Total amount raised
$50 Millions
Latest funding date
06/01/2022
Location
Bicycle Health has successfully raised significant funding to support its mission of providing confidential online treatment for opioid use disorder (OUD).
Keep reading to explore the intricacies of Bicycle Health's fundraising journey and the investors backing this innovative telehealth platform.
What Is Bicycle Health?
Bicycle Health is a telehealth company specializing in confidential online treatment for opioid use disorder (OUD). Founded in 2017 by Ankit Gupta, the company is headquartered in Boston, Massachusetts.
They offer a range of services, including Medication Assisted Treatment (MAT) and Suboxone prescriptions, all accessible through a secure app. Their approach emphasizes convenience and confidentiality, making it easier for patients to receive the care they need.
With a dedicated team of over 100 employees, Bicycle Health has been recognized for its innovative approach to addiction treatment, including being named a TIME100 Most Influential Company in 2022.
How Much Funding Has Bicycle Health Raised?
- Series B Funding Round
- Amount Raised: $50 million
- Date: June 2022
- Lead Investors: InterAlpen Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the team, advance the virtual care platform, expand access through strategic partnerships, and develop research into the efficacy of its treatment model.
Total Amount Raised: $50 million. Current Valuation: Not publicly disclosed.
Key Investors
- InterAlpen Partners
- Details: InterAlpen Partners is a private equity firm that led the Series B funding round for Bicycle Health. They focus on investing in high-growth companies with innovative solutions.
- Investment Focus Areas: Healthcare, technology, consumer products
- Notable Investments: Not publicly disclosed
- Questa Capital
- Details: Questa Capital is a venture capital firm that participated in the Series B funding round for Bicycle Health. They specialize in growth-stage investments in healthcare companies.
- Investment Focus Areas: Healthcare services, medical technology, digital health
- Notable Investments: Medrio, DispatchHealth, Thirty Madison
- Frist Cressey Ventures
- Details: Frist Cressey Ventures is a venture capital firm that also participated in the Series B funding round for Bicycle Health. They aim to transform healthcare through strategic investments.
- Investment Focus Areas: Healthcare services, healthcare IT, medical devices
- Notable Investments: Aledade, Truepill, Spero Health
- City Light Capital
- Details: City Light Capital is a venture capital firm that participated in the Series B funding round for Bicycle Health. They invest in companies that aim to achieve financial success and social impact.
- Investment Focus Areas: Education, safety, environment
- Notable Investments: Trilogy Education, Ready Responders, OhmConnect
What's Next for Bicycle Health?
As Bicycle Health continues to expand its virtual opioid addiction treatment services, the opportunities ahead are vast. The company aims to grow its team of clinical and technology innovators, advance its virtual care platform, and expand access through strategic partnerships. With over 15,000 patients served across 25 states, the potential for growth is significant.
Future fundraising opportunities seem promising, given the increasing focus on virtual healthcare solutions and the growing need for effective opioid addiction treatments. However, challenges such as ensuring the efficacy of its virtual MAT model and navigating regulatory requirements across different states may arise. Despite these hurdles, Bicycle Health is well-positioned to solidify its leadership in the virtual healthcare space.
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