Omada Health Gets $192M to Accelerate Virtual Chronic Care Treatment
San Francisco-based digital healthcare company Omada Health has raised $192 million in a Series E funding round.
Omada offers a suite of programs for the prevention and self-management of conditions such as diabetes, hypertension, and mental health. Omada combines professional health coaching, connected health devices, real-time data and personalized feedback to deliver clinically meaningful results. The company is the largest CDC-recognized provider of the National Diabetes Prevention Program.
Omada said it has been successful in helping people navigate the complexity of their chronic conditions by focusing on behavior change and insights-driven coaching, across critical clinical areas for employers and health plans.
“Omada Health’s mission is to solve the problem of chronic care treatment in the U.S. There are so many inefficiencies in the healthcare system that hinder individuals from truly managing their health,” said Sean Duffy, co-founder and CEO of Omada Health, in a statement. “With a 10-year track record, Omada’s approach is delivering outcomes that outpace the industry. This latest round of funding not only validates, but accelerates our mission in offering virtual chronic care treatment to millions of people across the U.S. With the support of our investors, Fidelity, aMoon, Civilization Ventures and others, we’re able to better support our customer growth and usher in a new model of care.”
Omada Health currently serves more than 1,700 customers and 550,000 members – up from 1,000 customers in 2019. It now has access to over 18 million covered lives across our employer and health plan channels, with more than 3.5 million covered lives added through new deals in 2021. Multi-product contracts accounted for 32 percent of Omada’s new business deals in 2021. It earned preferred status on the Evernorth Digital Health Formulary for its cardiometabolic digital chronic care programs. The preferred status expands Omada Health’s reach to more than 100 million members.
The funding round was led by Fidelity Management & Research Company with participation from aMoon, existing investors Perceptive Advisors, Wellington Management, Civilization Ventures, and others.
The company said the new funding will be used to:
• Accelerate hiring at all levels to meet growing customer demands.
• Accelerate technological roadmap for care and coaching personalization to further improve on delivering better health outcomes.
• Increase investment in the Omada Insights Lab to unearth the most innovative, cost-effective interventions.
