This article originally appeared in the November/December issue of Startups Magazine. Click here to subscribe

A big statement, and an already crowded market (think those Wellman and Wellwoman supplement adverts seen on the London Underground), with the global vitamin supplements market size being valued at $44.12 billion in 2020. Yet as all startups will know, you don’t have to make something new, just do it better. And being better than the run-of-the-mill multivitamins might be an understatement when it comes to Bioniq.

BRINGING BIONIQ TO LIFE

Fedotov is no stranger to business. After all, at 26 years old, he was “the youngest CEO in 48 countries.” Yet it’s this synthesis of his experience as an athlete plus his time working in the corporate world that helped link the two together.

“In 2018, there were no companies capable of providing more than just traditional vitamins. No one provided personalised solutions for people like myself,” said Fedotov. “Bioniq came from my personal need to feel better and know what exactly is happening with my body to reach the goals that I set for myself.”

So, in 2019, Bioniq was born! But just because Fedotov saw problems with the way people supplemented themselves, does not mean they did. “The education of the market regarding the concept that one size does not fit all was a challenge for us,” said Fedotov. “As a man, you might need four or five, as an athletic man that might actually be six, as an older man you might need three, as a woman, depending on whether you are pre- or post- menopause, you might need two or none. But still, everybody's prescribed to take two. We don't believe that this is the right approach for the year 2023.”

Whether certain global events like Covid helped people take a more in-depth look at their health, Bioniq’s messaging managed to break through, the startup has now managed to expand beyond its London HQ to include offices in Berlin, Dubai, and New York - with 85 people in its ranks.

BIONIQ’S BLUEPRINTS

The process starts with customers sending a small sample of blood or an existing test from a lab to Bioniq to be analysed via blood test. An algorithm then analyses the results to create a custom formula in Bioniq’s London laboratory based on that individual person’s makeup. It uses these diagnostics to understand the body's physical capabilities and track people's blood values and overall health changes while creating tailor-made micronutrients. By using these blood markers, Bioniq’s service evolves and changes according to the individual consumer's body, providing them with the right vitamins when they need them. Not only is this level of depth unprecedented in the multivitamin field, but so is payment for it: a subscription service. Why a subscription?

Your body is constantly evolving based on your needs and goals. What your body requires in the winter may differ from what it needs in the summer or during periods of work-related stress,” Fedotov explains. “Once you subscribe, your Bioniq formula is continuously updated, ensuring you never receive the same formula with identical ingredients twice.”

The mixture itself is made of patented Swiss-made granules that users take a scoop from in the morning and in the evening (with the accompanying app providing a handy reminder) to get their daily dose. Switzerland has the same regulations for dietary supplements as for pharmaceutical, meaning the ingredients allow higher absorption levels without any toxicity in the body.

All these factors, of course, make Bioniq confident in its personalised approach to multivitamins. So much so that they have put it through studies under stringent conditions. The results obtained from studies show evidence of a net improvement in the performance of participants in many areas.

WHAT NEXT FOR BIONIQ?

Having created over 40,000 unique formulas, featured in mainstream media titles like The Independent and GQ, and partnered with the UFC, it’s hard to see beyond the heights already achieved to see what’s on the horizon for Bioniq. But it doesn’t end there.

“Because we have collected so much data from these blood tests, we have been able to refine the predictive ability of our algorithm to the point that we can create a highly personalised supplement that is superior to our competitors, without the need for a blood test,” Fedotov explains. “So, we have launched a consumer-facing product called Bioniq GO, which is available globally, and only requires the client to complete a health questionnaire.”

Alongside this new product launch, Fedotov sees utility beyond making people perform better. Insurance is the next goal for Bioniq, with insurers using their data to influence part of their coverage. But until then, what Bioniq has built is a paradigm shift in the supplement market and has made people understand the utility of personalising multivitamins.