Caterpillar secures £450k from Jenson Funding Partners to expand its health rewards platform
The Leeds-based healthtech company plans to use the capital to introduce new features and expand its loyalty scheme partnerships.
Caterpillar develops a digital rewards application designed to encourage health promotion, education and positive behavioural changes.
Leeds-based healthtech firm Caterpillar has secured £450k in funding from Jenson Funding Partners, alongside backing from Olympic champion Alistair Brownlee and other specialists. The capital will be directed towards introducing new features to the reward application, broadening the selection of loyalty schemes available, and supporting general business development.
Founded by former NHS Digital Director Paul Baverstock, the company uses a SaaS platform that integrates with third-party wearables such as Apple Health and Google Fit. Users earn loyalty points for physical activity and healthy dietary habits, which can be redeemed at popular retailers and service providers.
The investment represents a milestone for the BUILD incubator in Leeds, as Caterpillar becomes the first participant from the programme to attract external funding.
From the founder
"Chronic diseases like cancer, diabetes, and obesity creep up on you and take advantage of the fact that making even minor beneficial lifestyle changes for the long-term is really difficult. This is where Caterpillar can help. We keep our users engaged in positive change through great content and rewards."
Paul Baverstock
CEO and founder at Caterpillar
Investor perspective
"Caterpillar is doing really important work: chronic disease is already a major problem for healthcare systems, but many countries, the UK included, have an ageing population. Caterpillar is trying to tackle this challenge with a preventative approach rooted in science. But what’s key is the fact that this isn’t about nagging people. Its reward programmes and loyalty points have a huge consumer appeal. It’s a very savvy solution to a very serious problem."
Jeffrey Faustin
CIO, Jenson Funding Partners
Use of funds
- 01Continue product development
- 02Scale operations
Investors
Categories
About the company
Caterpillar
Caterpillar operates a digital rewards application for health promotion and behavioural change.