Virta Health Reaches Unicorn Status After Raising $65M to Reverse Type 2 Diabetes

What You Should Know:

–  Virta just
closed a $65 Series D round, to scale its virtual clinic and approach to
reversing chronic metabolic conditions (T2D, prediabetes, and obesity) to the
masses.

– The financing, led by Sequoia Capital Global Equities,
also hurdles Virta well into unicorn territory ($1.1B+ valuation), recognizing
pre-pandemic growth that has accelerated during the COVID era.

Virta Health, a
San Francisco, CA-based company delivering the first clinically-proven
treatment to safely and sustainably reverse type 2 diabetes
(T2D)  today announced that it has raised $65 million in Series D funding.
Led by Sequoia
Capital Global Equities, the financing will support the growing demand for Virta’s
reversal treatments for type 2 diabetes and other chronic metabolic conditions.
Alongside Sequoia Capital Global Equities, Caffeinated Capital participated in
the round, which brings total funding to more than $230M and makes Virta Health
the latest digital health startup to reach unicorn status at $1.1 billion
valuation.

Impact of Diabetes

Type 2 diabetes is one of the most expensive
chronic illnesses in America. Nearly
half of U.S. adults have either diabetes or pre-diabetes, and the
epidemic is still
growing. This also comes at a time when diabetes reversal is super
critical, as T2D + uncontrolled blood sugar prove the biggest risk factors for
negative outcomes & death from COVID-19. Enterprises, health plans, and
consumers all understand the urgent need to mitigate this risk, & demand
for Virta’s 100% virtual treatment–that helps patients restore blood
sugar levels w/o medications–has been booming. 

Founded in 2014 with the goal of reversing diabetes in
100 million people by 2025, Virta is the first clinically-proven treatment to
safely and sustainably reverse type 2 diabetes. The
clinically-proven Virta Treatment reverses type 2 diabetes and significantly
improves several chronic comorbidities, taking direct aim at these skyrocketing
healthcare costs and nearly one-third of the more than $3 trillion in annual
U.S. healthcare spend.

Outcomes/Results

Virta patients experience sustained blood sugar improvement
in conjunction with medication de-prescription, including 94% of patients
reducing or fully eliminating insulin use. Virta’s weight loss results exceed
the goals of the National Diabetes Prevention Program and the FDA benchmark for
weight loss drugs by nearly 150%. Patients like Rhonda, who lost 50 pounds and reversed her diabetes, and Jim, who eliminated all insulin prescriptions after just four
months, demonstrate the life-changing results experienced by Virta patients
daily.

Expansion Plans

Virta’s approach—to restore metabolic health and eliminate
the need for costly medications like insulin—has led to over 150%
year-over-year growth while attracting more than 100 large payers from all
parts of industry and government. The funding will be used to accelerate the
company’s investments in growth and scale its provider-led virtual care
delivery platform, Continuous Remote Care, which is the backbone for Virta’s
transformative reversal therapies. Additionally, Virta will expand research and
development of evidence-based, non-pharmaceutical therapies for other complex
and costly metabolic conditions.

“The option for disease reversal should be available to
every person living with a chronic metabolic condition,” said Sami Inkinen,
Virta Health co-founder and CEO. “This funding round is an important step
forward in making this a reality and giving people the opportunity to regain
their health, wherever they are on their metabolic journey.”

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