Virta Health has nearly doubled its valuation to $2B in 5 months. Here are the top-line bullets you need to know.
Virta Health, a telehealth platform that helps users reverse type 2 diabetes, has raised $133M in a Series E round led by Tiger Global Management, valuing the company at $2B.
How’s the company performing?
- California-based Virta Health develops a treatment program that combines a personalized ketogenic diet with coaching and remote monitoring to address type 2 diabetes. The company says that 94% of Virta patients eliminated or decreased insulin usage after a year.
- Virta Health’s client base includes approximately 100 large companies, health plan providers, and government organizations across the US, like Purdue University, US Foods, Nielsen, and Activision-Blizzard.
- This round follows a $65M Series D raise in December 2020, which valued the company at $1.1B.
Source: Virta Health
Why does the market matter?
- The global digital health market is projected to grow at a CAGR of 28.5% to reach a value of $640B by 2026, according to Statista
- The Covid-19 pandemic combined with increasing cases of chronic diseases like diabetes, obesity, Alzheimer’s, and cardiovascular disorders have increased adoption of digital tools and fueled technological advancements in healthcare.
- Companies and governments around the world have invested significantly on treatment of diabetes. The US alone has spent over $2T on treating diabetes in the last decade. Type 2 diabetes costs the US healthcare system around $300B a year, according to the CDC.
