6 min. Read

E&O’s 2021 underwriter. $610M in health tech funding.

Welcome back to E&O Mondays, the free newsletter from Exits & Outcomes that features the world’s most complete weekly health tech funding round-up, snippets from E&O’s research reports, health tech trivia challenges, and more…

 E&O Mondays

In this issue:

  • A note about E&O’s 2021 underwriter: One Drop. Plus an update on pricing for E&O’s Enterprise and Business plans.
  • I found more than $616 million in announced (and unannounced) funding (equity deals and debt financing) across more than two dozen deals between January 4, 2021, and a few hours ago when I had to start writing.
  • Plus: The long-awaited answer to last week’s new health tech trivia challenge.

Whoaaaaa there… take a minute to consider becoming a paying subscriber to E&O. Click here on over to the pricing page here.

E&O’s first underwriter. New subscription pricing.

Since starting Exits & Outcomes in 2019, one common suggestion (or criticism, really) that I hear from people who know more about these things than I do, is that my subscription price is too low at $200/seat/year. By mid-2020 I had decided that in January I’d raise my prices. But then I received a surprise email from Jeff Dachis, Founder and CEO of One Drop, in November. (You probably know Jeff from his work at One Drop, the AI-powered digital health platform for people with diabetes and other chronic conditions, but most people in media also know him as the founder of the pioneering ad agency, Razorfish.) Today, I am excited to announce that One Drop is E&O’s first underwriter.

What this makes possible and what changes: 

  • E&O’s low price point will stay in place for all new and renewing Personal Plans throughout 2021.
  • Each E&O newsletter will include a short message from One Drop.
  • This additional revenue will help E&O grow more quickly.

One of the pitfalls of advertising-based media companies is that it’s hard to stop adding more (and more and more) ads once you are in a position to sell them. I’m not going to do that. So, I’ve hinted that there will be some changes to the Enterprise and Business Plans’ pricing this year.  In mid-February, E&O’s bulk-purchasing plans will change to $1,500 for 10 seats (and $150 for each additional seat up to 29 total) and $3,000 for 30 seats (and $100 for each additional seat thereafter).

Let me know if you are considering a bulk seat purchase before prices go up: If it’s helpful, I can tell you how many of your company’s employees are currently paying for E&O. (I don’t feel comfortable sharing people’s names, so it’d just be a number. I can also contact them for you for a double opt-in.)

Alright, that’s a wrap on our house-keeping announcements here, except to say thanks for being a subscriber to E&O. I’m excited for 2021 and I hope you are too. Let me know if you have any questions?

This week’s health tech financing deals

Hinge Health, a digital musculoskeletal clinic, raised a massive $300 million Series D that valued it at $3 billion. Coatue Management and Tiger Global jointly led the round with help from existing investors Atomico, Insight Partners, Quadrille, 11.2 Capital, Lead Edge Capital, Bessemer Venture Partners, and Heuristic Capital. (Hinge Health is unusually focused compared to other digital health companies, which typically branch out into related medical conditions as they grow.) Site

Australia-based myDNA, which offers a DTC genetics testing kits and nutrition and exercise programs based on the results, raised $72.1 million in a mix of equity and other options. The company operates in the US as well as a few other countries outside of Australia. It also offers a pharmacogenomics testing kit. (This one reminds me of Canada-based Newtopia.) Site

Carrum Health, a digital health company that connects employers to Centers of Excellence (COEs) to provide their employees “better, more cost-effective healthcare”, raised a $40 million Series A. Tiger Global Management led with help from GreatPoint Ventures and Cross Creek. Return backers Wildcat Venture Partners and SpringRock Ventures chipped in too. Release

Capital Rx, a small PBM that touts its “cloud-native” platform as its differentiator, quietly raised $32 million. Capital Rx’s most notable customer might be Wal-Mart, which inked a deal with the PBM in July. Site

Missed this one from over the holidays: Octave Bioscience, which is developing a care management platform for multiple sclerosis, raised a $32 million Series B led by Northpond Ventures. New investors also include Deerfield Management and Casdin Capital. Return backers Blue Venture Fund, Echo Health Ventures, and Section 32 helped too. Octave is developing a diagnostic blood test, wearable remote monitoring technology, and better MS-specific analytics for MRIs. Release

Copenhagen-based Liva Healthcare, a digital health coaching company, raised $30 million (24.5 million euros) in a round led by Verlinvest. Return backers MIG, Digital Health Ventures, and Santo Venture Capital chipped in too. Novo Nordisk and Amgen are among Liva’s partners. Release

France-based Volta Medical, which is developing AI algorithms to treat cardiac arrhythmias, raised $28 million (23 million euros) in a round led by Gilde Healthcare with help from return backer Pasteur Mutualité. The company’s software is already FDA-cleared and CE marked. Site

