Vida Health Nabs $25M to Expand Virtual Health Platform for Personalized Mental and Physical Care
What You Should Know:
– Virtual healthcare platform, Vida Health, announced today that it raised $25 million in new funding to meet the increased demand for mental and physical virtual care.
– Since launching in 2014, Vida has fine-tuned its approach to mental health. Participants working with Vida’s nationwide therapy coverage in all 50 states have shown an average reduction of anxiety and depression by more than 50%.
Vida Health , a
personalized virtual care platform
for physical and behavioral health has raised $25M in funding led by Ally
Bridge Group (ABG), a leading global life science investment firm. Returning
investors include Yahoo! founder Jerry Yang’s AME Cloud Ventures, Aspect
Ventures, Canvas Ventures, NGP Capital, Webb Investment Network, and Workday
Ventures.
Mental and behavioral disorders affect 50+ million people in
the U.S. and, according to the National Institutes of Health, cost the U.S.
economy $193.2+ billion in lost productivity and earnings. Yet, historically, 60%
of those affected don’t seek treatment. With COVID-19 exacerbating uncertainty,
anxiety, and depression, virtual mental health has seen a dramatic increase in
demand in the last several months.
Digital Platform Driving Member Engagement & Behavior
Change
Founded in 2014, Vida has the advantage of getting an early
start in treating multiple conditions and diseases at once, addressing the root
of the problem for chronic disease with digital therapeutic interventions and
sustainable behavioral change. Vida pairs individuals with a human health
coach who is an expert in behavior change and knowledgeable in the
area of need, whether it’s nutrition, weight loss, fitness, diabetes, stress
management or other conditions.
The platform integrates deep individual expert care with
data-driven technology and remote monitoring to deliver best-in-class health
outcomes and cost savings to employers and health plans. To-date, some of the
largest nationwide health plans and employers have benefited from Vida’s unique
offering.
Recent Traction/Milestones
The COVID-19 pandemic is shining a light on the growing need
for virtual, personalized mental and physical care. Since COVID was declared a
pandemic in early March, Vida Health has launched to 500k+ new lives, bringing
the total number of covered lives to more than 1.4 million. Vida Health
co-founder and CEO Stephanie Tilenius said the funding will be used to help
meet the increased demand for virtual care, particularly in mental health.
“Every founder hopes to see the company they’ve worked so
hard to build become part of a solution to something big,” said Tilenius.
“While I never would have hoped for a tragic pandemic like...
