Bicycle Health Secures $16.5M Amidst Profitability Milestone
Deal News | Jan 29, 2025 | Questa Capital Management LLC
Boston-based Bicycle Health, the largest provider of virtual opioid use disorder (OUD) treatment in the United States, has reached a significant milestone by achieving profitability in the fourth quarter of 2024. In addition, the company has recently raised $16.5 million in funding. Questa Capital Management LLC, their existing investor, led this funding round, with continued support from other existing investors like SignalFire, Frist Cressey Ventures, City Light Capital, InterAlpen Partners, Valeo Ventures, and Hustle Fund, alongside new investor JSL Health. Bicycle Health offers a virtual care model that includes medication-assisted therapeutic options, helping patients remain in treatment, reduce overdose rates, and improve treatment accessibility. Ankit Gupta, the founder and CEO, noted that the company's mission is to maximize patient access to necessary treatments. In December, the company strengthened its leadership by appointing Manu Kuppalli as CFO and Andy Thomas as COO.
Sectors
- Healthcare
- Technology
- Private Equity
Geography
- United States – Bicycle Health is based in Boston and serves the U.S. market, which is significant in terms of the opioid crisis needing virtual healthcare solutions.
Industry
- Healthcare – Bicycle Health is involved in providing healthcare services focused on virtual treatment for opioid use disorder.
- Technology – Bicycle Health uses technology to facilitate virtual appointments and treatment plans, contributing to telemedicine innovations.
- Private Equity – The involvement of Questa Capital and other investment firms highlights the role of private equity in the funding and growth of Bicycle Health.
Financials
- $16.5M – The amount of funding raised by Bicycle Health in the recent round led by Questa Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bicycle Health | Target Company | Company | The nation's largest provider of virtual opioid use disorder treatment, based in Boston. |
| Questa Capital Management LLC | Bidding Company | Company | A private equity firm and existing investor leading the new funding round for Bicycle Health. |
| SignalFire | Other Company | Company | Existing investor in Bicycle Health. |
| Frist Cressey Ventures | Other Company | Company | Existing investor in Bicycle Health. |
| City Light Capital | Other Company | Company | Existing investor in Bicycle Health. |
| InterAlpen Partners | Other Company | Company | Existing investor in Bicycle Health. |
| Valeo Ventures | Other Company | Company | Existing investor in Bicycle Health. |
| Hustle Fund | Other Company | Company | Existing investor in Bicycle Health. |
| JSL Health | Other Company | Company | New investor in Bicycle Health. |
| Ankit Gupta | CEO | Person | Founder and CEO of Bicycle Health. |
| Manu Kuppalli | CFO | Person | Newly appointed Chief Financial Officer of Bicycle Health. |
| Andy Thomas | COO | Person | Newly appointed Chief Operating Officer of Bicycle Health. |