Total amount raised
$50 Millions
Latest funding date
6/1/2022
Location
Bicycle Health has successfully raised $83 million over multiple funding rounds, with significant backing from investors such as Questa Capital, Frist Cressey Ventures, and SignalFire. The platform specializes in providing confidential and affordable online treatment for opioid use disorder through a secure app.
Keep reading to explore the intricacies of Bicycle Health's fundraising journey and the investors backing this innovative telehealth service.
What Is Bicycle Health?
Bicycle Health, founded in 2017 by Ankit Gupta, is based in San Francisco, California. The company specializes in virtual addiction medicine, focusing on treating opioid use disorder through telehealth services.
They offer a range of services, including Suboxone Treatment, Follow-up Care, and Emergency Care Coordination, all delivered via a secure app. Their approach emphasizes convenience, confidentiality, and comprehensive care.
With a team of 101-250 employees, Bicycle Health has been recognized for its innovative approach to addiction treatment, serving over 30,000 patients and being named a TIME100 Most Influential Company in 2022.
How Much Funding Has Bicycle Health Raised?
- Venture Round
- Amount Raised: $5.3M
- Date: May 2020
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand its reach.
- Series A
- Amount Raised: $27M
- Date: June 2021
- Lead Investors: Questa Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve service delivery.
- Series B
- Amount Raised: $50M
- Date: May 2022
- Lead Investors: InterAlpen Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and develop new technologies.
- Series B
- Amount Raised: $5M
- Date: September 2022
- Lead Investors: Cobalt Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Venture Round
- Amount Raised: $16.5M
- Date: January 2025
- Lead Investors: Questa Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale virtual opioid use disorder treatment to more patients nationally.
Total amount raised: $83 million. Current valuation: Not publicly disclosed.
Key Investors
- Questa Capital Management
- Details: Questa Capital Management is a venture capital firm that focuses on healthcare investments. They have been a lead investor in multiple funding rounds for Bicycle Health.
- Investment Focus Areas: Healthcare, technology, growth-stage companies.
- Notable Investments: Medrio, Thirty Madison, Bicycle Health.
- SignalFire
- Details: SignalFire is a venture capital firm known for its data-driven approach to investing. They have participated in several funding rounds for Bicycle Health.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Grammarly, Ro, Frame.io.
- Frist Cressey Ventures
- Details: Frist Cressey Ventures is a venture capital firm that invests in healthcare services and technology. They have been a consistent backer of Bicycle Health.
- Investment Focus Areas: Healthcare services, technology.
- Notable Investments: Aledade, Truepill, Bicycle Health.
- InterAlpen Partners
- Details: InterAlpen Partners is a growth-stage investment firm with a focus on healthcare and technology. They led a significant Series B round for Bicycle Health.
- Investment Focus Areas: Growth-stage companies, healthcare, technology.
- Notable Investments: Health Catalyst, Omada Health, Bicycle Health.
- Cobalt Ventures
- Details: Cobalt Ventures is a venture capital firm that focuses on healthcare investments. They participated in a Series B round for Bicycle Health.
- Investment Focus Areas: Healthcare, life sciences.
- Notable Investments: Not publicly disclosed.
What's Next for Bicycle Health?
As Bicycle Health continues to expand, the opportunities are vast. With plans to partner with more payors and health systems, the company aims to broaden its reach and provide care to even more patients nationwide. The ongoing opioid epidemic underscores the urgent need for their services, presenting a significant market opportunity.
Future fundraising efforts seem promising, especially given their recent profitability and successful funding rounds. The addition of experienced executives in finance and operations positions Bicycle Health well for attracting further investments. However, challenges such as navigating the healthcare payor ecosystem and maintaining care quality as they scale will require careful management.
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