Teladoc Health Strategic Investment: Vida Health Raises $30 Million in Series C Funding
Investments from Strategic Partners GuideWell, Teladoc Health and Workday Ventures to Help Company Scale to New Customers
San Francisco, CA, June 19, 2019 — Vida Health, a personalized virtual care platform for physical and behavioral health, today announced the close of $30M in Series C investment. Strategic investors include GuideWell Mutual Holding Corporation, Teladoc Health and Workday Ventures. Existing investors from previous rounds also participated.
This round will go towards funding sales and marketing and expanding Vida’s national coaching and therapy network, enabling the company to reach more customers in a time when chronic disease is at an all time high.
Sixty percent of adults in the United States have one chronic disease, and 40% have two or more. More than 68% of adults with a mental health condition have at least one physical condition. Forty-three percent of individuals living with depression also have obesity. Individuals with multiple conditions face unique challenges and obstacles that are more than the sum of their parts.
Vida has the advantage of getting an early start in treating multiple conditions and diseases at once, addressing the root of the problem for chronic disease with digital therapeutic interventions and sustainable behavioral change.
“Since our founding, we’ve dedicated ourselves to supporting members as they manage their conditions every day, and we’re proud to say that our customer engagement and outcomes set the standard for chronic, physical, and mental health management and virtual care platforms,” said Stephanie Tilenius, founder and CEO of Vida Health. “We’re pleased to have such supportive partners as we enter this next phase of growth, and as we continue to address the full spectrum of care for physical and behavioral health.”
GuideWell is an innovative and well-known health solutions enterprise and parent to the leading health insurer in Florida. As a part of the partnership, GuideWell’s initial launch of Vida services will focus on members with co-morbidities while measuring cost and quality impact. Vida is also exploring a partnership with GuideWell Connect, a GuideWell subsidiary, on joint opportunities with existing and new health plan clients.
“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,” said Pat Geraghty, president and CEO of GuideWell and its health insurance company, Florida Blue. “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.”
As the global leader in virtual care delivery, Teladoc Health also recognizes the value of Vida’s member-centric approach to meeting the needs of people with multiple chronic conditions. Teladoc Health will be the exclusive virtual care partner of Vida, collaborating to deliver chronic care solutions with increasing digital and clinical integration.
“As virtual care is becoming the front door to healthcare, access to a complete range of clinical services, inclusive of care for chronic conditions, is a priority,” said Jason Gorevic, CEO, Teladoc Health. “We’re excited to partner with Vida Health to meet the broadest range of healthcare needs, creating even greater value for clients and members alike.”
Workday Ventures is the investment arm of Workday, a leader in enterprise cloud applications for finance and human resources. As part of its partnership with Workday Ventures, Vida will deliver single sign-on integration with the Workday system to help ensure its solution is even more convenient for joint customers.
“We’re proud to partner with a company like Vida Health because it puts people at the center of care with a virtual solution that empowers employees to be the very best they can be,” said Leighanne Levensaler, senior vice president, corporate strategy, Workday, and managing director & co-head, Workday Ventures.
Since the last round of funding, Vida has launched an updated platform for enterprise customers, which features targeted solutions for both behavioral and physical conditions including anxiety, asthma, COPD, depression, diabetes, hypertension, hyperlipidemia, pre-diabetes, among others.
The company also recently launched Habit Bundles, which tackle behavior change from every angle. Lifestyle choices, ranging from sleep patterns and nutrition choices, to responses to everyday stress have been shown to have outsized effects on the development of chronic disease and remain one of the key barriers to wellness.
Vida Health is currently deployed by Fortune 1000 employers and healthcare companies. Some customers include Avalon Bay, eBay, PayPal, Steelcase, FICO, Cisco, Visa, Veterans Affairs, MD Anderson Cancer Center, Aurora Health Care and Partners Healthcare.
To learn more, please visit www.vida.com.
SOURCE: Teladoc Health