Bicycle Health has secured a $50 million investment to expand its virtual treatment offerings for opioid addiction.
The Boston-based company provides telehealth visits for people with opioid use disorder, same-day prescriptions and access to peer support and therapy. Its business model was made possible by changes to telehealth regulations during the pandemic.
Drug overdose deaths set a new U.S. record last year, according to the CDC, with the increase largely driven by the powerful synthetic opioid fentanyl.
“For too long, Americans struggling with opioid addiction have felt lost when looking for treatment options — whether due to lack of access to in-person facilities or the monetary and social costs traditionally associated with treatment,” said Ankit Gupta, founder and CEO of Bicycle Health, in a June 7 company news release.
The series B funding round was led by InterAlpen Partners, bringing the startup's total funding to $893 million. Bicycle Health is available in 25 states. The business said it has treated more than 15,000 patients.