AspenRx Health raised a $23 million Series B led by Bessemer Venture Partners. Takeda Digital Ventures, dRx Capital (Novartis’ Digital Venture Fund), and McKesson Ventures also chipped in along with return backers Humana and Flare Capital Partners. AspenRx has aggregated licensed pharmacists around the country and offers them up as a member or patient engagement workforce to risk-bearing entities. Or, as they put it: “The on-demand, flexible nature of the Aspen RxHealth platform enables health plans and other risk-bearing providers to unleash the capacity of licensed pharmacists around the country, expanding member engagement in the most cost-effective and efficient manner possible.” Release

SocialClimb, a SaaS company that promises medical practices “automated patient acquisition” services, raised $12 million from Resolve Growth Partners. Release

Monument, a DTC health services provider focused on alcohol use disorder, raised a $10.3 million Series A led by VMG Catalyst. Its release indicates plans to move beyond AUD. Release

BehaVR, a VR-based wellness and digital therapeutics company focused on stress, addiction, and pain, quietly raised $7.2 million. Site

Hurdle Health, formerly known as Henry Health, quietly raised $5.7 million. “Hurdle is mental healthcare for invisible barriers. Hurdle is the leading provider of culturally intentional mental health services. Hurdle exists to ensure that individuals can show up whole, operate with joy, and live with power.” Site

Switzerland-based telemedicine provider OnlineDoctor raised a $6.1 million (5 million euros) Series A round led by CSS and SwissHealth Ventures. Mutschler Ventures and PilotRock Ventures chipped in along with return backers Forty:one, EquityPitcher, and others. MobiHealthNews

Valera Health, a digital behavioral health company that sells to employers, quietly raised $4.7 million. Site

TeleSpine, which offers remote back pain management and health coaching, raised $3.9 million. Notably, TeleSpine’s partners include Teladoc and Welltok. Site

India-based Meddo, which offers digital primary care and secondary care services, raised $3 million in a pre-Series A led by SRI Capital and Picus Capital. VCCircle

Medmo, an DTC online appointment booking platform for medical scans or imaging tests, raised $3 million in a mix of equity, options, and other securities.

Cadence RX, which positions itself as a new, disruptive PBM, raised $2.5 million. From the company: “Our patient-centric platform is designed to drive a better patient experience, applying smart technology to drive improved content and decision making. Rich datasets apply a consistent application of proven science to create individualized medication experiences for case managers, injured workers and pharmacies that are proactive, adaptive, and engaging.” Site

Drugviu, which makes it easier for patients with autoimmune diseases to share their medical records with researchers, raised $1.6 million. Site

This one is a bit of a stretch: A virtual coaching program for remotely managing and training sports teams, MaxOne, raised $1.5 million. Site

Wisconsin-based Moxe, which describes itself as “the clinical data clearinghouse simplifying healthcare operations through targeted exchange of health data”, announced that it had raised an additional round of capital — without disclosing the amount. Its previous backers include 3M Ventures. Release

Oak FT/HC quietly invested in Unified Women’s Healthcare in December. Unified acquired maternity analytics company Lucina Analytics last summer.

Blue Venture Fund now has a stake in patient engagement and healthcare marketing company InsightIn HealthSite

Define Ventures has invested in Found, a prescription weight loss startup that uses both health coaching and pharmaceuticals (if appropriate) as part of its offering. Site

Balderton Capital acquired a stake in Flywire as part of a secondary market transaction last year. Flywire isn’t specifically healthcare-focused, but: “Flywire powers more than 50 leading U.S. hospitals and health systems with its digital healthcare payments platform and processes $14B in patient transactions, representing more than 12 million households.” Site

Health Tech Trivia Answer

OK, the long-awaited answer to last week’s trivia question is below, but first the one and only reader who got it right… Congrats to:

ICYMI… The Question: Which digital health founder is the son of a former Speaker of the United States House of Representatives? Only one hint: If you are a paying subscriber to E&O, you should know this one as I’ve mentioned this bit of trivia before…

The Answer: Dr. David Albert, Founder and Chief Medical Officer, AliveCor. Here’s the relevant snippet from The AliveCor Report, which E&O published in mid-2019:

“AliveCor might never have existed if the Speaker of the House during Watergate, Rep. Carl Albert (D-OK) hadn’t had heart issues. That inspired his son — years later — to pursue biomedical engineering coursework while in medical school at Duke. He took those courses so that he could figure out how to build a heart monitoring device for his dad. (Those weren’t so easy to find back in the 1970s.) Dr. David Albert, the co-founder of AliveCor, did end up getting his medical degree. And he went on to invent many medical devices for heart patients since he began tinkering at Duke.”

Whew, that’s a wrap on Issue 010 of E&O Mondays.
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