Emerald, a London-based preventive health platform, has raised £1.4 million in new funding, bringing its total funding to £2.9 million. The round includes a £700,000 grant from Innovate UK, the company's second award from the agency, and £700,000 from venture capital investors. Existing investors, Boost Capital Partners, and new backers Sequel and Highgoal Capital all participated in the raise.
From Credit Card Concept to Preventive Health
Alexander Badalyan and Anton Shchipanov initially planned to launch a premium credit card to compete with Amex and Yonder. User interviews revealed stronger demand for health screenings and access to general practitioners. The founders shifted direction and set up Emerald with Dr Dan McNally, an NHS clinician who oversees clinical operations.
Founder Team and Early Backing
Badalyan previously co-founded Mashroom, a UK proptech and insurtech startup, while Shchipanov worked on software at Revolut. McNally advised healthtech companies at Oliver Wyman and published London's first 28-day COVID mortality study. Emerald launched in 2024 and its Pre-Seed funding reached US$2 million following a US$1.2 million raise in January 2026.
Clinical Model and Regulatory Status
Emerald provides blood screening in clinics and offers an app that combines test results, wearable data, and personal health history. Members are assigned a general practitioner who can diagnose conditions, prescribe medication, and refer patients to private or NHS care. The company is registered with the Care Quality Commission for diagnostic and screening procedures and is approved as a UK Conformity Assessed Class I medical device by the Medicines and Healthcare products Regulatory Agency.
Early Outcomes and Member Growth
Emerald reports that membership has increased tenfold since early 2026 and that it has carried out more than 100,000 laboratory tests. Follow-up screenings show cholesterol levels improving for two out of every three users, blood sugar decreasing by a third, and inflammation dropping by nearly half. Badalyan said demand is strong for healthcare tools that move beyond testing and help people understand results and take action with guidance from trusted medical experts.
Distribution Through Employer Benefits
The startup collaborates with companies such as Pluxee, Epassi, and Yonder, as well as other firms in employee benefits, fintech, and fitness. Employers can add Emerald to their benefits offerings so staff can access screenings and follow-up care. Badalyan added that government efforts must be matched with innovative solutions capable of widespread reach.
Competitive Landscape and Market Outlook
Emerald faces competition from much larger players, including Neko Health, Function Health, Everlab, and UK-based Stride. Neko Health raised US$700 million in Series C financing in July 2026 and reached a valuation of nearly US$7 billion, while Function Health raised US$450 million and Everlab raised A$65 million. Unlike direct-to-consumer rivals, Emerald combines partner-lab testing with general practitioner support and delivers its service through employer benefits platforms.
Preventive Health Market Growth
The global preventive healthcare market is substantial, although forecasts vary by research firm. Precedence Research estimates the global market at US$336.17 billion in 2025 and expects it to reach US$920.31 billion by 2034, a compound annual growth rate of 11.84%. Transparency Market Research offers a more conservative projection of US$773.1 billion by 2034.
The new funding will support commercial expansion, product development, and clinical services, while the Innovate UK grant will help advance AI applications and core technology. Emerald had about 12 employees as of January 2026 and has not provided a hiring target. The company's employer-focused model positions it to provide regulated general practice services at scale as preventive health demand grows.