- Companies
- ZOE
Last ZOE valuation
$272M
Pre-seed · Dec 2022
Last ZOE funding round
$15M
Series B · Jul 2024
Cumulative funding ZOE raised
$117M
across 8 funding rounds
Key investors in ZOE
Accomplice
Daphni
Ahren Innovation Capital
Balderton Capital
Transformational Healthcare
Flight Fund
About ZOE
ZOE is a London-headquartered personalized nutrition service conducting the ZOE Health Study with at-home testing kits. Launched in 2017, the program analyzes individual responses to foods and gut microbiome effects to deliver tailored eating recommendations. Research findings appear in Nature Medicine, Nature Metabolism, The Lancet, and Gut.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Valuation
$272M (Dec 2022)
ZOE Valuation
ZOE is currently valued at $272M, based on its pre-seed round in December 2022.
The $9M round included Crowdcube.
ZOE's valuation has grown 1.1x from $250M at its Series B in December 2022 to $272M in December 2022, across 2 priced rounds.
ZOE valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2022 | Pre-seed | $272M |
| Dec 2022 | Series B | $250M |
ZOE Funding History
ZOE has raised a total of $117M across 8 funding rounds.
ZOE's first fundraising round was a $14M seed round in May 2018. The most recent completed round was a $15M Series B in July 2024.
ZOE funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2024 | Series B | Coefficient Capital (lead); Transformational Healthcare; Accomplice; Balderton Capital; Flight Fund; Daphni; Ahren Innovation Capital | $15M | - | ZOE is a UK-based science and nutrition company focused on microbiome and personalized nutrition, offering an app, podcast, and supplements like Daily30+ to help users make smarter food choices based on clinical trials and data. The company completed a randomized controlled trial published in Nature Medicine in May 2024 on personalized nutrition's effects on cardiometabolic health, part of over 60 peer-reviewed papers. It serves a global community with products available in the US except New York due to regulations. In July 2024, ZOE raised GBP 11.7 million (approximately $15 million) in a Series B round led by Coefficient Capital, with participation from investors including Accomplice, Ahren Innovation Capital, Balderton Capital, Daphni, Flight Fund, and Transformational Healthcare. This brought total funding to $118 million across eight rounds. The funds aim to expand into the US market, invest in marketing, combat ultra-processed foods, and enhance community engagement. ZOE grew its paid customer base to over 100,000, mostly on 12-month subscriptions at $29 per month ($348 annually) in the US, from virtually no revenue two years prior. The investment supports scaling in the US amid rising interest in nutrition science separate from weight loss trends like GLP-1 drugs. |
| Mar 2023 | Series B | Flight Fund (lead) | $3M | - | ZOE is a personalized nutrition company created by top scientists, offering a program that analyzes blood sugar, blood fat responses, and gut microbiome health through at-home tests. It uses AI and data from proprietary ZOE PREDICT studies to provide tailored dietary recommendations, in-app tools, and expert guidance to help users adopt sustainable habits for better health. Available in the US and UK, ZOE aims to improve the health of millions by reimagining nutrition science. On March 15, 2023, Steven Bartlett's Flight Fund invested approximately $2.5 million (or £1.6-2 million) in ZOE, following the company's Series B extension of $30.75-38 million and $8.5 million crowdfund in December 2022. This brought ZOE's total funding to $92-103.7 million, with backing from investors including Accomplice, Balderton Capital, and Flight Fund. The funds support scaling operations, science, and global expansion to reach millions. As part of the deal, ZOE gains strategic partnership with Steven Bartlett, accessing Flight Fund's network powered by his podcast The Diary Of A CEO and marketing firm Flight Story. Flight Fund, launched in January 2023, focuses on biotech, health, wellness, commerce, technology, blockchain, and space, with ZOE aligning in health and wellness. |
| Dec 2022 | Pre-seed | Crowdcube | $9M | $272M | ZOE is a nutrition startup offering personalized programs based on at-home test kits and ongoing support, priced at around £570 for the kit and 12 months of service. The company gained prominence through its COVID tracking app and now focuses on scaling to meet demand from a 250,000-person waitlist, with 50,000 active paying users and nearly 5 million self-reporting nutritional data. ZOE emphasizes science-backed insights, publishing breakthroughs in peer-reviewed journals like Nature, hosting a top-charting podcast, and conducting large-scale studies such as the Big IF Study on intermittent fasting. In December 2022, ZOE raised £25M from institutional investors at a £209M valuation, alongside a highly successful Crowdcube equity crowdfunding campaign that raised over £7M (GBP 7,407,351), exceeding the target by 773% with 13,000+ investors, marking it as the third-most participated Crowdcube campaign ever. The crowdfunding was offered at the same share price as the private investors, engaging ZOE's 2 million-strong community including podcast listeners and former COVID app users. This funding, an extension of a prior Series B, aims to scale operations amid economic challenges, with much of the previous round's capital still available. ZOE operates in an underfunded nutrition space with historically small-scale studies, positioning itself through large participant studies and community focus, including record female investor participation in the Crowdcube. |
| Dec 2022 | Series B | Accomplice (lead); Balderton Capital; L Catterton; Daphni; Ahren Innovation Capital | $30M | $250M | - |
| May 2021 | Series B | Transformational Healthcare; Accomplice; Eli Manning; Osi Umenyiora; Daphni; Ahren Innovation Capital | $20M | - | - |
| Jan 2019 | Series A | Accomplice; Daphni | $19M | - | ZOE is a personalized nutrition company that uses at-home test kits, AI, and microbiome analysis to provide tailored dietary advice based on large-scale nutrition research and machine learning. It aims to act as an AI nutritionist, helping users improve energy, reduce hunger, and achieve better health outcomes through science-backed recommendations. The company has published multiple peer-reviewed studies in journals like Nature Medicine and launched initiatives like a COVID-19 symptom app during the pandemic. The company operates in the $206 billion diet market, differentiating with personalized, data-driven approaches against generic recommendations, backed by world-leading scientists and focusing on precision nutrition for broader health impacts. ZOE reported strong user traction with interim trial results showing 90% more energy, 80% less hunger, and average 11-pound weight loss after three months, and grew to over 100,000 members worldwide by later rounds. This followed a $13.7 million seed round in May 2018. The Series A funding was used to scale operations and enhance product offerings amid growing demand. ZOE continued raising capital through an extended Series B, starting with extensions totaling $53 million by May 2021 led by Ahren Innovation Capital, with Accomplice, Daphni, THVC, and others like Eli Manning participating. Further extensions included $15 million from Coefficient Capital for US expansion, £25 million led by Accomplice with Balderton, Ahren, Daphni, and L Catterton, bringing total funding to around $118 million. Funds supported UK and US growth, research, and meeting waitlist demand exceeding 250,000. |
| Aug 2018 | Seed | Tim Kendall (lead); Errol Damelin | $8M | - | ZOE raised USD 8,000,000 in an August 2018 seed round led by Tim Kendall, with Errol Damelin as an investor, to further product development and expand the team. This followed a May 2018 seed round of USD 13,700,000. |
| May 2018 | Seed | Pascal Gauthier | $14M | - | - |
Who has invested in ZOE?
