Omada Health has raised $48 million in Series C funding in a round led by Norwest Venture Partners. Also participating in the round were two Omada customers and health care leaders – Humana and Providence Health & Services, as well as prior investors US Venture Partners, Rock Health, and Andreessen Horowitz, and new investors GE Ventures and dRx Capital.
The company will use the funds to expand its clinical research and publishing schedule, and drive improvement and enhancement of Prevent, its digitally-based lifestyle intervention that helps individuals reduce their risk for obesity-related chronic diseases such as diabetes and heart disease. The program combines smart technology like a wireless scale pre-synced to a participant's account, a proprietary health-related curriculum, on-demand access to a personal health coach, and an online peer network for support for those at the tipping point for chronic disease.
"Prevent has been held to the highest clinical rigor, is proven to work, and can be scaled to deal with the size of this epidemic," said Omada Health CEO and co-founder Sean Duffy. "The fact that this funding round includes not only world-class investors, but two customers who happen to be one of the country's largest health insurers and one of the largest not-for-profit health systems, is a huge vote of confidence in the company, and in our ability to tackle a huge – and costly – health care problem."
Omada is delivering clinically-meaningful results for a tipping point population – those most at-risk for developing obesity-related chronic diseases.Combining proven behavioral science and the power of social networking with cutting-edge technology and world-class design, Omada is delivering clinically-meaningful results for a tipping point population – those most at-risk for developing obesity-related chronic diseases. The company operates on a pay-for-outcomes pricing model that eliminates risk for enterprise customers, and is helping drive its growth in the marketplace.
Omada's staff has grown from 75 to 185 employees over the past year. Since its founding, the company has enrolled more than 20,000 Prevent participants. Its clients include health plans and self-insured employers such as Lowe's, Costco, and Iron Mountain; Prevent has also achieved outstanding clinical results with veterans, as well as seniors enrolled through Medicare Advantage plans. In the near future, Omada will begin providing Prevent to Medicaid and safety net populations.