Startups, Health Services, Payers

Vida Health raises $30M Series C from GuideWell, Teladoc and Workday

The San Francisco company offers personalized health coaching and therapy to help users better manage their physical and mental chronic health conditions like anxiety, asthma, COPD, diabetes, depression and hypertension.

San Francisco-based virtual health coaching company Vida Health has raised a $30 million Series C financing round from investors GuideWell Mutual Holding Corporation, Teladoc Health and Workday Ventures.

The capital raised in the round will be directed at helping the company grow its sales and marketing operation and positions Vida Health in a stronger position strategically as it looks to scale up its presence in the market. Existing investors also participated in the round.

Vida Health was founded in 2014 and has raised around $58 million in total. The company offers personalized health coaching and therapy to help users better manage their physical and mental chronic health conditions like anxiety, asthma, COPD, diabetes, depression and hypertension.

The company predominately sells its services – which includes connected devices like glucometers and scales – to self-funded insurers like eBay, PayPal and Cisco.

One growing area of business for Vida have been health plans who are looking to better manage their high-risk populations through virtual means.

As part of its new partnership, GuideWell, which is associated with the Florida Blue health plan, will incorporate Vida’s services to help manage the conditions of members with co-morbidities and measure its impact on outcomes and cost savings.

“When we first started looking for a partner for our commercial insurance business, we knew we needed something that could address the needs of our entire population without losing the ability to personalize solutions,” GuideWell CEO Pat Geraghty said in a statement.

“Vida Health fits the bill as a virtual care platform for chronic disease management that combines both the human touch and the technology to scale. We’re very pleased to find a team that shares our values of care and we look forward to rolling it out.”

The new relationship with major telemedicine provide Teladoc will also allow Vida to better integrate virtual clinical care solutions as part of its existing offerings.

The company recently brought in Cynthia Mark as its chief commercial officer who previously served as Teladoc Health’s national market leader.

Vida Health is one in a crop of chronic disease management companies that have sought to merge both physical and behavioral health services, launching its CBT programs a few years back.

Since then, competitors like Livongo and Omada have acquired and launched their own behavioral health arms to address the signficiant comorbidities that exist between physical and behavioral health conditions.

Livongo has taken a leadership position within the market with more than 650 enterprise customers and reportedly plans to go public later this year.

Credit: Getty Images, pixelliebe

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