CORRECTION - Bicycle Health Announces $5 Million Investment From Cobalt Ventures to Scale Its Virtual Opioid Use Disorder Treatment
The investment contributes to Bicycle Health’s $50 million Series B round
BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) -- In a press release issued earlier today by Bicycle Health under the same headline, please note the total funding to-date figure in the first paragraph has changed from "$88 million" to "$83 million." Complete corrected text follows:
Bicycle Health, the leading provider of virtual opioid addiction treatment, today announced an investment from Cobalt Ventures to further accelerate the expansion of its telehealth opioid use disorder (OUD) treatment. The capital is a part of Bicycle Health’s Series B venture capital financing, bringing the company’s total funding to-date to $83 million.
“In the U.S., nearly 10 million people are struggling with opioid use disorder, but only 10% are diagnosed or in treatment,” said Ankit Gupta, Bicycle Health founder and CEO. “From a lack of geographical access to high financial and social costs, in-person treatment is not designed for the majority of Americans. Over the past three years, Bicycle Health has proven that there is another way to treat addiction through our evidence-backed telehealth treatment model. This additional funding from Cobalt Ventures will enable us to expand our treatment to even more patients across the country, and ultimately help more people live addiction-free lives.”
Founded in 2017, Bicycle Health is the leading provider of virtual opioid addiction treatment, reducing OUD symptoms in over 18,000 patients and saving the healthcare system over $1.1 billion. As a virtual OUD provider, the company currently offers the largest national coverage and is available across 28 states. Bicycle Health is also the first and only virtual provider in the OUD space to publish a peer-reviewed study proving the efficacy of its telehealth model.
“Bicycle Health has demonstrated a unique ability to identify, engage and retain the ‘silent sufferers’ of opioid abuse,” stated David Eichler, President and Managing Partner of Cobalt Ventures. “By addressing the critical need for improved access to care - and delivering superior outcomes for the estimated 90 percent of patients who need but are not receiving opioid use disorder treatment - Bicycle Health is playing an important role in impacting the massive economic and societal costs driven by America’s opioid epidemic. Cobalt Ventures is proud to be a part of the company’s next chapter and help support and amplify its mission of improving access to care for one of the top public health crises of our time.”
Bicycle Health has seen substantial momentum over the past year – including an expansion into a slew of new states and the 134% growth of the Bicycle Health team since 2021. With millions of people across America who stand to benefit from Bicycle Health, the company is currently projected to save the healthcare system nearly $25.9 billion by 2026.
To learn more about Bicycle Health’s evidence-based telehealth treatment model, visit https://www.bicyclehealth.com/how-it-works.
About Bicycle Health
Bicycle Health offers confidential evidence-based virtual care for opioid use disorder, from the comfort of your home. We provide access to a highly trained team of medical experts, a customized treatment plan, same-day prescription refills for medication management, and access to peer support groups and therapy. Our mission is to provide high-quality, affordable, convenient, and confidential opioid use order treatment for those in need, with a vision to help anyone with a chronic disease live a happy, healthy, and fulfilling life.
About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue Cross and Blue Shield of Kansas City, the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Cobalt invests in high growth companies that align with Blue KC’s mission and can scale nationally across the payer industry. Cobalt actively partners with entrepreneurs in bringing innovative solutions to healthcare that increase overall quality, improve outcomes, and lower costs for customers and members. More information about Cobalt Ventures can be found at http://www.cobalt-ventures.com.
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