EIB Backs Sidekick Health with €35M Venture Debt to Boost AI and Digital Therapeutics

Sidekick’s rapid growth and expanded access to capital underscore its pivotal role in shaping the future of digital health.

In a milestone development for digital health innovation in Europe and Iceland, the European Investment Bank (EIB) and Sidekick Health have formalized a €35 million venture debt agreement, aiming to supercharge Sidekick's research and development, expand its AI-driven therapeutics portfolio, and scale its secure, data-powered digital health platform globally. This funding is made possible through the European Commission’s InvestEU programme, which strategically supports innovation-driven growth across the EU and its partners.

This financing marks the first EIB venture debt investment in Iceland, underscoring the country's increasing prominence in cutting-edge health technology and innovation. Headquartered in Reykjavík, Sidekick Health has gained global recognition for its AI-enhanced digital therapeutics that address a wide range of chronic and specialty conditions. The company collaborates closely with pharmaceutical firms, health insurers, and care providers to deliver personalized, evidence-based interventions that improve patient outcomes and reduce healthcare costs.

A New Chapter of Growth and Innovation

Alongside the EIB investment, Sidekick also secured an additional €7 million in growth-focused financing from private investors. This combined funding strengthens Sidekick’s capital base and allows the company to scale its commercial operations and forge new strategic partnerships worldwide.

At a ceremonial signing event in Luxembourg, Sidekick’s CEO and Co-Founder, Dr. Tryggvi Thorgeirsson, emphasized the transformative impact of the new financing:

“This strategic financing from the EIB enables us to double down on our mission to improve and save lives by digitizing care. It strengthens our ability to invest in R&D, therapy development, and AI, while focusing future equity on scaling our commercial impact. Together with the strong backing of our investors, our diversified funding strategy — now including non-dilutive venture debt — positions Sidekick to accelerate innovation, deepen our partnerships, and continue transforming healthcare at scale.”

Sidekick’s platform uses behavioral science, machine learning, and robust data analytics to deliver customized support for conditions such as oncology, cardiovascular disease, metabolic disorders, inflammatory diseases, and women’s health. By integrating its solutions into the daily lives of patients, Sidekick aims to close the gap between clinical care and day-to-day management, facilitating a shift from reactive to proactive and preventive care models.

Strategic Support for EU Autonomy and Med-Tech Leadership

Thomas Östros, Vice-President of the EIB, highlighted the broader implications of the transaction for the EU’s strategic autonomy in med-tech:

“The EIB has a solid track record in financing European med-tech companies through its venture debt instrument. The competitiveness of these companies is very important for our EU strategic autonomy. This is already the fifth InvestEU project in Iceland, building on a long tradition of EU-guaranteed funding for Icelandic projects.”

The transaction adds to a growing number of strategic collaborations between the EU and Iceland, particularly since Iceland formally joined the InvestEU programme in January 2024. The agreement with Sidekick is a strong indicator of the programme's early success in the region.

EU Ambassador to Iceland, Clara Ganslandt, also celebrated the deal:

“It was only in January last year, 2024, that Iceland’s participation in InvestEU was formally launched but we now already have five InvestEU projects in Iceland. That is certainly worth celebrating. The EU is committed to fuelling research and innovation and making use of impactful investments – in a world of increased global competition, it is in our common interest for Iceland and the European Union to work together.”

Fueling the Future of Digital Care

Sidekick’s rapid growth and expanded access to capital underscore its pivotal role in shaping the future of digital health. Its platform has already demonstrated its effectiveness in improving clinical outcomes while enhancing patient engagement and reducing costs.

With this new round of funding, the company is poised to not only broaden its therapeutics portfolio but also advance its AI and data science capabilities—ensuring secure, scalable solutions tailored to individual patients and adaptable to diverse healthcare systems around the globe.

The combined financial support from the EIB and private investors reinforces Sidekick’s long-term vision: a world where cutting-edge digital therapeutics are a core pillar of everyday healthcare delivery.