Base Raises $1M to Bring Lab Testing to Your Home so That You Can Be on Top of Your Health – AlleyWatch

Society is more health-conscious than ever before, and people are seeking personalized solutions to optimize their health and wellness that are convenient. Base is the at-home lab testing subscription that uses saliva or finger-prick testing to analyze and assess various categories or “tracks” to reveal more about an individual’s health. Once test results are available via the app, Base’s partner network of physicians and nutritionist help you understand the results and develop a plan. Initially, the company is focused on six everyday issues that may be bothering you but you haven’t found the time to get to the doctor’s office to address like energy levels, stress, sleep, diet, and sexual wellness.  A test costs $55 on a subscription basis and the app which gives you access to a team of health professionals and scientists runs $4.95 per month.

AlleyWatch caught up with Founder and CEO Lola Priego to learn more about the genesis for the company, the launch, and how she received an investment commitment during a first meeting.

Who were your investors and how much did you raise?

We raised $1M Pre-seed funding led by Brooklyn Bridge Ventures, Lakehouse, AmplifyHer Ventures, K50, and angel investors.

Tell us about the product or service that Base offers.

Base helps you track & improve common day-to-day health concerns. Our testing is super simple and can be done at home through a saliva or quick finger-prick blood test delivered right to your doorstep. The mission is to blend lab tests with the breakthroughs of data science and AI to provide users with a holistic view of their body’s response to their diet and lifestyle. Base is available in the following Tracks:

  • Energy – Minimize fatigue, exhaustion, brain fog & depression after measuring your Vitamin D levels & receiving personalized supplement and lifestyle recommendations
  • Stress – Manage frequent anxiety, pain, tension, bloating & sugar cravings based off your personalized cortisol test
  • Sleep – Measure your melatonin levels & receive adjustment recommendations if you’re having trouble with falling asleep, staying asleep, irritability, mood swings or poor concentration!
  • Diet – Manage nutrient deficiencies, appetite & imbalances leading to mood swings, irritability, fatigue & more with a personalized cholesterol test
  • Sex Drive (to launch in the Fall) – Track your testosterone and cortisol levels and learn how to enhance your sex life if you’re suffering from low libido

What inspired the start of Base?

The idea for Base stemmed from my own need to understand my low energy and high-stress levels. A few years ago, I started the Keto diet and immediately started feeling great, until fatigue and brain fog slowly returned. After multiple doctors’ visits, lab work, and endless questionnaires, I finally found I was suffering from cholesterol issues and vitamin deficiency. I knew there had to be an easier, and faster, way for me to understand what was going on in my body.

How is Base different?

Base is making doctor-approved care more accessible, affordable, and actionable by creating doctor recommended plans based on each individual’s results which are assessed at the best national labs (Quest Diagnostics).

What market does Base target and how big is it?

Base is made for everybody who is looking to fix day-to-day health concerns, whether its sleep issues, brain fog, low sex drive, stress, and more.

What’s your business model?

We believe that everyone should have access to their body’s data. To do this, we have reduced margins (our tests are only $55/ea) and customized testing plans that allow us to eliminate unnecessary supplementary tests and costs. Additionally, we bring you doctor and nutritionist quality insights and recommendations through our app. You can now have a personal science team at your fingertips for only $4.95/month!

How has COVID-19 impacted the business?

With people sheltering at home, becoming more comfortable with at-home testing, and knowing that lab testing can be done without a visit to the doctor’s office, we saw a positive increase in brand interest.

What was the funding process like?

I’d say that overall it was smooth, the beginning was hard but once you get some traction it all flows quickly. My main mistake was thinking that I was ahead of the process just because investors want to meet you early but that doesn’t necessarily mean that they want to invest at that point. A fun story was that Charlie O’Donnell from Brooklyn Bridge Venture decided to invest during our first meeting!

What are the biggest challenges that you faced while raising capital?

The unknown. It is really hard to know what looks attractive to investors and understand that unless you generate momentum, investors at pre-seed stage typically would rather wait.

What factors about your business led your investors to write the check?

With my background, and the fact that I’m creating a new market to make healthcare more accessible, affordable, and actionable. Also having data from our beta testers to show helped getting investors to write the checks.

What are the milestones you plan to achieve in the next six months?

We just launched four test tracks on Wednesday, September 16th, and are excited to launch our fifth track, Sex Drive, in the fall. The team will be focused on honing our app experience. We really want our users to feel like they have a personal science team in their pockets!

We just launched four test tracks on Wednesday, September 16th, and are excited to launch our fifth track, Sex Drive, in the fall. The team will be focused on honing our app experience. We really want our users to feel like they have a personal science team in their pockets!

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

There’s no one size fits all, but the logical advice would be: reduce your cash burn rate and/or look for funding in places where you haven’t looked yet. We are heading towards election season and looking for funding then it’s going to be tough. It’s better to find ways to get money in the bank prior via loans/VCs/alternative sources of income/microfunds/angel investors.

Where do you see the company going now over the near term?

We are looking to expand our test track offerings.

We want to establish ourselves to be the first health/fitness tracker that uses the data that matters – your blood and saliva. People shouldn’t have to wonder if they are lacking vitamins or other levels from their diet, like vegetarians or blame themselves for lacking motivation or being tired. Answers might be in your blood!

What’s your favorite outdoor dining restaurant in NYC

Piccola Cucina.

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Author: HOCAdmin