Wheel raises $150M, Big Health scores $75M and more digital health fundings


Wheel, a virtual care staffing and services vendor, raised $150 million in a Series C funding round led by Lightspeed Venture Partners and Tiger Global.

Other investors participating in the round include Coatue, Salesforce Ventures, CRV, Tusk Venture Partners and Silverton Partners. The Series C comes less than a year after a $50 million round from May, and brings the company’s total raise to $216 million. 

Launched in 2018, the telehealth startup plans to use the capital to invest in its platform and expand diagnostics services. It also plans to hire more workers, grow its network of clinicians, improve its clinical platform and add to its provider onboarding and education programs.

“Telehealth 1.0 brought healthcare visits online but companies are still struggling to meet their patients’ care needs,” Wheel CEO and cofounder Michelle Davey said in a statement. “We recognized that in order to move the healthcare industry forward and truly deliver on the promise of virtual-first care, we need both the infrastructure and workforce that can deliver ‘anytime, anywhere’ care. We’re excited to continue leading the charge and making personalized care a reality.”

Digital therapeutics company Big Health scored $75 million in Series C funding. 

The round was led by SoftBank Vision Fund 2, with participation from ArrowMark Partners, Octopus Ventures, Gilde Healthcare, Kaiser Permanente Ventures and Morningside Ventures.

The company, which makes the Daylight therapeutic for anxiety and Sleepio for insomnia, said the investment will speed its commercial growth and product strategy. It said it plans to launch six new digital therapeutics by 2024.

Big’s last funding round came in June 2020 with a $39 million Series B raise.

“Our digital therapeutics offer an equitable, safe and effective non-drug alternative at a huge scale, and our products are backed by leading clinical evidence, with more than 28,000 participants across our clinical studies,” cofounder and CEO Peter Hames said in a statement.

“With strong commercial partnerships, including the ability to bill through the PBM [pharmacy benefit manager], we now have the rails in place to improve health outcomes at an enormous scale. We are proud to announce our Series C funding, which will further fuel our growth and the mass adoption of digital therapeutics.”

NuvoAir, a digital health company focused on managing chronic respiratory conditions, announced an $11 million extension to its Series A round, bringing its total to $25 million.

The investment, which came from Hikma Ventures, will be used to expand NuvoAir’s platform and its team, launch clinical services with providers and payers, and work on new clinical trial partnerships.

“We are really excited to have Hikma Ventures join our existing investors to help us expand our unique service model and technology to support a truly patient focused approach to delivering clinical care and clinical trials,” Lorenzo Consoli, founder and CEO of NuvoAir, said in a statement.

Clinical trial platform Topography Health launched out of stealth Wednesday with $21.5 million in Series A funding.

The round was led by Bain Capital Ventures, with participation from existing investor Andreessen Horowitz. The company also raised $6 million in seed funding in 2020.

The startup provides a platform and support for physicians to run clinical trials in their communities.

“Few physicians have the support and infrastructure to continue advancing medical innovation and research in private practice,” CEO and cofounder Alexander Saint-Amand said in a statement. “By collaborating with private practice physicians and equipping them to be clinical investigators, we can expand patient data sets, treat a wider range of chronic or life-threatening conditions, and give more Americans access to the healthcare and therapies they deserve.”

Mantra Health, a digital mental health startup for college students and young adults, raised $22 million in a Series A financing round led by VMG Partners.

Other investors participating include New Market Venture Partners, Elements Health Ventures, 14W, Alumni Ventures, Canaan Partners, Global Founders Capital, Baleon Capital, Western Tech Investments and City Light Capital.

The company will use the funds to grow its network of providers, improve its clinical infrastructure and enhance its capabilities to handle a variety of mental health needs, including for more severe conditions. It also will use the proceeds to grow its scholarship for students from marginalized backgrounds who are studying to join mental health professions.

“There is an urgent demand to remove the barriers that exist for young adults to access evidence-based and culturally competent mental health care,” Mantra cofounder and CEO Ed Gaussen said in a statement. “With this infusion of new capital, we will focus on removing these obstacles by handling more complex diagnoses, building a more robust provider network across 50 states, and doubling down on insurance partnerships.

“We’re also excited to continue investing in the future of mental health professionals through our Diversity Scholarship program to make sure all young adults in America have the mental support they need to succeed within their reach.”



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