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.
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 COVID-19, I’m thankful that our platform is ready and able to meet this increased demand and improve the lives of those chronic patients who are most at risk of serious complications from this virus.”
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%. One Fortune 500 customer saw an average reduction of 84% in depression scores and 72% in anxiety scores, as assessed by the clinically validated Patient Health Questionnaire (PHQ-8) and the Generalized Anxiety Disorder Scale (GAD-7), respectively.