USA –Virtual opioid use disorder treatment startup Bicycle Health has scored US$50 million in a Series B funding round led by InterAlpen Partners.
Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures and City Light Capital.
The Series B brings Bicycle’s total raise to US$83 million, building on a US$27 million Series A announced in June 2021.
Founded in 2017, Bicycle Health provides confidential, convenient and clinically-validated Medications for Addiction Treatment (MAT) and Integrated Behavioral Health support via telemedicine, for the treatment of opioid use disorder.
The startup currently operates in 25 states and growing, Bicycle Health creates customized treatment plans for each patient, delivered by a team of medical providers, behavioral health clinicians and clinical support specialists.
Treatment is delivered virtually and includes synchronous and asynchronous access to the patient’s care team, same-day prescription refills for medication management, access to peer support groups and psychotherapy, and regular in-home diagnostics testing to monitor a patient’s progress.
Bicycle offers virtual treatment for opioid use disorder, including medication assisted treatment like Suboxone.
Bicycle Health also provides referrals to primary care and community support services to address Social Determinants of Health.
Patients can set up an introductory call with the startup to determine if Bicycle’s treatment would work for them, and then schedule a virtual appointment to set a care plan and discuss medication-assisted treatment. Patients can also access health coaching and online support groups.
Bicycle said it plans to use the capital to grow its team, improve its virtual care platform, add strategic partnerships and conduct research to study the effectiveness of its treatment model.
Virtual opioid treatment market snapshot
Opioid use disorder continues to be a serious public health concern in the U.S. According to recently released data from the CDC, overdose deaths involving opioids increased from an estimated 70,029 in 2020 to 80,816 in 2021.
Additionally, overall drug overdose deaths increased 15% year-over-year.
Workit Health is another company in the general addiction care space, which raised US$118 million in Series C funding last year.
Quit Genius, which offers treatment programs for tobacco, alcohol and opioid addictions, wrapped up a US$64 million Series B round last summer. Opioid-focused Ophelia announced a US$50 million raise in December.
Digital mental health company Cerebral recently announced its own opioid use disorder treatment program.
Though the company plans to halt prescriptions for most controlled substances in the midst of a federal investigation into its prescription practices, Cerebral said it will continue prescribing medications for opioid use disorder.
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