The virtual opioid use disorder treatment platform reached profitability in Q4 2024 and strengthened its leadership with the appointment of a new CFO and COO
BOSTON, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Bicycle Health, the nation's largest provider of virtual opioid use disorder (OUD) treatment, raised $16.5M in funding led by existing investor Questa Capital, with participation from all other existing investors including SignalFire, Frist Cressey Ventures, City Light Capital, InterAlpen Partners, Valeo Ventures, and Hustle Fund, as well as new investor JSL Health. The company reached operating profitability in 2024 while increasing revenue, signaling a model for sustainable growth as it scales access to opioid use disorder treatment nationwide. In December, the company also expanded its executive team, welcoming Manu Kuppalli as Chief Financial Officer and Andy Thomas as Chief Operating Officer.
Bicycle Health has built a clinically-proven virtual care model and one of the largest addiction medicine practices in the country, seeing over 40,000 patients across 49 states since its founding and working with all major payors across the U.S. With its new funding, Bicycle Health will expand access to its care model by partnering with more payors and health systems, hiring more addiction medicine specialists, expanding offerings for high-risk populations like adults in custody, and building new technology to complement Bicycle Health's OUD treatment platform.
Bicycle Health has spent the past year ensuring its care model and business model are aligned for long-term impact. The company reached operating profitability in Q4 2024 highlighting how its model can successfully work within the healthcare payor ecosystem to deliver affordable, high-quality care for patients. The company's focus on sustainable growth lays a path toward enduring impact on the opioid epidemic, America's largest public health crisis.
"Our mission has always been to help as many people as possible access the treatment they need to achieve long-term recovery,” said Ankit Gupta, founder and CEO of Bicycle Health. "Millions of people struggle with opioid use disorder and tens of thousands of people die from opioid use every year. Our virtual care model is proven to keep patients in treatment longer, reduce overdose rates, and improve access to treatment for people who need it. We're grateful to continue to provide lifesaving care to patients across the country, and plan to expand to more patients and families who need support in 2025.”
Manu Kuppalli joins Bicycle Health as Chief Financial Officer with over a decade of experience in the healthcare industry. Kuppalli managed mergers and acquisitions for multi-specialty providers, led growth initiatives for large-scale medical groups, and worked in healthcare investment banking at Goldman Sachs. Kuppalli's work at Bicycle Health will focus on continuing its path toward sustained profitability and expanding the company's clinical model.
Andy Thomas, Bicycle Health's new Chief Operating Officer, has nearly 15 years of experience in healthcare and behavioral health, building care models for patients with complex conditions. Thomas will ensure Bicycle Health continues maximizing its impact on people struggling with OUD. Thomas previously founded a substance use disorder program in Minnesota.
"Bicycle Health has shown how a mission-driven team can impact lives,” said Aabed Meer, MD, Partner at Questa Capital. "The team is tackling the opioid epidemic by delivering effective care to tens of thousands and reshaping healthcare with a scalable model. It's a privilege to support their journey as they grow and cement their role as a leader in the healthcare ecosystem.”
To learn more about Bicycle Health, its gold standard virtual OUD care model, and its mission to combat opioid use in America, visit www.bicyclehealth.com.
About Bicycle Health
Bicycle Health is the leading telehealth provider of medications for opioid use disorder (MOUD) in the United States, offering an evidence-based clinical care model that includes FDA-approved Medications for Addiction Treatment (MAT), access to a highly-trained team of medical experts, therapy, a customized treatment plan, and peer support groups. Bicycle Health's mission is to address the country's number one public health crisis by helping to reduce stigmas associated with opioid addiction and providing access to affordable, convenient, and confidential tele-MOUD treatment for individuals in need. The company's "whole person” approach to treatment encourages patients to focus on their life passions and goals, which has been shown to play a vital role in recovery. For more information, visit www.bicyclehealth.com.
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