Omada Health has successfully raised $427 million over 12 funding rounds, achieving a valuation of over $1 billion. The company offers virtual-first, integrated care programs that combine clinical protocols with behavioral science to help individuals manage chronic conditions.
Keep reading to explore the intricacies of Omada Health's fundraising journey and the investors backing this innovative platform.
What Is Omada Health?
Omada Health, founded by Sean Duffy, Adrian James, and Andrew DiMichele, is based in San Francisco. The company, established in 2011, focuses on providing virtual-first, integrated care programs to manage chronic conditions.
With a team of 501-1000 employees, Omada Health combines clinical protocols with behavioral science to offer personalized interventions for various health issues. Their programs are clinically supported and evidence-based, aiming to improve long-term health behaviors.
Omada Health works with over 1,600 enterprise customers, including Fortune 500 companies, and has enrolled more than half a million members across all 50 states. The company continues to inspire and engage people in lifelong health, one step at a time.
How Much Funding Has Omada Health Raised?
- Seed
- Amount Raised: $800,000
- Date: December 2011
- Lead Investors: NEA, Aberdare, Kapor Capital, TriplePoint Ventures, Esther Dyson
- Motivation Behind the Round: To develop and test Prevent, the first-ever online diabetes prevention program for the general public.
- Series A
- Amount Raised: $4,700,000
- Date: March 2013
- Lead Investors: U.S. Venture Partners (USVP)
- Motivation Behind the Round: To support the widespread, commercial rollout of Prevent and to begin treating other related diseases.
- Series B
- Amount Raised: $23,000,000
- Date: April 2014
- Lead Investors: Andreessen Horowitz
- Motivation Behind the Round: To expand the company's reach and enhance its diabetes prevention program.
- Series C
- Amount Raised: $48,000,000
- Date: September 2015
- Lead Investors: Norwest Venture Partners
- Motivation Behind the Round: To scale operations and improve the technological infrastructure of the platform.
- Series D
- Amount Raised: $73,000,000
- Date: June 2019
- Lead Investors: Wellington Management
- Motivation Behind the Round: To expand the company's chronic care programs and enhance its data analytics capabilities.
- Series E
- Amount Raised: $192,000,000
- Date: February 2022
- Lead Investors: Fidelity Management & Research Company
- Motivation Behind the Round: To bring virtual-first care to millions, expand the executive team, and enhance the technological roadmap for care and coaching personalization.
Total Amount Raised: $340,500,000
Current Valuation: $1 billion (~estimated)
Key Investors
- Fidelity Management & Research Company
- Details: Fidelity Management & Research Company is a leading investment management firm known for its extensive portfolio and global reach. They led Omada Health's Series E funding round.
- Investment Focus Areas: General investment management, technology, healthcare.
- Notable Investments: Uber, SpaceX, Airbnb.
- aMoon
- Details: aMoon is a health tech and life sciences venture fund based in Israel. They participated in Omada Health's Series E funding round.
- Investment Focus Areas: Health tech, life sciences, digital health.
- Notable Investments: Zebra Medical Vision, DayTwo, MeMed.
- Perceptive Advisors
- Details: Perceptive Advisors is a hedge fund focused on life sciences and healthcare investments. They are an existing investor in Omada Health.
- Investment Focus Areas: Life sciences, healthcare, biotechnology.
- Notable Investments: Moderna, CRISPR Therapeutics, Axovant Gene Therapies.
- Wellington Management
- Details: Wellington Management is one of the largest independent investment management firms in the world. They are an existing investor in Omada Health.
- Investment Focus Areas: Broad investment management, technology, healthcare.
- Notable Investments: Alphabet, Amazon, Facebook.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Silicon Valley. They led Omada Health's Series B funding round.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Facebook, Lyft, Slack.
What's Next for Omada Health?
Omada Health stands at the cusp of significant growth opportunities, driven by the increasing prevalence of chronic diseases and the rising adoption of virtual-first care models. With over 1,700 customers and access to 18 million covered lives, the company is poised to expand its reach further. The recent $192 million Series E funding will accelerate hiring, enhance their technological roadmap, and invest in innovative interventions through the Omada Insights Lab.
Future fundraising opportunities seem promising, given the company's record growth and market adoption. Omada Health's focus on personalized care and behavior change aligns well with industry trends, making it an attractive prospect for investors. However, challenges such as managing rapid growth, navigating a competitive landscape, and ensuring the cost-efficiency of interventions remain. Addressing these hurdles will be crucial as Omada Health continues to shape the future of chronic care management.
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