BOSTON, June 07, 2022 (GLOBE NEWSWIRE) -- Bicycle Health, the leading provider of virtual opioid addiction treatment, today announced a Series B funding round of $50 million led by InterAlpen Partners, bringing the company’s total funds raised to $83 million. Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures, and City Light Capital. This round will enable Bicycle Health to continue expanding its evidence-based, virtual telehealth treatment model for opioid use disorder (OUD) as it tackles the opioid epidemic head-on.
“For too long, Americans struggling with opioid addiction have felt lost when looking for treatment options – whether due to lack of access to in-person facilities or the monetary and social costs traditionally associated with treatment,” said Ankit Gupta, founder and CEO of Bicycle Health. “Bicycle Health has proven there’s a different way to help people face their OUD, and with this latest round of funding, we will continue making our virtual care platform available to even more Americans battling OUD.”
Founded in 2017 to address the ever-worsening opioid epidemic, Bicycle Health helps more patients access stigma-free, affordable addiction treatment than ever before. Today, the company has become the leading provider of virtual opioid addiction treatment, reducing OUD symptoms in over 15,000 patients and saving the healthcare system over $1.1 billion. As a virtual OUD provider, the company currently offers the largest national coverage and is available across the most number of states, expanding into its 25th, Delaware, in May 2022. Bicycle Health is also the first and only virtual provider in the OUD space to publish a peer-reviewed study proving the efficacy of its telehealth model.
Bicycle Health's latest funding round will be used to continue growing the company’s team of clinical and technology innovators, advance its virtual care platform, expand access to its care through strategic partnerships, and develop even more research into the efficacy and outcomes of its virtual, Medications for Addiction Treatment (MAT) model for patients at all steps of their OUD recovery journey.
“InterAlpen Partners is deeply honored and excited to partner with Bicycle Health and its existing investors in leading this Series B growth financing,” said Stephen George, Founder and Managing Partner of InterAlpen Partners. “At the core of Bicycle Health is a culture that focuses on serving others, leveraging their technology and product expertise, medical and smart behavioral health programs, and sheer entrepreneurial creativity to create the leading digital health company in the market for helping people with OUD.”
Today’s news comes on the heels of a year of substantial momentum for Bicycle Health – including its expansion into 7 new states and the 134% growth of the Bicycle Health team since 2021. With 10 million people across America who stand to benefit from Bicycle Health, the company has only continued to grow and is currently projected to save the healthcare system nearly $25.9 billion by 2026.
"The mission-driven team at Bicycle Health is helping thousands of individuals successfully manage a condition that could otherwise have a devastating effect on their lives,” said Aabed Meer, MD, Partner at returning investor, Questa Capital. “It is inspiring to witness this dedicated team make a meaningful impact on individuals, families, and communities across the nation.”
Today, Bicycle Health has served over 15,000 patients across 25 states, increasing access to more affordable, flexible, and effective care to people struggling with OUD – wherever they may be.
About Bicycle Health
Bicycle Health offers confidential evidence-based virtual care for opioid use disorder, from the comfort of your home. We provide access to a highly trained team of medical experts, a customized treatment plan, same-day prescription refills for medication management, and access to peer support groups and therapy. Our mission is to provide high-quality, affordable, convenient, and confidential opioid use order treatment for those in need, with a vision to help anyone with a chronic disease live a happy, healthy, and fulfilling life.
Contact
LaunchSquad for Bicycle Health
bicyclehealth@launchsquad.com
