One Drop, an app for diabetes management, has raised $8 million in Series A funding led by RRE, with participation from Box Group, Capital Factory and existing investors LAUNCH and Neu Ventures. The funding will help One Drop to develop the software, create new features and add hardware for the app as it continues to grow its network of users.
The app created by Jeff Dachis, co-founder of Razorfish, launched in the App Store this April as a way to help diabetics keep a running log of their personal insulin levels, the effectiveness of their medication, what they recently ate and what types of activities are affecting their blood sugar on a daily basis.
The app has quite a bit of competition in both free and paid subscription diabetes tracking apps on iOS. Each adds a slightly different twist to how a person with diabetes might enter information and what the app will track. Glooko is mainly used by clinics and hospitals to help patients log glucose data using the MeterSync Blue glucose meter device for instance. Diabetes in Check is a free app that offers a coaching component. One Drop aims to add a more comprehensive tracking experience than the rest, based on Dachis assessment of what makes the most sense to log in this space.
However, there are plenty of people to market to these apps. Diabetes affects nearly 10 percent of the U.S. population, or approximately 30 million people, according to CDC statistics. While not all of them are going to want to open an app and log everything they eat or do every day, there are plenty of people doing this for other health and fitness apps and enough of a market to bring into One Drop or another app on a smartphone.
While we don’t have direct user numbers from the startup, we are told that there were 60,000 user sessions in One Drop in the first five weeks after the official launch and that the app had an 89 percent conversion rate from download to active users.
The app is currently ranked as the 289th most popular health and fitness app in the App Store, according to App Annie. Diabetes in Check, which launched over two years ago, is at 209th place for health and fitness apps in the App Store, by comparison.
Dachis said he will be moving beyond the app and into the hardware space with One Drop this year with the release of a connected glucose meter. The meter will sync up with the app and is intended to help users more accurately log their daily blood glucose levels.
The funding will also help One Drop to add in more features as well as build an Android app and work on partnering with insurers and self-insured employers.
Dachis told TechCrunch back in April that he had raised $1 million in angel funding from various investors. This new funding now gives him a total of $9 million in funding to start building out the hardware and other features for the app.