PatientsLikeMe, a personalized health network for patients living with 2,900 conditions, raised $26 million in financing led by Alta Partners, Hambrecht Ducera Growth Ventures, Optum Ventures, and PBM Capital. Jeff Leerink and Symphony Ventures also participated in the round.
PatientsLikeMe plans to put to use the funding to support and empower people managing significant health conditions.
PatientsLikeMe provides a community of more than 830,000 people with over 2,900 conditions to share personal stories and information about their health, symptoms, and treatments, intending to improve the lives of all patients through knowledge derived from shared real-world experiences and outcomes according to the company.
The platform enables the patient community to put their disease experiences in context and find answers to their questions. It further connects directly with patients who have the same conditions, are experiencing the same symptoms, or have used similar treatments.
“Understanding and sharing experiences have never been more important than right now – in the middle of a global pandemic, in which people are isolated, stressed, and fearful of risks to their health and quality of life. Communities can connect, learn, and heal on PatientsLikeMe. Through connection, patients can take ownership of their health, together”, commented Jeff Leerink, CEO of SVB Leerink.
Paul Manning, Chairman and CEO of PBM Capital sees exceptional potential for PatientsLikeMe to advance life sciences research and development through the power of patient communities and knowledge sharing. “Investors are leaning in to ensure the company is fully supported to serve consumers, as well as healthcare partners with a diversity of interests, from research to care management, patient engagement, clinical trials, and community support,” said Mr. Manning. “The company has the capacity to deliver the largest network of patient data in the world to enable breakthrough research.”
According to Mercom funding data, Social Health Network companies have raised close to $1.5 billion since 2010.