StripSupply secures funding

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Wednesday, June 27, 2018

BOSTON – StripSupply has secured seed round funding led by LaunchByte Ventures, alongside a group of serial entrepreneurs, physicians and angel investors. StripSupply, which seeks to disrupt the $11 billion glucose test strip market, provides FDA-approved strips on a subscription basis for up to 85% less than major retail pharmacies, it says. “The retail price for diabetic test strips at major pharmacies can be more than $100 for a 50-count vial; however, the manufacturing cost doesn’t typically exceed 15 cents per strip,” said Jay Hastings, CEO and founder of StripSupply. “That’s $600 a month for a person with diabetes that needs to test their glucose levels nine to 10 times a day to stay healthy and avoid serious complications like blindness, amputation or death.” In conjunction with the investment, Tan Kabra, founder and managing director of LaunchByte Ventures, and Cindy Ngugen, CFO of Circulation, will be added to the board of directors.