14 investors have backed ZOE across its funding rounds, including Accomplice, Daphni, Ahren Innovation Capital, Balderton Capital, Transformational Healthcare and Flight Fund.
Lead investors include Coefficient Capital, Flight Fund, Accomplice and Tim Kendall.
ZOE Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jan 2019 | ||
| 4 | Participant | Jan 2019 | ||
| 3 | Participant | May 2021 | ||
| 2 | Participant | May 2021 | ||
| 2 | Participant | Dec 2022 | ||
| 2 | Lead | Mar 2023 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2018 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Lead | Jul 2024 | ||
| 1 | Lead | Aug 2018 | ||
This data is available for Pro users. Sign up to see all 14 ZOE investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by ZOE
ZOE has acquired 1 company to date.
Last acquisition by ZOE was on July 30th 2024. ZOE acquired Fascinate Productions for undisclosed valuation.
Latest Acquisitions by ZOE
| Description | Fascinate Productions is a United Kingdom-based audio specialist offering location recording, field capture, restoration, editing, mixing, and sound design for podcasts. Located in Manchester, it equips productions with professional microphones, ambient capture gear, and loudness normalization to broadcast standards. Clients produce branded content distributed on platforms like Spotify and Apple Podcasts reaching global audiences. |
| HQ Country | |
| HQ City | London |
| Deal Date | 30 Jul 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all ZOE acquisitions and their M&A valuation multiples. Start Free Trial | |
ZOE Competitors
ZOE competitors include listed companies like Coveo Solutions and Datasection, and private ones like Unlearn.AI, Lassie, Ubie and Snapsheet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $265M | - | ||
| Private | - | - | $250M | - | ||
| Private | - | - | $250M | - | ||
| Private | $37M | - | $300M | 8.1x | ||
| Publicly listed | $148M | ($25M) | $276M | 1.2x | ||
| Publicly listed | $216M | $27M | $346M | 1.6x |
ZOE Public Comps
ZOE is still privately-owned, but its public comps include CS Disco, Coveo Solutions, Escalade, eVISO, AInnovation Technology, Vrain Solution, Niagen Bioscience, AIAI Holdings, ZipRecruiter and Medy-Tox.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $148M | ($25M) | 1.2x | 1.2x | (7.3x) | 107.6x | |||
| $240M | $24M | 1.1x | 1.1x | 11.2x | 8.7x | |||
| $363M | $12M | 0.7x | 0.6x | 22.8x | 16.6x | |||
| $226M | ($30M) | 0.7x | 0.8x | (5.7x) | (4.6x) | |||
| $21M | $6M | 14.5x | 11.5x | 49.0x | - | |||
| $129M | $18M | 1.3x | 1.3x | 9.9x | 11.0x | |||
| $272M | ($194M) | 1.0x | - | (1.4x) | - | |||
This data is available for Pro users. Sign up to see all ZOE competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ZOE
| When was ZOE founded? | ZOE was founded in 2017. |
| Where is ZOE headquartered? | ZOE is headquartered in Boston, MA, United States. |
| Is ZOE publicly listed? | No, ZOE is a private, VC-backed company. |
| What is ZOE's valuation? | ZOE was last valued at $272M in its pre-seed round in December 2022. |
| How much funding has ZOE raised? | ZOE has raised $117M across 8 funding rounds. |
| What was ZOE's last funding round? | ZOE's last funding round was a $15M Series B in July 2024, led by Coefficient Capital. |
| Who are ZOE's investors? | ZOE's investors include Accomplice, Daphni, Ahren Innovation Capital, Transformational Healthcare, Balderton Capital, Flight Fund, Eli Manning, Osi Umenyiora, Pascal Gauthier, Crowdcube and 4 others. |
| Which companies are comparable to ZOE? | Companies comparable to ZOE include Unlearn.AI, Lassie, Ubie, Snapsheet, Coveo Solutions and Datasection. |
| How many companies has ZOE acquired? | ZOE has acquired 1 company, including Fascinate Productions. |
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