Digital opioid use dysfunction therapy startup Bicycle Well being scored $50 million in a Collection B funding spherical led by InterAlpen Companions.
Different contributors within the spherical embrace present buyers Questa Capital, Frist Cressey Ventures and Metropolis Gentle Capital. The Collection B brings Bicycle’s complete elevate to $83 million, constructing on a $27 million Collection A introduced in June 2021.
WHAT IT DOES
Bicycle gives digital therapy for opioid use dysfunction, together with treatment assisted therapy like Suboxone. The startup presently operates in 25 states.
Sufferers can arrange an introductory name with the startup to find out if Bicycle’s therapy would work for them, after which schedule a digital appointment to set a care plan and talk about medication-assisted therapy. Sufferers also can entry well being teaching and on-line help teams.
WHAT IT’S FOR
Bicycle stated it plans to make use of the capital to develop its staff, enhance its digital care platform, add strategic partnerships and conduct analysis to review the effectiveness of its therapy mannequin.
“For too lengthy, People combating opioid habit have felt misplaced when searching for therapy choices – whether or not as a consequence of lack of entry to in-person amenities or the financial and social prices historically related to therapy,” CEO and founder Ankit Gupta stated in a press release. “Bicycle Well being has confirmed there’s a distinct means to assist individuals face their OUD, and with this newest spherical of funding, we’ll proceed making our digital care platform obtainable to much more People battling OUD.”
MARKET SNAPSHOT
Opioid use dysfunction continues to be a critical public well being concern within the U.S. In response to lately launched information from the CDC, overdose deaths involving opioids elevated from an estimated 70,029 in 2020 to 80,816 in 2021. Total drug overdose deaths elevated 15% year-over-year.
One other firm within the common habit care house is Workit Well being, which raised $118 million in Collection C funding final 12 months. Stop Genius, which gives therapy packages for tobacco, alcohol and opioid addictions, wrapped up a $64 million Collection B spherical final summer time. Opioid-focused Ophelia introduced a $50 million elevate in December.
Digital psychological well being firm Cerebral lately introduced its personal opioid use dysfunction therapy program. Although the corporate plans to halt prescriptions for many managed substances within the midst of a federal investigation into its prescription practices, Cerebral stated it is going to proceed prescribing medicines for opioid use dysfunction.
