Bicycle Health, the leading provider of virtual opioid addiction treatment, today announced a Series B funding round of $50 million led by InterAlpen Partners, bringing the company’s total funds raised to $83 million. Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures, and City Light Capital. This round will enable Bicycle Health to continue expanding its evidence-based, virtual telehealth treatment model for opioid use disorder (OUD) as it tackles the opioid epidemic head-on.
“For too long, Americans struggling with opioid addiction have felt lost when looking for treatment options – whether due to lack of access to in-person facilities or the monetary and social costs traditionally associated with treatment,” said Ankit Gupta, founder and CEO of Bicycle Health. “Bicycle Health has proven there’s a different way to help people face their OUD, and with this latest round of funding, we will continue making our virtual care platform available to even more Americans battling OUD.”
Founded in 2017 to address the ever-worsening opioid epidemic, Bicycle Health helps more patients access stigma-free, affordable addiction treatment than ever before. Today, the company has become the leading provider of virtual opioid addiction treatment, reducing OUD symptoms in over 15,000 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 the most number of states, expanding into its 25th, Delaware, in May 2022. 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.
“InterAlpen Partners is deeply honored and excited to partner with Bicycle Health and its existing investors in leading this Series B growth financing,” said Stephen George, Founder and Managing Partner of InterAlpen Partners. “At the core of Bicycle Health is a culture that focuses on serving others, leveraging their technology and product expertise, medical and smart behavioral health programs, and sheer entrepreneurial creativity to create the leading digital health company in the market for helping people with OUD.”
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