Bicycle Health, a virtual care startup providing evidence-based opioid use disorder (OUD) treatments, raised $27 million in a Series A funding round led by Questa Capital. City Light Capital, Emily Melton, and previous investor SignalFire, also participated in the round.
The company plans to use the funding to expand its clinician network, partner with additional payers, invest in research, and continue building local community partnerships.
Founded in 2017, Bicycle Health provides clinically validated Medications for Addiction Treatment (MAT) and Integrated Behavioral Health support via telemedicine to treat opioid use disorder. Present in over 20 states, Bicycle Health creates customized treatment plans for each patient, delivered by a team of medical providers, behavioral health clinicians, and clinical support specialists.
According to the company, treatment is delivered virtually and includes synchronous and asynchronous access to the patient’s care team, same-day prescription refills for medication management, access to peer support groups and psychotherapy, and regular in-home diagnostics testing to monitor a patient’s progress.
The pandemic has led the company to 30% growth month over month and is now the largest virtual care platform for OUD by geographic footprint and insurance coverage.
Ankit Gupta, Bicycle Health CEO/Founder, said: “Since COVID-19 hit, patients with opioid use disorder have really suffered. Overdose deaths due to opioids are up 29%, in-person clinics have shut down and 40% of counties in the US have no opioid use, disorder provider. Our mission is to provide confidential, convenient, and affordable whole-person care to anyone who needs help.”
“We at Questa are honored to support Ankit and the experienced team at Bicycle in their efforts to combat OUD, a disease that causes profound damage to millions of individuals, their families, and our society. Bicycle has a team with a demonstrated ability to scale and is a leader in providing virtual care for OUD using the clinically validated model of MAT. We have evaluated various treatment models used to care for individuals with OUD and have conviction in the effectiveness of Bicycle’s patient-centered model”, commented Ryan Drant, Managing Partner at lead investor Questa Capital.
Telehealth emerged as the most funded category in digital health during the first quarter of 2021, receiving a total of $2.4 billion, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.