Valuation Estimated at $3 Billion
According to the terms of the latest fundraiser, the company is valued at $3 billion. Raised funds will be used to further expand clinical capabilities for their business. The startup focuses on offering digital solutions (Digital Clinic) for back and joint pain.
“Hinge Health is eliminating variability in healthcare quality and instead delivering better outcomes through consistent digital-first clinical care no matter where a person lives across the country,” explained Hinge Health CEO and Co-Founder Daniel Perez.
“We are investing in deepening our MSK clinical capabilities by building advanced technologies and tripling our clinical team of doctors, physical therapists, and health coaches.”
The company said its customer base tripled amid the pandemic, which has accelerated digital transformation in the business world. Moreover, the revenue quadrupled after recording a 937% growth in added covered lives.
Hinge Health’s primary base is US-based employers and health plans as the company attempts to establish its business as a leading digital healthcare solution for chronic musculoskeletal (MSK) conditions. Boeing among its biggest clients
“As the shift toward virtual healthcare condensed from an expected timeline of years to a matter of months, we saw how well Hinge Health responded and reacted. We believe Hinge Health’s digital clinic is unique and tackling one of the biggest challenges in healthcare, and we are excited to join them on the journey,” Lucas Swisher, partner at Coatue Management, said.
Hinge adds that it currently offers its business solutions to multiple Fortune 500 companies. Its main goal is to improve treatment adherence and reduce the tendency to frequently use painkillers or surgeries to deal with back and joint pain.
Hinge Health was founded in 2015 by entrepreneurs Daniel Perez and Gabriel Mecklenburg. Since then, it has been backed by Bessemer Venture Partners, Lead Edge Capital, Insight Partners, Atomico, 11.2 Capital, Quadrille Capital, and Heuristic Capital.
The previous funding round was completed in February last year, when the company managed to raise $90 million. Bessemer Venture Partners led the round.
Hinge Health, which offers digital solutions to treat back and joint pain, confirmed it raised $300 million in the latest fundraising series D led by Coatue Management and Tiger Global. The startup is now valued at $3 billion, just five years after Daniel Perez and Gabriel Mecklenburg founded it.