AppThera

Who owns AppThera?

AppThera is currently owned by Ring Capital through Generations powered by EDHEC (2023 vintage), since 2024.

Hand-verified · updated 2026-05-22

About AppThera

AppThera is a French digital health company that operates a prescription and reference platform for digital therapeutics (DTx), letting physicians identify, prescribe and monitor clinically validated mobile applications for their patients. The platform curates a restricted directory of DTx solutions that carry CE marking or FDA clearance and that have demonstrated clinical benefit through randomized controlled trials, spanning therapeutic areas such as chronic pain, type 1 and type 2 diabetes, smoking cessation, insomnia, endometriosis, obesity and mental health. It positions itself against a fragmented market in which more than 350,000 health and wellness apps are available across app stores while only around 100 carry genuine clinical evidence, and it targets the industry's structural problems of high patient acquisition costs and weak engagement by routing prescriptions through the reimbursement system. AppThera is a project developed out of the Agora Health digital health startup studio in the Paris region.

Ownership journey

AppThera was founded in 2023 in the Paris area, emerging from the Agora Health startup studio dedicated to deploying digital medical devices, with a founding team that included Mikaly Rodriguez-Ruiz, Stephane Tholander, Helene Viatge and Mathilde Bres. In 2024 the company was backed by Ring Capital through its Generations powered by EDHEC fund, a pre-seed and seed impact vehicle launched in partnership with the EDHEC business school and targeting startups in environmental transition, health and well-being, responsible consumption and inclusion. The fund was raised with an ambition of around EUR 40 million and had already gathered more than EUR 20 million shortly after launch, selecting AppThera under its health and well-being mandate. Ring Capital remains an active investor and AppThera is still listed as a current portfolio company; no exit or secondary transaction has been recorded.

Under PE ownership

With the backing of Ring Capital's Generations fund, AppThera built out its curated directory of clinically validated digital therapeutics and connected them to France's reimbursement pathways, so that eligible DTx solutions can be prescribed and covered rather than paid out of pocket. The company frames its core metric around the number of patients whose health improves after using digital therapies prescribed through the platform, and it has expanded the breadth of conditions covered to include diabetes, chronic pain, tinnitus, low back pain, insomnia, endometriosis, obesity and eating disorders. Alongside the platform, AppThera has worked with the Agora Health studio on sector programs such as a DTx acceleration initiative addressing obesity treatment run with an industry partner. As a seed-stage company it remains small in headcount, and its progress since the investment has centered on curation, clinical validation standards and prescriber adoption rather than disclosed revenue scale.