MyHealthTeams Raises $9.44 Million in Financing Round Led By Strategic Investor UCB +
Now Serves More Than 2 Million Registered Members Across 33 Condition-Specific Patient Social Networks
MyHealthTeams, creator of the largest and fastest-growing social networks for people facing chronic health conditions, announced it has raised $9.44 million in a Series B financing round led by strategic investor UCB, a global biopharmaceutical company. The new funds will be used to fuel MyHealthTeams’ continued growth, including expansion of the company’s existing social networks as well as the launch of additional social networks that make it easy for people diagnosed with a chronic disease to connect with others living with similar challenges and to find relevant, objective information about managing their health.
“Today’s healthcare consumer relies on a broad ecosystem for information and support, and MyHealthTeams’ social networks play an important role,” said Taco van Tiel, Head of Axial Spondyloarthritis at UCB. “UCB has successfully partnered with MyHealthTeams to create patient engagement programs that close gaps in knowledge and care. Our investment reflects our ambition to transform the lives of people living with severe diseases. UCB works with stakeholders like MyHealthTeams to address the unmet needs of these patients and bring them differentiated solutions that make a meaningful difference in their lives.”
Recent milestones for MyHealthTeams include:
- 2 million registered members who actively share information, resources, lifehacks and emotional support via MyHealthTeams’ web and mobile apps;
- 33 social networks that feature relevant, objective information about specific chronic health conditions;
- Expansion into 13 English-speaking countries, building a global network of patients facing chronic conditions;
- Partnerships with 9 of the top 10 global pharmaceutical companies and 19 other biopharma and healthcare companies that share MyHealthTeams’ focus on addressing unmet patient needs;
- Introduction of Smart Recommendations that personalize patient education and transform patient activation by leveraging natural language processing and machine learning technologies;
- Enhanced operational footprint, with the recent opening of MyHealthTeams’ office in Sacramento;
- Team growth, including the hire of Christian Pran as EVP Partnerships; and
- Expansion of partner integration opportunities spanning patient education and activation, media solutions, patient research and insights, and clinical trials.
“Improving health outcomes requires thinking beyond the pill and operating beyond the doctor’s office,” said Eric Peacock, cofounder and CEO of MyHealthTeams. “Living with a chronic health condition is a daily reality for nearly half the people in the world, and our social networks empower members to find information and support to help them better manage their conditions. This financing will help accelerate and amplify that impact for millions of people.”
This financing brings total investment in MyHealthTeams to $26.84 million, building on the company’s Seed and Series A1, A2 and A3 rounds from investors including Adams Street Partners, Qiming US Ventures, CVS Health, The Westly Group, HealthTech Capital and 500 Startups.