Funding has exploded into the diabetes management apps focused on blood sugar management, glucose monitoring, type 2 diabetes, and diabetes prevention with $800 million in 2020, a 400% increase compared to almost $200 million raised in 2019, according to Mercom’s latest digital health funding data.
Zhiyun Health, a mobile app for diabetes patients, raised $144 million in Series C+ and D rounds. SIG Asia Investments led the Series C+ round, with participation from OP Financial and Samsung Electronics. CMB International led the Series D round with participation from Bojiang Capital and LB Investment.
Virta Health, a type 2 diabetes management program provider through its virtual coaches, raised $65 million in Series D funding at a $1.1 billion valuation. Sequoia Capital Global Equities, which invests primarily in public companies and late-stage private companies, led the financing round with participation from Caffeinated Capital. Virta Health, founded in 2014, has raised nearly $300 million to date.
Omada Health, a provider of digital diabetes prevention programs through an app, raised $57 million from investment fund Perceptive Advisors. Founded in 2011, Omada Health has raised over $250 million to date; the company raised $73 million in 2019, at $600 million valuations.
Oviva, a digital program for Type 2 diabetes patients, raised $21 million in Series B funding. MTIP led the round, with participation from new investor Earlybird and existing investors AlbionVC, F-Prime Capital, Eight Roads Ventures, and Partech. Oviva has raised a total of $34 million in VC funding, including $12 million in Series A funding in 2017.
Fruit Street, which offers diabetes prevention programs through an app, raised $17 million, bringing its valuation to $55 million. Rather than turning to venture investors, the digital diabetes startup has focused its efforts on raising funds from physicians, with more than 300 investing in the company. Founded in 2014, Fruit Street has raised over $30 million to date. According to the company, its app-based program syncs with users’ Fitbits, glucometers, wireless scales, and blood pressure cuffs.
According to Mercom data, diabetes management apps have raised $2 billion since 2011.
Learn more about funding activity in diabetes health apps.