics and AI Capabilities

Sidekick Health Secures €35 Million Funding from EIB to Expand Digital Therapeutics and AI Capabilities

(IN BRIEF) Sidekick Health has secured a €35 million venture debt facility from the European Investment Bank (EIB) to advance its digital health and therapeutics initiatives. The funding, backed by the European Commission’s InvestEU initiative, will accelerate R&D and AI-driven innovation across various chronic and specialty care areas. In addition, Sidekick closed a €7 million capital infusion to support its commercial expansion. This partnership highlights the EU’s dedication to advancing healthcare solutions and fostering innovation in Iceland and across Europe.

(PRESS RELEASE) LUXEMBOURG, 1-May-2025 — /EuropaWire/ — The European Investment Bank (EIB) has entered into a €35 million venture debt agreement with Sidekick Health, a leading digital health and therapeutics company operating across Europe and the US. This funding will enable Sidekick to fast-track its research and development efforts and further enhance its AI-driven platform, expanding its digital therapeutics portfolio across a variety of chronic and specialty care areas.

The facility, which is backed by the European Commission’s InvestEU initiative, includes a €7 million capital injection from both existing and new investors to fuel Sidekick’s commercial growth. The R&D-focused venture debt will support Sidekick in strengthening its data infrastructure, enhancing its AI capabilities, and developing scalable, secure, and impactful solutions for patients, payers, and pharmaceutical partners globally. This agreement marks the EIB Group’s first venture debt transaction in Iceland, where Sidekick is headquartered.

In addition to this agreement, Sidekick has secured an additional €7 million in growth-focused financing, reflecting investor confidence and providing the company with further capital to expand its commercial operations and form strategic partnerships.

Tryggvi Thorgeirsson, CEO and Co-Founder of Sidekick Health, commented, “This strategic financing from the EIB will allow us to accelerate our mission to digitize healthcare, enabling us to increase investment in R&D, therapy development, and AI, while using future equity to scale our commercial impact. With strong backing from our investors and a diversified funding strategy, including non-dilutive venture debt, we are well-positioned to push forward innovation, deepen our partnerships, and transform healthcare on a global scale.”

Thomas Östros, Vice-President of the EIB, remarked, “The EIB has a strong history of financing European med-tech companies through its venture debt instrument. The success of these companies is vital to ensuring the EU’s strategic autonomy. This marks the fifth InvestEU project in Iceland, continuing the tradition of EU-guaranteed funding for Icelandic initiatives.”

Sidekick Health partners with major pharmaceutical companies, health insurers, and healthcare providers to deliver AI-enhanced digital health and therapeutics solutions in areas such as oncology, cardiovascular health, metabolic conditions, women’s health, and inflammatory diseases. The company’s platform has already improved patient outcomes and helped reduce healthcare costs in collaboration with its partners, supporting the shift toward personalized, proactive care.

EU Ambassador to Iceland Clara Ganslandt added, “It’s exciting to see such rapid progress since Iceland joined InvestEU in January 2024. With five InvestEU projects already launched, this partnership exemplifies the EU’s commitment to fueling research and innovation. Iceland’s active participation in EU programs over the past three decades highlights the success of this collaboration, and I am confident that Sidekick Health will make this financing agreement a success.”

Background information  

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

Sidekick Health

Sidekick Health is a digital health innovation company offering a uniquely broad portfolio of digital health and therapeutic programs across oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. Our solutions engage and empower people to improve health outcomes and quality of life. Sidekick works with health insurers, including leading national US health plans, pharmaceutical companies, including half of the world’s top 10 life sciences companies, and develops fully regulated prescription digital therapeutics — prescribed by over 17,000 physicians — designed to improve patient outcomes, enhance clinical efficiency, and reduce the cost of care.

Media Contact:

Tim Smit
t.smit@eib.org
+352 4379 – 89076

Press Office

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SOURCE: European Investment Bank