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February 23, 2022 03:21 PM

Omada Health achieves 'unicorn' status with Fidelity investment

Nona Tepper
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    Omada Health raised $192 million in a Series E venture funding round led by Fidelity Management & Research, boosting the chronic care startup's valuation to $1 billion, the company announced Wednesday.

    Omada Health will invest the money in hiring, developing its integration capabilities and growing Omada Insights Lab, its data science platform for identifying preventive care and intervention opportunities among its 18 million users. Investors aMoon, Perceptive Advisors, and Wellington Management and Civilization Ventures also contributed funding.

    The company is preparing to go public, which could happen later this year, CEO Sean Duffy said. "The markets right now are a little bumpy," he said. "One wouldn't want to go public if you have the ability to hang tight and watch what happens."

    The Series E round brings Omada Health's total funding to $454 million and comes on the heels of record growth for the startup, which provides virtual care to patients with chronic conditions including diabetes, hypertension and musculoskeletal conditions.

    The Series E round brings Omada Health's total funding to $454 million
    and comes on the heels of record growth for the startup,
    which provides virtual care to patients with chronic conditions including
    diabetes, hypertension and musculoskeletal conditions.

    The startup's more than 1,700 employer, health plan and health system customers generally pay a monthly fee for disease management and remote patient monitoring services. Omada Health added 3.5 million users in 2021, and contracts for digital care management of multiple conditions accounted for 32% of new business, the company said. Of the 18 million individuals who are eligible to use the platform, 550,000 people have actually signed up, Duffy said.

    Download Modern Healthcare’s app to stay informed when industry news breaks.

    The company gained an advantage near the end of the year when Cigna's Evernorth subsidiary designated it as a preferred provider on its Digital Health Formulary, giving Evernorth's 100 million members easy access to Omada Health services.

    The company's escalating valuation is a manifestation of record-breaking investment in health technology startups last year. Venture capitalists pumped $30.2 billion into such companies in 2021, more than double the $14.8 billion invested the prior year, according to Modern Healthcare's Digital Health Business & Technology.

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    • News
      • Current News
      • Providers
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      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Opinion
      • Bold Moves
      • Breaking Bias
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      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
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      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
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