Bicycle Health Announces $5M Investment from Cobalt Ventures to Scale Treatment for Virtual Opioid Use Disorder

Bike health

The investment contributes to Bicycle Health’s $50 million Series B round

BOSTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — In a press release issued earlier today by Bicycle Health under the same title, note that the total amount of funding to date in the first paragraph has been changed from “$88 million” to “83 million dollars.” The full corrected text reads:

Bike Healththe leading provider of virtual opioid addiction treatment, today announced an investment from Cobalt Ventures to further accelerate the expansion of its opioid use disorder (OUD) treatment in telehealth. The capital is part of Bicycle Health’s Series B venture capital funding, bringing the company’s total funding to date to $83 million.

“In the US, almost 10 million people struggle with opioid use disorder, but only 10% are diagnosed or in treatment,” said Ankit Gupta, founder and CEO of Bicycle Health. “From lack of geographic access to high economic and social costs, in-person therapy 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 its evidence-backed telehealth treatment model. This additional funding from Cobalt Ventures will allow 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 more than 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 in 28 states. Bicycle Health is also the first and only virtual provider in the OUD space publish a peer-reviewed study demonstrating the effectiveness of the telehealth model.

“Bicycle Health has demonstrated a unique ability to identify, engage and retain the ‘silent sufferers’ of opioid abuse,” said 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 do not receive opioid use disorder treatment—Bicycle Health plays an important role in the impact of the enormous economic and societal costs of America’s opioid epidemic. Cobalt Ventures is proud to be a part of the company’s next chapter and help support and strengthen its mission to improve access to care for one of the leading public health crises of our time.”

Bicycle Health has experienced significant momentum in the past year – including expanding into a number of new states and growing the Bicycle Health team by 134% by 2021. With millions of people across America set to benefit from Bicycle Health, the company is currently projected to save the healthcare system nearly $25.9 billion by 2026.

To learn more about Bicycle Health’s evidence-based telemedicine treatment model, visit https://www.bicyclehealth.com/how-it-works.

About bike health
Bicycle Health offers confidential evidence virtual care for opioid use disorder, from the comfort of your home. We provide access to a highly trained team of medical experts, an individualized treatment plan, same-day prescription refills for medication management, and access to peer support groups and therapy. Our mission is to provide high-quality, affordable, convenient and confidential prescription opioid use treatment to those in need, with a vision to help anyone with a chronic illness live a happy, healthy and fulfilling life.

About Cobalt Ventures, LLC
Cobalt Ventures, LLC is the strategic venture capital arm of Blue Cross and Blue Shield of Kansas City, the largest not-for-profit health insurer in Missouri and the only not-for-profit commercial health insurer in Kansas City. Cobalt invests in high-growth companies that align with Blue KC’s mission and can scale nationally in the payer industry. Cobalt actively partners with entrepreneurs to bring innovative solutions to healthcare that increase overall quality, improve outcomes and reduce costs for customers and members. More information about Cobalt Ventures can be found at http://www.cobalt-ventures.com.

Contact
LaunchSquad for Bicycle Health
[email protected]

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