Digital personal health and wellness companies powered by some very large deals secured $1.8 billion in the first half (1H) of 2021 compared to $300 million in 1H 2020, over a 500% increase year-over-year, according to the latest Mercom Digital Health Funding and M&A Report. The top six companies raised almost $1.5B in 1H.
Noom, a psychology-based digital health platform that helps people meet their health and wellness goals from weight management to diabetes prevention to stress reduction, announced a $540 million Series F funding round led by Silver Lake. Oak HC/FT, Temasek, Novo Holdings, Sequoia Capital, RRE, and Samsung Ventures, also participated. Noom has raised over $700 million to date in funding.
Tonal, a connected home fitness system, raised $250 million in the latest funding round, valuing the company at $1.6 billion. The Series E round was led by Dragoneer, a growth-oriented investment firm, with participation from Cobalt Capital, new athlete investors, and existing investors, including L Catterton and Sapphire Ventures. Tonal has raised over $450 million to date.
Gympass, a digital corporate wellbeing platform, announced a $220 million investment at a $2.2 billion valuation from Softbank, General Atlantic, Moore Strategic Ventures, Kaszek, and Valor Capital Group. Including the latest investment round, Gympass has raised $220 million to date.
Tempo, the developer of an AI-powered connected fitness system that provides various at-home fitness classes, raised $220 million in Series C funding. The round was led by SoftBank Vision Fund 2 with participation from new investor Steadfast Capital Ventures and returning investors DCM, General Catalyst, Norwest Venture Partners, and Bling Capital. Including the latest funding round, Tempo has raised nearly $300 million to date.
BetterUp, a digital employee wellness coaching platform, raised $125 million in a Series D funding round, bringing the company’s valuation to $1.73 billion. ICONIQ Growth led the financing with participation from existing investors, Lightspeed Venture Partners, Threshold Ventures, Plus Capital, new investors, Salesforce Ventures, Sapphire Ventures, and Mubadala Capital. BetterUp has raised a total of $300 million to date.
Akili Interactive, a creator of personalized digital prescription video game treatment designed to improve cognitive impairments in children, announced a $110 million Series D financing round. Neuberger Berman Funds led the funding round with participation from new investors Polaris Partners; Mirae Assets; Shionogi & Co., New Leaf Venture Partners; Dave Baszucki, Founder and CEO of Roblox Corporation; QUAD Investment Management, and Ladera Venture Partners. Including the latest funding round, Akili Interactive has raised approximately $300 million to date.
Digital personal health and wellness companies have raised nearly $6 billion since 2010, according to Mercom data.