The funding will help Bicycle Health increase the reach of its care. Here are the top-line bullets you need to know.
Bicycle Health, a provider of an at-home addiction treatment app, has raised $50M in a Series B. The round drew participation from City Light Capital, Questa Capital, Frist Cressey Ventures, and InterAlpen Partners.
HOW’S THE COMPANY PERFORMING?
- Massachusetts-based Bicycle Health provides virtual treatment to individuals combatting opioid addiction.
- To date, the platform has served 15K+ patients across 25 states in the US.
- Since 2021, the company has expanded operations into 7 new states and grown its team size by 134%.
Source: Bicycle Health
WHY DOES THE MARKET MATTER?
- The global telehealth market is expected to reach a value of $636.4B by 2028, growing at a CAGR of 32.1%, according to Fortune Business Insights.
- The institution of government initiatives to improve healthcare delivery has contributed to market growth.
- Growth has also been fueled by the increased demand for virtual healthcare and consultations amid the Covid-19 pandemic.
