Companies we’ve backed: Quit Genius
A digital clinic for beating addictive behaviour
Combining proven medical methods with cutting edge technology to combat addiction.
Beating addiction through app-based therapy
In 2018, US businesses spent $120 billion on healthcare claims directly related to smoking. Quit Genius pioneers a combination of behavioural therapy treatments with approved medications, to support employers and health plans as they help their members conquer substance addictions.
The program is built on the evidence-based principle of Medication-Assisted Treatment (MAT), and ‘Quit Coaches’ guide users through the process of overcoming an addiction by providing emotional support, and education. All this is delivered through the Quit Genius mobile app. To-date, Quit Genius has helped 60,000 people beat their nicotine addiction, and the product has demonstrated a 53% quit rate. With an increase in data of Quit Genius’ population, the company expects to significantly improve their current quit rate. In June, it also announced that the platform would be extended to cover alcohol and opioid addictions.
The team behind Quit Genius are of a rare breed – medical doctors from Imperial College London, with a history of entrepreneurship. Co-founders include Yusuf Sherwani (CEO), Maroof Ahmed (COO), and Sarim Siddiqui (CPO), and together their mission is an ambitious one…namely to help 100 million people quit their addictions.
Investors can access the opportunity to invest in companies like Quit Genius through some of our tax products such as Octopus Titan VCT or the Octopus Ventures EIS Service.
Remember, investing involves risk
Please remember that the value of an investment in VCT or EIS shares, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest.
In relation to tax products, tax treatment depends on individual circumstances and may change in the future. Tax reliefs depend on the VCT maintaining its qualifying status or the portfolio companies maintaining their EIS-qualifying status.
The shares of the smaller companies or VCT shares we invest in could fall or rise in value more than shares listed on the main market of the London Stock Exchange. They may also be harder to sell.
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