Virtual health startup Vida Health announced it has received $25 million in funding — led by life science investment firm Ally Bridge Group — that will be used to expand its nationwide network of health providers and scale its sales and marketing teams.
Though a new valuation has not been disclosed, Vida Health was valued at $140 million by Pitchbook in June of 2019 after it raised $30 million in Series C funding. With this most recent announcement the company has raised a total of $83 million.
Vida Health partners with hundreds of health providers to offer digital tools and virtual health coaching to help people in the fight against chronic health conditions and mental health problems. Its health programs harness machine learning and biometric data in combination with virtual coaching to promote healthy behavior changes aimed at long-term health management.
With the COVID-19 pandemic forcing a massive amount of people to quarantine in their homes, Vida Health is seeing the demand for its services grow.
“We’re seeing a lot of demand for mental health. It’s the theme of the day, of every day,” said Stephanie Tilenius, the CEO and founder of Vida, speaking to San Francisco Business Times. “We’ve concluded that seven out of 10 people are suffering from some kind of stress, anxiety and depression related to Covid. So, you know, it’s intense.”
Vida Health’s services are purchased by employers as an add-on benefit for their employees, with the idea being that providing support for chronic and mental health issues will lower their healthcare costs and lead to a more productive and healthier workforce.
Though Tilenius did not disclose revenue figures, she did reveal that since the self-isolation orders were put in place in San Francisco, therapy sessions have increased by 15% week-over-week, while the number of people covered has risen by 250,000 to 1.4 million.
Source: San Francisco Business Times
May 1, 2020 – by Tony Bitzionis