New capital to help Vida continue to scale virtual chronic mental and physical healthcare services after tripling revenue in 2020
Led by General Atlantic, the $110M Series D fundraise will help Vida continue to expand its network of providers, deepen its machine learning capabilities, broaden its commercial efforts, and provide more people the care they need.
May 05, 2021 08:56 AM Eastern Daylight Time
SAN FRANCISCO–(BUSINESS WIRE)–Virtual chronic care platform Vida Health announced today that it raised $110M in its Series D funding round led by General Atlantic and joined by Centene, AXA Venture Partners (AVP), and Ardea Capital Partners. Returning investors include Ally Bridge Group, Yahoo founder Jerry Yang’s AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital, and Workday Ventures.
Vida has more than tripled its revenue since the beginning of 2020 and expanded its existing nationwide network of therapists, coaches, dietitians, and diabetes educators by more than 400%. In that time, the company became the first major virtual chronic care platform in the U.S. to launch a complete, full-stack Spanish experience. Vida’s clients include employers like Boeing, Visa, Cisco, and eBay, along with some of the country’s largest health plans like Centene, Humana, and Blue Cross Blue Shield plans.
Vida’s rapid growth has been bolstered by the growing recognition that personalized, continuous virtual mental and physical care can be more effective and convenient than reactive, fragmented, in-person care. The company plans to use the new funding to continue expanding its network of clinicians, mental health coaches, dietitians, and licensed therapists to meet increasing demand for virtual care, particularly in mental health. The funding will also help deepen its machine learning capabilities, broaden its commercial efforts, and provide more people the care they need.
“Our mission is vast but simple: transform the lives of millions of people suffering from chronic mental and physical conditions,” said Stephanie Tilenius, Vida Health founder and CEO. “This new capital accelerates us toward our goal of impacting the lives of 100 million people globally through reversing the symptoms and costs of chronic disease. We’re thrilled to add marquee healthcare investors to help us scale our company and continue to develop the most efficient and innovative care solutions in the market.”
Vida’s unique approach is designed to integrate mental and physical care into one experience, enabling the company to deliver care to more patients and achieve stronger outcomes at a lower cost. Each patient’s experience is tailored through a personalized care team of one or more licensed healthcare providers, supplemented by machine learning that draws on data from medical and pharmacy claims, labs, devices, biometric data, and member-reported sources. By infusing cognitive behavioral science throughout the experience, Vida drives long-term behavior changes that address the root causes behind each condition.
Centene’s investment in Vida follows its successful 20-state deployment of Vida for its health insurance marketplace product, Ambetter, addressing members with chronic conditions. Many of the Centene members enrolled in Vida are being treated simultaneously for both physical ailments — like diabetes, high blood pressure, and obesity — and mental health ailments — like depression, stress, and anxiety.
“Providing virtual care options for our members living with chronic physical and mental conditions has never been more important,” said Kim Henrichsen, Senior Vice President, Population Health and Clinical Operations, for Centene. “We’ve seen positive outcomes in our partnership with Vida, including increased enrollment, member engagement, and health outcomes, and we are pleased to invest in Vida to help define a new standard for virtual care moving forward.”
Two of the most used products on the Vida platform help treat Type 2 Diabetes and mental health. There are more than 400,000 people with diabetes who currently have access to Vida’s services. A new study, recently accepted by JMIR, shows that the Vida Health diabetes program was effective in reducing HbA1c to values that were significantly lower than the pre-enrollment baseline. The company has historically seen, on average, a 1.5-2-point reduction in A1C for those members.
Additionally, with a 6000% increase in therapy sessions in Vida last year, mental health has had a big impact on Vida’s growth, and the company will continue to focus on expanding its mental health capabilities. Vida has multiple published studies demonstrating its efficacy in treating mental health ailments like depression and anxiety. In one JMIR study set for publication this summer, results show that 83% of participants reduce their depression or anxiety within 12 weeks of using Vida.
While all mental health ailments should be treated, not all ailments require therapy or medication. With this in mind, Vida Health is expanding its nationwide Mental Health Coaching program. The program allows Vida’s high-quality, vetted licensed therapists and cognitive behavioral coaches to work at the top of their licenses, with CBT-trained coaches working to treat sub-clinical conditions like stress, mindfulness and sleep, while licensed therapists manage patients who are suffering from clinical levels of depression, anxiety, and stress.
“Vida sits at the nexus of several thematic focus areas in which General Atlantic has had long standing conviction: virtual care, behavioral health, and healthcare analytics and AI,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare for General Atlantic.
Fletcher Gregory, Principal at General Atlantic, added, “Vida is differentiated by its polychronic focus, addressing complex patient needs by providing a full-spectrum, holistic platform. We look forward to supporting the company and its leadership team in further deepening Vida’s capabilities and presence in the market.”
About Vida Health
Vida Health is a virtual care platform intentionally designed to treat a person’s whole health by treating mental and physical conditions, together. Vida’s clinically validated approach combines an AI-powered, personalized experience with the support and human connection of coaches and therapists. Vida’s app offers video sessions, messaging, and digital content to help people prevent, manage, and reverse chronic conditions — like diabetes and hypertension — and the mental conditions that accompany them — like stress, depression, and anxiety. Some of America’s largest employers and health plans trust Vida’s whole health offering. Learn more at www.Vida.com.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.