Today, Bicycle Health 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.